I believe there is a lot of news in the pipeline during Q2 2012, which will rerate DTE. A few cut and paste from the Quarterly report
PEDL133 The production well was put on pump and first generation of electricity is expected to commence in 2Q 2012.
PEL 458 A referral under the Environment Protection and Biodiversity Conservation Act has been submitted for PEL458 to the Australian Federal Government with positive indications from both the Federal and State governments. The proposal has been referred to the Independent Scientific Committee on the 18th of April with a recommendation to approve the project. Subject to approvals, Dart Energy expects work on site to commence during Q2 2012.
Indoesnia Drilling of three pilot wells that commenced in December 2011 were progressed during the quarter and is expected to complete during 2Q 2012 to allow for assessment of poduction capacity. Dart Energy is currently evaluating a pilot-to-power project to use produced gas from the pilot wells. A rig tender was made for a 7-well core hole program as part of PSC drilling commitments and the contract is expected to be awarded in mid-2012.
India Drilling of pilot wells is expected to commence in 2H 2012 upon incorporation of a joint venture company. Dart Energy is in discussions to connect these wells to facilities of a local CNG producer and commence initial gas sales during 2013.
DTE Price at posting:
27.1¢ Sentiment: LT Buy Disclosure: Held
