Shareholders in Dart Energy are due to meet Sept. 1 to approve the takeover by IGas Energy to create the single largest shale gas explorer in the U.K. onshore sector.
IGas Energy announced the agreed takeover of Australia's Dart Energy in May with a share exchange which values Dart at US$187 million (A£211.5 or £117.1 million), which would leave the enlarged company 30.5% owned by Dart shareholders and the rest owned by IGas.
Shale explorer IGas has 26 licenses and is the largest independent producer of oil and gas onshore the U.K., with production of 3,000 boe/d.
Dart is principally a shale gas and coalbed methane explorer, and holds 24 U.K. onshore exploration licences. Dart also has agreed to farm-out deals for its U.K. onshore acreage with GDF Suez and Total, for further shale gas exploration. According to IGas, the combination will create a U.K. onshore oil and gas company with the largest area in the U.K. under license, with a total of one million net acres including major U.K. shale basins.
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