Based on whats said in the last paragraph, is it right to think this new gas will belong to Dart ? ---------------- Ross Kelly From: Dow Jones Newswires April 08, 2010 10:31AM
ARROW Energy and Apollo Gas have confirmed the potential of a new gas resource in NSW through early exploration drilling.
The first of two exploration wells intersected 34 meters of net coal contained in 14 seams between one and eight meters thick, Arrow said. The second well struck 37 meters of net coal in 18 seams, it said.
"These early test results confirm the presence of a significant gas resource located only 15 kilometers from an established gas market in Newcastle," Arrow chief executive Australia Shaun Scott said.
Arrow has agreed to sell most of its Australian assets to Royal Dutch Shell and PetroChina. It intends to keep its international assets and some Australian assets, like its partnership with Apollo, and spin them off into a new company, Dart Energy."
AOE Price at posting:
$5.07 Sentiment: Hold Disclosure: Held
