Difference between revisions of "Dart Energy"
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| − | '''Dart Energy''' is an exploration and production company in the unconventional gas industry | + | {{Template:Fracking badge}}'''Dart Energy''' is an exploration and production company working in the unconventional gas industry. As of September 2014 it is owned by [[IGas Energy]]. |
| − | + | One of its flagship projects is a coalbed methane (CBM) field at Airth, near Falkirk in Scotland. This will become Britain's first commercial site of coalbed methane if Dart Energy UK wins the planning inquiry that began in March 2014 after overwhelming public opposition. A final decision, which has been repeatedly delayed, is expected soon. | |
| + | |||
| + | Dart's head office is based in Singapore. It also has offices in the UK, Germany, Belgium, Australia, Indonesia and China. | ||
| + | ==Merger with IGas Energy UK== | ||
| + | In May 2014 Dart agreed to a merger with [[IGas|IGas Energy]], which is listed on London's secondary AIM market, via a scheme of arrangement. <ref> [http://www.smh.com.au/business/struggling-dart-energy-agrees-to-merger-with-britains-igas-energy-20140511-383o1.html#ixzz31U0eh86c Struggling Dart Energy agrees to merger with Britain's IGas Energy], ''Sydney Morning Herald'', 12 May 2014, acc same day </ref> On 1 September 2014 IGas shareholders approved the proposed acquisition. <ref> IGas Energy plc, [http://ir1.euroinvestor.com/asp/ir/IGas/NewsRead.aspx?storyid=12958425&ishtml=1 Result of Annual General Meeting and IGas approval of the acquisition of Dart], Press release, 1 September 2014. </ref>Dart Energy shareholders voted on 10 September 2014 and approved the merger. | ||
| + | |||
| + | The UK's [[Competitions and Markets Authority]] (CMA) launched an investigation into IGas's acquisition of Dart Energy in August 2014 - looking at whether the 'transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services..' <ref> [https://www.gov.uk/cma-cases/igas-energy-plc-dart-energy-limited Competition and Markets Authority case: IGas Energy Plc / Dart Energy Limited], GOV.UK, last updated 22 August 2014, accessed 19 October 2014 </ref> The CMA cleared Phase 1 of the merger on 20 October 2014. | ||
==Activities== | ==Activities== | ||
===Australia=== | ===Australia=== | ||
| − | + | Dart Energy was spun out of Queensland CSG company [[Arrow Energy]] before global giants [[Shell]] and [[PetroChina]] acquired Arrow. | |
| + | |||
| + | Dart Energy has a portfolio of eight 'Petroleum Exploration Licences' (PELs) all located in the state of New South Wales (NSW). Following the NSW government's decision to ban coalbed methane activity within 2km of residential areas, Dart suspended all field operations in NSW on 2 April 2013 and slashed its workforce by 70 per cent, pending further 'clarity and certainty around State and Federal policies to support the industry'. It said: | ||
:The company intends to preserve its high quality licence areas in Australia until Government policies are reformulated and an initiative is underway to identify consolidation and farm-out opportunities for the Australian assets. | :The company intends to preserve its high quality licence areas in Australia until Government policies are reformulated and an initiative is underway to identify consolidation and farm-out opportunities for the Australian assets. | ||
| Line 24: | Line 32: | ||
:* Identify prospective shale gas basins across the UK and develop and execute a shale exploration and appraisal program | :* Identify prospective shale gas basins across the UK and develop and execute a shale exploration and appraisal program | ||
