Dart said it will make the payment in two tranches to acquire Greenpark’s 22 onshore licenses in the UK and a mixture of cash and shares in either the intended to be listed Dart Energy International vehicle or the company.
Furthermore, the company has secured an exclusive option over interests in coalbed methane (CBM) and shale gas prospective licenses held by Greenpark in Poland and Spain.
The acquisition of these assets comes after Dart announced a restructure of its existing European business arrangements with BG Group.
As per the acquisition, Dart will acquire the 50% stake held in 14 CBM license areas in the UK from BG.
In addition, BG and Dart also agreed heads of terms for a gas sales agreement for the potential future sale of gas to BG from the licenses.
Dart also secured an exclusive three month option to acquire a 100% stake in two license areas in Germany which are currently held by BG and are prospective for both CBM and shale gas.
Greenpark is operator of all of the licenses and holds a 100% stake in most of them.
