GDF Suez strikes $12m shale gas deal with Dart Energy

GDF Suez has agreed to buy a 25 per cent share in 13 of Dart Energy’s UK onshore licences for $12 million (£7.5 million).

The deal will see GDF Suez acquire a stake in 13 of Dart Energy’s UK onshore licences located in the East Midlands and Cheshire, overlying the Bowland Shale.

The farm-out agreement will see – subject to approval – the transfer of working interest in the licences to GDF Suez, who will also meet up to $27 million of Dart Energy’s appraisal and exploration costs.

John McGoldrick, Dart Energy chief executive, said: “The level of interest in U.K. unconventional gas is growing almost daily.

“Dart holds one of the U.K.’s largest unconventional acreage positions, and today’s agreement represents a significant development for Dart.”

Jean-Marie Dauger, executive vice-president, GDF Suez, said: “We are very confident about the potential of shale gas in the UK, and its anticipated contributions to UK energy security.”

He added: “We look forward to working with our partner, Dart Energy, to unlock the potential of these licences.”

As part of the initial work programme, the partners plan to drill up to 4 wells targeting shale gas potential in the Bowland basin and other wells targeting coal bed methane.