Dart Sells China CBM Prospect

Dart Energy has sold 100% of its wholly owned Singaporean subsidiary company, Dart Energy (FLG) Pte Ltd for $20.8 million, to Hong Kong HuiHua Global Technology Ltd, a Hong Kong subsidiary of China Oil HBP Science & Technology Corporation Ltd.

Dart Energy (FLG) Pte Ltd is the holder of 50% of the issued share capital of Fortune Liulin Gas Ltd, a Hong Kong company which in turn holds a 50% interest in the Liulin coal bed methane prospect in China, Dart said.

The move is a part of a restructuring process in multiple countries that sought to sell, farm-out or exit non-core assets, the company said. The company wants to focus on its extensive, high-prospect shale and CBM acreage in the United Kingdom.

John McGoldrick, Dart Chief Executive Officer said this agreement will see the company monetise its previous investment in China, providing with cash which can be redeployed in support of our core business activities.