award of bontang bengalon psc for personal use only · 2012. 9. 6. · cbm reserves and commercial...

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Singapore (Head Office) T+65 6508 9840 F+65 6294 6904 152 Beach Road, #19-01/04 The Gateway East Singapore 189721 Brisbane (Registered Office) T+61 7 3149 2100 F+61 7 3149 2101 Level 11, Waterfront Place, 1 Eagle Street, Brisbane Qld 4000, Australia GPO Box 3120, Brisbane Qld 4001, dartenergy.com.au ASX CODE DTE ABN 21 122 588 505 7 September 2012 Award of Bontang Bengalon PSC Dart awarded Bontang Bengalon block in Indonesia Consolidates strategic acreage position in East Kalimantan Operatorship and 100% working interest provides strong capacity to farm-down Dart Energy International Pte Ltd (a wholly owned subsidiary of Dart Energy Limited (ASX: DTE, Dart”) has been awarded the Bontang Bengalon coal bed methane block in East Kalimantan, Indonesia. A Production Sharing Contract (PSC) for the block is expected to be signed with the Indonesian government within 1-2 months. The Bontang Bengalon block is located in the middle part of the Kutei Basin in East Kalimantan, with a total area of 410.7 km 2 . The block is divided into two areas: the southern part being located adjacent to the Bontang LNG facility, and the northern part is 62km north of that facility and adjacent to the Sangatta West PSC, in which Dart is a net 24% participant and joint operator. Dart will be operator of the block with a 100% working interest. The PSC term will be for 30 years. In the initial three year exploration period, Dart intends an exploration work program consisting of 3 core wells and 1 pilot well. First work is expected to commence in mid to late 2013. Dart considers the Bontang Bengalon block to be highly prospective, given the significant exploration and pilot appraisal work undertaken at the neighbouring Sangatta West block, where CBM reserves and commercial viability have already been established. The Bontang Bengalon block increases Dart’s net acreage in East Kalimantan and provides enhanced ability to access the significant market opportunity in the area. A 100% working interest provides Dart the flexibility to introduce new partners to the project over time. Dart Energy International CEO John McGoldrick said: “We have been working on this opportunity for over three years and are pleased to have now been awarded the block. Our East Kalimantan strategy is to develop a sizeable onshore gas resource, given a local market with substantial needs for gas, including the nearby Bontang LNG facility. The block consolidates our East Kalimantan acreage, enhances commercialisation options, and our high working interest means we could seek to introduce partners to the project in the future.ENDS For and on behalf of the Board Paul Marshall, Company Secretary For personal use only

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Page 1: Award of Bontang Bengalon PSC For personal use only · 2012. 9. 6. · CBM reserves and commercial viability have already been established. The Bontang Bengalon block increases Dart’s

Singapore (Head Office) T+65 6508 9840 F+65 6294 6904 152 Beach Road, #19-01/04 The Gateway East Singapore 189721

Brisbane (Registered Office) T+61 7 3149 2100 F+61 7 3149 2101 Level 11, Waterfront Place, 1 Eagle Street, Brisbane Qld 4000, Australia GPO Box 3120, Brisbane Qld 4001,

dartenergy.com.au ASX CODE DTE ABN 21 122 588 505

7 September 2012

Award of Bontang Bengalon PSC • Dart awarded Bontang Bengalon block in Indonesia • Consolidates strategic acreage position in East Kalimantan • Operatorship and 100% working interest provides strong capacity to farm-down Dart Energy International Pte Ltd (a wholly owned subsidiary of Dart Energy Limited (ASX: DTE, “Dart”) has been awarded the Bontang Bengalon coal bed methane block in East Kalimantan, Indonesia. A Production Sharing Contract (PSC) for the block is expected to be signed with the Indonesian government within 1-2 months. The Bontang Bengalon block is located in the middle part of the Kutei Basin in East Kalimantan, with a total area of 410.7 km2. The block is divided into two areas: the southern part being located adjacent to the Bontang LNG facility, and the northern part is 62km north of that facility and adjacent to the Sangatta West PSC, in which Dart is a net 24% participant and joint operator. Dart will be operator of the block with a 100% working interest. The PSC term will be for 30 years. In the initial three year exploration period, Dart intends an exploration work program consisting of 3 core wells and 1 pilot well. First work is expected to commence in mid to late 2013. Dart considers the Bontang Bengalon block to be highly prospective, given the significant exploration and pilot appraisal work undertaken at the neighbouring Sangatta West block, where CBM reserves and commercial viability have already been established. The Bontang Bengalon block increases Dart’s net acreage in East Kalimantan and provides enhanced ability to access the significant market opportunity in the area. A 100% working interest provides Dart the flexibility to introduce new partners to the project over time. Dart Energy International CEO John McGoldrick said: “We have been working on this opportunity for over three years and are pleased to have now been awarded the block. Our East Kalimantan strategy is to develop a sizeable onshore gas resource, given a local market with substantial needs for gas, including the nearby Bontang LNG facility. The block consolidates our East Kalimantan acreage, enhances commercialisation options, and our high working interest means we could seek to introduce partners to the project in the future.”

ENDS For and on behalf of the Board Paul Marshall, Company Secretary

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Page 2: Award of Bontang Bengalon PSC For personal use only · 2012. 9. 6. · CBM reserves and commercial viability have already been established. The Bontang Bengalon block increases Dart’s

dartenergy.com.au

For further information contact: Mr John McGoldrick CEO, Dart Energy International +65 6508 9840 Mr Nathan Rayner Chief Operating Officer +65 6508 9840 Mr Andrew Barber Investor Relations Manager +61 7 3212 9216

Media enquiries to: Mr Ian Howarth Collins Street Media +61 3 9223 2465 BONTANG BENGALON LOCATION MAP

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