<ref> [http://www.dartgas.com/page/Europe/United_Kingdom/ United Kingdom], Dart Energy website, undated, acc 12 February 2014 </ref> | <ref> [http://www.dartgas.com/page/Europe/United_Kingdom/ United Kingdom], Dart Energy website, undated, acc 12 February 2014 </ref> | ||
| + | |||
====Sites==== | ====Sites==== | ||
'''Coal bed methane''' at '''Airth''' - Midland Valley, Scotland, Midland Valley Basin | '''Coal bed methane''' at '''Airth''' - Midland Valley, Scotland, Midland Valley Basin | ||
| Line 30: | Line 39: | ||
:Extensive exploration and appraisal work has been done to-date and Dart Energy has moved into early development via a small-scale pilot-to-power project during 2012, using gas produced from the Airth-12 well. This well has now been shut in, pending full field development. Full field development is currently underway, with gas supply targeted from late 2014. | :Extensive exploration and appraisal work has been done to-date and Dart Energy has moved into early development via a small-scale pilot-to-power project during 2012, using gas produced from the Airth-12 well. This well has now been shut in, pending full field development. Full field development is currently underway, with gas supply targeted from late 2014. | ||
| − | Dart says it 'currently' has 'no plan to frack the coals at Airth'. | + | Dart says it 'currently' has 'no plan to frack the coals at Airth'. However campaigners have accused it of hiding its plans to use the controversial technique, and Scottish Labour's environmental spokesperson [[Claire Baker]] MSP accused it of a ''lack of transparency''. A submission to the Australian Stock Exchange on May 10, 2012, reveals that Dart Energy included Black Metal Shale and Lothian (Broxburn) Shale in central Scotland as part of its "shale gas prospects" in Europe. The two fields were estimated to contain a total of 2.5 trillion cubic feet of shale gas. Dart's chief executive, John McGoldrick, was quoted as saying the company planned to develop the shale gas, as it had coalbed methane. |
| + | |||
| + | According to its 2012 annual report, Dart has a 100% interest in the gas rights to Black Metal Shale. Dart also operates the licence for the rights to Lothian (Broxburn) Shale, although it shares ownership with the [[BG Group]]. | ||
:Project phase: Early development | :Project phase: Early development | ||
| Line 40: | Line 51: | ||
:'''Participants''' | :'''Participants''' | ||
::CBM - Dart Energy 100% | ::CBM - Dart Energy 100% | ||
| − | :: | + | ::Black Metal Shale – Dart 100% |
| − | :: | + | ::Lothian (Broxburn) Shale – [[Dart]] 49%, [[BG]] 51% <ref> [http://www.dartgas.com/page/Europe/United_Kingdom/PEDL133/ PEDL 133 - Airth], Dart Energy website, undated, acc 12 Feb 2014 </ref> |
| + | |||
| + | ===Warnings of pollution if test site goes ahead=== | ||
| + | In March 2014 respected geologist Professor [[David Smythe]] warned in the ''Sunday Times'' of potentially serious environmental damage, including contamination of streams and rivers, if plans to drill for subterranean methane are given the green light in Scotland. <ref> Mark Macaskill, [http://www.thesundaytimes.co.uk/sto/news/uk_news/scotland/article1385263.ece Dart test site raises fears of pollution], ''The Sunday Times'', 9 March 2014 </ref> | ||
| + | |||
| + | ===Wins appeal against a refusal by Wrexham County Borough Council=== | ||
| + | On 10 October 2014 IGas/Dart Energy UK won an appeal against a refusal by [[Wrexham County Borough Council]] to grant planning permission for a coal bed methane exploration well in Holt, near Wrexham. According to an IGas press release: | ||
| + | |||
