The Boards of IGas and Dart have entered into a Scheme Implementation Agreement (SIA) through which it is proposed that IGas will acquire the entire issued share capital of Dart by way of a Scheme of Arrangement under Australian law (Scheme).

The Boards of IGas and Dart believe that a combination of IGas and Dart would create a UK national energy champion:

The combination of IGas and Dart will create a market leading onshore UK oil and gas company with the largest area in the UK under licence of over 1 million net acres including major UK shale basins A financially strengthened group complemented by the underlying core cash flows, cash balances and unused debt capacity, and a work programme for 13 licences funded by GDF SUEZ and 2 funded by Total E&P UK

Tags: Dart Energy Limited, IGas Energy