Dart International has agreed $100million of finance from HSBC Bank to fund projects including its Airth coal bed methane development east of Stirling, Scotland.
The firm, the international arm of Australian coal bed methane (CBM) focused business Dart Energy, also wants to progress its Liulin PSC project in China and its Sangatta West PSC in Indonesia with the cash.
The Airth project, which has attracted local opposition, covers a large part of the Clackmannan coalfield that was extensively mined in the 19th and 20th centuries.
While first production will be CBM, the firm has said the licence also contains shale gas potential, with Netherland, Sewell and Associates estimates of gross gas in place of 4.4trillion cubic feet in the Black Metals and Lothian shale areas.
Dart has said it intends to deepen an existing CBM well to recover shale cores from these areas in 2012.
According to Dart’s website, initial development at Airth would be via a pilot-to-power project followed by full field development, which could comprise more than 40 wells.
Dart has a sales agreement for gas from Airth with SSE. Dart International CEO John McGoldrick has said the firm has “forward visibility on potential sales of more than 60billion cubic feet (bcf) of gas from the PEDL 133 maybe starting as early as April 2013”.
First gas sales with SSE is expected on April 1, 2013. Netherland, Sewell and Assocs. estimate 2P reserves of 38.6 bcf and 3P of 74.4 bcf, as at December 31.