| + | :The planning application was turned down at a meeting of the full Council in March 2014, despite a recommendation to approve it from the Council's own Planning Officer. The Planning Inspectorate of Wales in a decision dated 8 October, has now overturned the Council's decision and allowed the appeal. The planning permission granted is for a single coal bed methane exploration well, where a sample of the coals will be taken for laboratory analysis of the gas content. <ref> IGas Energy [http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12111865.html Planning Inspector allows Dart Energy's appeal], PRESS RELEASE London Stock Exchange, 10 October 2014, acc 20 October 2014 </ref> | ||
| + | |||
| + | ===Appeal for CBM application at Dudleston Heath=== | ||
| + | |||
| + | In 2015 Dart Energy’s appeal against Shropshire Council to the [[Planning Inspectorate]] over its application for an exploratory coalbed methane borehole at Dudleston Heath near Ellesmere was downgraded from a public inquiry to a public hearing. | ||
| + | |||
| + | The firm has insisted it will not be extracting shale gas by fracking.<Ref> [http://www.shropshirestar.com/news/2015/05/12/shropshire-gas-drilling-procedure-downgraded-from-an-inquiry-to-a-hearing/ Shropshire gas drilling appeal downgraded from an inquiry to a hearing], ''Shropshire Star'', 12 May 2015 </ref> | ||
==Partnerships== | ==Partnerships== | ||
| Line 47: | Line 72: | ||
==Subsidiary== | ==Subsidiary== | ||
| − | [[GP Energy]], a subsidiary of Dart Energy Europe, has a 17.5% stake in two exploration licences, PEDL 139 and 140, in central England, with France's [[Total]] ( | + | [[GP Energy]], a subsidiary of [[Dart Energy Europe]], has a 17.5% stake in two exploration licences, PEDL 139 and 140, in central England, with France's [[Total]] (40%). Other interest holders are [[Egdon Resources]] (14.5%), [[IGas]] (14.5%) and [[eCorp Oil & Gas UK]] (13.5%). IGas will act as operator for the initial exploration programme, with Total taking operatorship once the exploration starts. |
==Lobbying and PR firms== | ==Lobbying and PR firms== | ||
*[[Vigo Communications]], a new agency co-founded in summer 2013 by a senior member of agency [[M Communications]] <ref> Alec Mattinson, [http://www.prweek.com/article/1190091/former-mcommunications-staff-nab-energy-clients-new-venture-vigo Former M:Communications staff nab energy clients for new venture Vigo], prweek.com, 11 July 2013, acc 12 Feb 2013 </ref> | *[[Vigo Communications]], a new agency co-founded in summer 2013 by a senior member of agency [[M Communications]] <ref> Alec Mattinson, [http://www.prweek.com/article/1190091/former-mcommunications-staff-nab-energy-clients-new-venture-vigo Former M:Communications staff nab energy clients for new venture Vigo], prweek.com, 11 July 2013, acc 12 Feb 2013 </ref> | ||
| − | + | *[[DLA Piper]] | |
| − | |||
| − | *[[ | ||
==People== | ==People== | ||
*[[Nick Davies]] -Chairman | *[[Nick Davies]] -Chairman | ||
| − | *[[John McGoldrick]] - Chief Executive Officer | + | *[[John McGoldrick]] - Chief Executive Officer of entire business |
*[[Eytan Uliel]] - Chief Financial Officer | *[[Eytan Uliel]] - Chief Financial Officer | ||
| + | |||
| + | ===April 2013 restructure of board=== | ||
| + | *Nick Davies , non -executive Chairman | ||
| + | *[[Stephen Bizzell]], [[Shaun Scott]] and [[Simon Poidevin]] non-executive directors | ||
| + | *[[Norrie Stanley]] to join Board as non-executive independent director – UK based, former senior BP executive, extensive UK / international energy / gas expertise | ||
| + | |||
| + | ==Former staff== | ||
