ARROW GETS DIRT IN INDIA
22 July 2010,
ARROW Energy International (AEI) has acquired two coal bed methane (CBM) blocks in India, as the company moves towards its listing as the separate entity Dart Energy on the ASX.
AEI CEO Simon Potter says the two blocks awarded by the Indian Cabinet Committee on Economic Affairs (CCEA) have high CBM resource potential with good opportunities for early commercialisation if explorations are successful.
“These blocks are highly prospective and are well located in the energy hungry Indian market,” he says.
“The upcoming work on the blocks will allow us to further build on our existing reputation and excellent relationships in the country.”
Arrow will hold a 60 per cent working interest in the Assam block in conjunction with Oil India and an 80 per cent interest in the Satpura block in a partnership with Tata Power.
Tata plans to build a power station in Saputra using gas from the project with Arrow.
After a shareholder vote AEI will likely separate from owner Arrow Energy Limited (AOE) to be listed as Dart Energy, with Potter continuing his role as CEO.
Dart share forecasts have ranged between $0.60 and $1.60.