IGas Energy Plc Recommended Acquisition of Dart Energy Limited
Executive Summary Acquisition of Dart Energy Limited (Dart) will create a market leading onshore UK oil and gas company with over 1 million net acres including all major UK shale basins A work programme of over US80m for a total of 15…
Terms of the acquisition Acquisition via Australian Scheme of Arrangement on a share exchange basis Offer values Dart at A211.5million (117.1 million*) Dart shareholders will receive 0.08117 IGas shares per Dart share. Dart…
About IGas Leading AIM quoted UK onshore hydrocarbon producer and operator - 30 fields with 117 producing wells - Production of c.3,000 boepd, 2P + 2C of over 20.0* mmboe - IGas acreage (pre-acquisition): Gross: 564 k.acre / net: 489…
IGas existing operations Caithness, Scotland East Midlands North West / Staffs Weald Basin Other licence IGas licence Oil Field Unconventional Field 7
Dart at a glance ASX listed; was due to list on AIM on 12 May 2014 (listing will be cancelled when the Scheme becomes effective) Dart acreage pre-acquisition - Gross: 742 k.acres / net: 609 k.acres - Gross Funded Acreage 395 k.acres…
Dart UK Licence Areas 9
Combined UK License Position Dart has an option to farm-in to an 80 % interest in the shale horizon of a further licence (PEDL 169) 10
Combined acreage and TCF Acreage (K.acres) East Midlands South/Weald Basin NW Scotland TOTAL Gross Dart* 313 0 177 252 742 Gross IGas 141 128 252 43 564 Gross Total 454 128 429 295 1306 Net Dart* 224 0 133 252 609 Net IGas 90 105…
Transaction Summary IGas' offer values the total share capital of Dart at approximately A211.5 million on a fully diluted basis (equivalent to 117.1 million*) - Equivalent to a price per Dart share of A0.1898 Dart shareholders will…
Acquisition Structure & timetable The Acquisition will be effected by means of an Australian scheme of arrangement (the Scheme) The general effect of the Scheme will be that all existing Dart shares will be transferred to IGas, and, in…
Summary Acquisition via Australian Scheme of Arrangement on a share exchange basis Offer values Dart at A211.5million (117.1 million*) Dart shareholders will hold c30.5% of enlarged group Acquisition will create a market leading…
Appendix
Dart Energy Ltd ASSETS UK Shale / CBM 24 licences (plus 1 licence under option) 13 farmed-out to GDF Dart 75% and operator 2 farmed-out to Total Dart 17.5% Scotland CBM 4 licences 100% held PEDL 133 subject to planning appeal…
Dart Energy Ltd FORWARD PROGRAM Active UK program in 2014-2016, largely funded by farm-outs GDF 10 CBM wells; 3-4 shale wells / Total 2 shale wells Minimal activity rest of portfolio; seeking further farm-outs / exits 1m per month…
Non-core assets A sizeable exploration portfolio in locations with the right dynamics for unconventional gas Minimal commitments; low-cost to maintain over next 12 months Provides future optionality by taking a prioritised, focused…
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