| + | *[[Mark Lappin]], European boss of Dart Energy and the public face of its plan to exploit underground gas in Scotland, resigned in July 2013, moving to take up a job with [[Centrica]] in Aberdeen Scotland, where he lives. Lapping first joined Dart Energy in April 2012 as Europe general manager, responsible for progressing the company's flagship development at Airth. Before that he spent 16 years with the US oil giant, [[ExxonMobil]], in Aberdeen, Texas and Germany.<ref> Rob Edwards, [http://www.heraldscotland.com/business/people/dart-boss-joins-firms-exodus.21541188 Dart boss joins firm's exodus], ''Sunday Herald'', 7 July 2013, acc October 2014 </ref> | ||
| + | *Senior manager, [[Lynne Campbell]] | ||
==Funding== | ==Funding== | ||
| + | *[[HSBC]] | ||
| + | |||
| + | ==Affiliations== | ||
| + | *[[Vitol]] - one of Dart's former chief executives was involved with Vitol | ||
==Contact details== | ==Contact details== | ||
:Website: http://www.dartgas.com/ | :Website: http://www.dartgas.com/ | ||
:Twitter UK: @DartEnergyUK | :Twitter UK: @DartEnergyUK | ||
| + | :[https://twitter.com/IGasEnergy @IGasEnergy] from 16 October 2014 | ||
| + | |||
| + | ==External resources== | ||
| + | * Mark Macaskill, [http://www.thesundaytimes.co.uk/sto/news/uk_news/scotland/article1385263.ece Dart test site raises fears of pollution], ''The Sunday Times'', 9 March 2014 | ||
| − | + | *Dart Energy, [http://www.dartgas.com/icms_docs/154956_Strategic__Corporate_Restructure.pdf Strategic & Corporate Restructure], April 2013 | |
==Notes== | ==Notes== | ||
Latest revision as of 02:00, 15 May 2015
|
This article is part of the Spinwatch Fracking Portal and project |
Dart Energy is an exploration and production company working in the unconventional gas industry. As of September 2014 it is owned by IGas Energy.
One of its flagship projects is a coalbed methane (CBM) field at Airth, near Falkirk in Scotland. This will become Britain's first commercial site of coalbed methane if Dart Energy UK wins the planning inquiry that began in March 2014 after overwhelming public opposition. A final decision, which has been repeatedly delayed, is expected soon.
Dart's head office is based in Singapore. It also has offices in the UK, Germany, Belgium, Australia, Indonesia and China.
Contents
Merger with IGas Energy UK
In May 2014 Dart agreed to a merger with IGas Energy, which is listed on London's secondary AIM market, via a scheme of arrangement. [1] On 1 September 2014 IGas shareholders approved the proposed acquisition. [2]Dart Energy shareholders voted on 10 September 2014 and approved the merger.
The UK's Competitions and Markets Authority (CMA) launched an investigation into IGas's acquisition of Dart Energy in August 2014 - looking at whether the 'transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services..' [3] The CMA cleared Phase 1 of the merger on 20 October 2014.
Activities
Australia
Dart Energy was spun out of Queensland CSG company Arrow Energy before global giants Shell and PetroChina acquired Arrow.
Dart Energy has a portfolio of eight 'Petroleum Exploration Licences' (PELs) all located in the state of New South Wales (NSW). Following the NSW government's decision to ban coalbed methane activity within 2km of residential areas, Dart suspended all field operations in NSW on 2 April 2013 and slashed its workforce by 70 per cent, pending further 'clarity and certainty around State and Federal policies to support the industry'. It said:
- The company intends to preserve its high quality licence areas in Australia until Government policies are reformulated and an initiative is underway to identify consolidation and farm-out opportunities for the Australian assets.
