Thanks for the heads up. Just to give a bit more detail about India and AOE/Dart.
It appears they are bailing out of two blocks from the round three bids won by AOE in 2006, citing force majeure (social unrest in the area) as the reason for leaving Raj Mahal block in which they have a 35% interest, and insufficient production potential as the reason for discontinuing in Mand Raigarh block in which they have a 40% interest. Dart still has one block form the 2006 bidding round and information about progress is listed on the company website as quoted below. To be fair to them they do indicate on the website that this block is the only one from that round in 2006 to have production potential.
"Worldwide>India>CBM-III Bidding Round The Tatapani-Ramkola block is the only block to have indicated commercial production potential and thus a five-well Phase 2 drilling program commenced on the block in May 2010. The company has no current development plans for this block which will be reassessed following completion of the Phase 2 works."
Not forgetting that they have new blocks won in the round four bidding this year, which they believe to have better potential, and I think its fair enough for the new company to concentrate on those. I understand that other winning bidders from the 2006 bids have also relinquished their blocks as having poor prospects.
It is good to see the website up and running now-it has been listed as under construction for too long after the company listed, imo. The best companies make sure their websites are well maintained and up to date for the benefit of their retail shareholders. They should get that news article up there quickly, even if they dont make a formal asx announcement.
DTE Price at posting:
73.2¢ Sentiment: LT Buy Disclosure: Held
