Deloitte grossly undervaluing NSW assets

From there independent review of DTE (which we paid over $100k for):

"Australian tax losses
In addition to the UK tax losses which have been incorporated into the value of the development assets on a
discounted cash flow basis, Dart also has unused Australian tax losses not brought to account of approximately
$194 million. These tax losses are only capable of being used against income generated by assets located in
Australia. Given that Dart has currently suspended its operations in Australia, due to the current regulatory
uncertainty, these tax losses will be unable to be utilised in the foreseeable future. Therefore we have not placed
any value of these tax losses."


"Australian exploration assets

In relation to the exploration assets held by Dart in the Australia, there have been no recent comparable

transactions involving NSW based CSG assets since the uncertainty in Federal and NSW Government

regulations governing CSG activities in NSW became apparent. Therefore, we have had regard to resource

multiples implied by the trading in the shares (inclusive of an appropriate control premium) of Metgasco Limited

(Metgasco), a company that only holds tenements in NSW, which since 2013 has suspended activities in the

region due to the uncertainty of NSW Government support and regulations. We note that Metgasco was

previously referred to the Independent Commission Against Corruptions due to certain allegations made against

the company, which may have impacted the value of Metgasco shares, however the Independent Commission

Against Corruptions has announced it will not be undertaking an inquiry into the affairs of the company.

Therefore, we consider the trading in the shares in Metgasco to be an appropriate comparable benchmark to

value the NSW assets held by Dart."


Total – Australia (Australian dollars) 4.2 (million AUD) for all AU assets! And 192 million in tax losses given no value!



They have used Metgasco share price to infer DTE NSW asset value.  Metgasco not only have the corruptions scare, but have had there operations halted by NSW govt which has caused the share price to plummet.  As I have said before, the AGL approval just north of DTE's newcastle licences must change this valuation, and drastically.