came out two days ago...not sure if someone already posted...

came out two days ago...not sure if someone already posted this.

http://www.proactiveinvestors.co.uk/companies/news/61651/dart-energy-search-for-shale-gas-partners-ongoing-61651.html

Dart Energy (ASX:DTE) is still on the lookout for partners to develop its shale gas assets in the north-west of England, it revealed alongside its full-year results.
The Australian-listed company is on the hunt for shale gas in the prospective Bowland shale play in Cheshire, which is thought to hold between 822 and 2,281 trillion cubic feet of gas, with 110 Tcf to Dart’s name.
The year saw the company shift its focus to its UK portfolio – its coal seam gas projects in Scotland, as well as its shale gas assets in England.
“A formal process was also initiated with a view to introducing one or more partners to the group’s shale gas prospects, and as of the date of this report this process is ongoing,” the company said.
It made a loss of A$133mln compared with A$139mln the year before.
Dart’s restructuring and cost-cutting programme launched in March shaved off around A$1.1mln of spending every month, the company added.
The full impact of these actions will be felt in next year’s results, it said.
The company ended the year with A$9.4mln in cash with borrowings of A$18.4mln.
Laws introduced to stop work on coal seam gas in some areas of New South Wales led to a write-down of A$73mln as Dart suspended its operations there until the policy becomes “more supportive” of coal seam gas.
“The group’s strategy is to preserve its licences in Australia but undertake minimal work and expenditure on those licences until such time as the policy environment is more supportive,” it said.
Dart also said it plans to relinquish its Indian licences as exploration results for coal bed methane showed no commercial potential, while it took a A$25mln impairment charge on its Chinese assets.
It is looking for ways to maximise the value of its non-core assets, through a variety of ways.
“The group has also and will continue to seek to maximize the value of certain other assets considered non-core via farm-out, joint-venturing, sale or exit,” Dart said.
Dart shares fell 6.9% to A$0.135 each.