Nick Davies, Dart Energy's Chairman, said:
“The Board of Dart is extremely disappointed with the uncertainty created by recent NSW and Federal government decisions in relation to CSG development in Australia. The consequence is that investment is leaving the country, field operations are being suspended, Australian jobs are being lost, and the impending energy crisis in New South Wales is not being addressed, and indeed, will only get worse. This is in direct contrast to the United Kingdom, where the Government is actively seeking to support the responsible development of unconventional gas resources.”[4]
Several months later in August 2013 the Australian Securities Exchange halted trading on Dart, shortly after HSBC froze Dart's substantial loan facility, 'citing delays with their coalbed methane project at Airth near Falkirk in Scotland' and a plummeting share price. Shares were suspended at 10 Australian cents.[5] The company later announced a capital raising totalling $20.7 million, and resumed trading on the ASX in October 2013. [6]
UK
Dart's flagship project at Airth in Scotland faces strong community opposition and has been beset by delays. The Scottish press reported in August 2013 that:
- The company has appealed their application for 22 new wells, a gas and water treatment facility and a network of new pipelines, to the Scottish Government on the grounds of non-determination. A public enquiry is expected to begin in the second half of October (2013). [7]
Dart Energy's website sets out its 'strategic themes' for the UK:
- Commercialise significant volumes of already identified CBM resources and supply gas into the National Gas Transmission System ("NTS") and Local Transmission System (“LTS”) pipelines (or other monetisation solutions)
- Identify prospective shale gas basins across the UK and develop and execute a shale exploration and appraisal program
Sites
Coal bed methane at Airth - Midland Valley, Scotland, Midland Valley Basin The Airth project (PEDL 133) covers 330 km2 in the Midland Valley in Scotland, approximately 50 kilometres northwest of Edinburgh near Stirling. It covers a large part of the Clackmannan coal field that was extensively mined in the 19th and 20th centuries.
- Extensive exploration and appraisal work has been done to-date and Dart Energy has moved into early development via a small-scale pilot-to-power project during 2012, using gas produced from the Airth-12 well. This well has now been shut in, pending full field development. Full field development is currently underway, with gas supply targeted from late 2014.
Dart says it 'currently' has 'no plan to frack the coals at Airth'. However campaigners have accused it of hiding its plans to use the controversial technique, and Scottish Labour's environmental spokesperson Claire Baker MSP accused it of a lack of transparency. A submission to the Australian Stock Exchange on May 10, 2012, reveals that Dart Energy included Black Metal Shale and Lothian (Broxburn) Shale in central Scotland as part of its "shale gas prospects" in Europe. The two fields were estimated to contain a total of 2.5 trillion cubic feet of shale gas. Dart's chief executive, John McGoldrick, was quoted as saying the company planned to develop the shale gas, as it had coalbed methane.
According to its 2012 annual report, Dart has a 100% interest in the gas rights to Black Metal Shale. Dart also operates the licence for the rights to Lothian (Broxburn) Shale, although it shares ownership with the BG Group.
- Project phase: Early development
- Area: 330 km2
- Contract award: 1 July 2004
- Participants: CBM - Dart Energy 100%
- Contract expiry: 30 June 2015
- Contract type: Concession
- Participants
Warnings of pollution if test site goes ahead
In March 2014 respected geologist Professor David Smythe warned in the Sunday Times of potentially serious environmental damage, including contamination of streams and rivers, if plans to drill for subterranean methane are given the green light in Scotland. [10]
Wins appeal against a refusal by Wrexham County Borough Council
On 10 October 2014 IGas/Dart Energy UK won an appeal against a refusal by Wrexham County Borough Council to grant planning permission for a coal bed methane exploration well in Holt, near Wrexham. According to an IGas press release:
- The planning application was turned down at a meeting of the full Council in March 2014, despite a recommendation to approve it from the Council's own Planning Officer. The Planning Inspectorate of Wales in a decision dated 8 October, has now overturned the Council's decision and allowed the appeal. The planning permission granted is for a single coal bed methane exploration well, where a sample of the coals will be taken for laboratory analysis of the gas content. [11]
Appeal for CBM application at Dudleston Heath
In 2015 Dart Energy’s appeal against Shropshire Council to the Planning Inspectorate over its application for an exploratory coalbed methane borehole at Dudleston Heath near Ellesmere was downgraded from a public inquiry to a public hearing.
The firm has insisted it will not be extracting shale gas by fracking.[12]
Partnerships
In October 2013 Dart formed a joint venture with GDF Suez to drill up to 14 wells in Lancashire and Wales in the UK exploring for both coal bed methane (CBM) — gas strapped in underground coal seams — and for shale gas. It was due to start in December 2013. GDF was accused of hypocrisy given that fracking is banned in France. [13]
Subsidiary
GP Energy, a subsidiary of Dart Energy Europe, has a 17.5% stake in two exploration licences, PEDL 139 and 140, in central England, with France's Total (40%). Other interest holders are Egdon Resources (14.5%), IGas (14.5%) and eCorp Oil & Gas UK (13.5%). IGas will act as operator for the initial exploration programme, with Total taking operatorship once the exploration starts.
Lobbying and PR firms
- Vigo Communications, a new agency co-founded in summer 2013 by a senior member of agency M Communications [14]
- DLA Piper
People
- Nick Davies -Chairman
- John McGoldrick - Chief Executive Officer of entire business
- Eytan Uliel - Chief Financial Officer
April 2013 restructure of board
- Nick Davies , non -executive Chairman
- Stephen Bizzell, Shaun Scott and Simon Poidevin non-executive directors
- Norrie Stanley to join Board as non-executive independent director – UK based, former senior BP executive, extensive UK / international energy / gas expertise
Former staff
- Mark Lappin, European boss of Dart Energy and the public face of its plan to exploit underground gas in Scotland, resigned in July 2013, moving to take up a job with Centrica in Aberdeen Scotland, where he lives. Lapping first joined Dart Energy in April 2012 as Europe general manager, responsible for progressing the company's flagship development at Airth. Before that he spent 16 years with the US oil giant, ExxonMobil, in Aberdeen, Texas and Germany.[15]
- Senior manager, Lynne Campbell
Funding
Affiliations
- Vitol - one of Dart's former chief executives was involved with Vitol
Contact details
- Website: http://www.dartgas.com/
- Twitter UK: @DartEnergyUK
- @IGasEnergy from 16 October 2014
External resources
- Mark Macaskill, Dart test site raises fears of pollution, The Sunday Times, 9 March 2014
- Dart Energy, Strategic & Corporate Restructure, April 2013
Notes
- ↑ Struggling Dart Energy agrees to merger with Britain's IGas Energy, Sydney Morning Herald, 12 May 2014, acc same day
- ↑ IGas Energy plc, Result of Annual General Meeting and IGas approval of the acquisition of Dart, Press release, 1 September 2014.
- ↑ Competition and Markets Authority case: IGas Energy Plc / Dart Energy Limited, GOV.UK, last updated 22 August 2014, accessed 19 October 2014
- ↑ Australia, Dart Energy press release, dated 4 September 2013, acc 12 Feb 2014
- ↑ Australian Securities Exchange halts trading on Dart Energy, newsnetScotland.com, 30 August 2013
- ↑ [http://data.iguana2.com/hemscott/news-item?N=759640&Code=DTE Capital Raising Completion –Entitlement Offer Significantly Oversubscribed
- ↑ Australian Securities Exchange halts trading on Dart Energy, newsnetScotland.com, 30 August 2013
- ↑ United Kingdom, Dart Energy website, undated, acc 12 February 2014
- ↑ PEDL 133 - Airth, Dart Energy website, undated, acc 12 Feb 2014
- ↑ Mark Macaskill, Dart test site raises fears of pollution, The Sunday Times, 9 March 2014
- ↑ IGas Energy Planning Inspector allows Dart Energy's appeal, PRESS RELEASE London Stock Exchange, 10 October 2014, acc 20 October 2014
- ↑ Shropshire gas drilling appeal downgraded from an inquiry to a hearing, Shropshire Star, 12 May 2015
- ↑ Tim Webb and Ben Webster, French energy group joins the UK rush to get fracking, The Times, Last updated at 12:01AM, October 23 2013, acc 24 October 2013
- ↑ Alec Mattinson, Former M:Communications staff nab energy clients for new venture Vigo, prweek.com, 11 July 2013, acc 12 Feb 2013
- ↑ Rob Edwards, Dart boss joins firm's exodus, Sunday Herald, 7 July 2013, acc October 2014
