Dart Energy Limited (ASX:DTE) Extension Of Exploration Period Agreed For Vietnam PSC

Brisbane, Feb 11, 2011 AEST (ABN Newswire) - Global coal bed methane (CBM) company Dart Energy Limited (ASX:DTE) today announced an agreed extension of the exploration period for its PSC in Vietnam (Block MVHN-01KT or the "Hanoi Trough" block).

Dart holds a 30 year PSC in respect of the Hanoi Trough block, which covers an area of approximately 2,601 sq km in the Song Hong basin, Northern Vietnam, proximate to Hanoi. Dart is the operator of this block and holds a 70% interest, with a subsidiary of PetroVietnam holding the remaining 30%.

In 2009, Dart completed phase 1 of an initial eight-well exploration drilling campaign. Results from two wells indicated increasing volumes with depth. In January 2010, Dart commenced a second phase of exploration drilling, focusing on deepening a number of the earlier exploration wells. Results indicated some potential for commercial CBM production, albeit at depths greater than 1,000m.

Consequently, Dart and PetroVietnam applied to the Vietnamese Government for an extension of the PSC exploration period (which otherwise would have expired on 31 October 2010) for the purposes of enabling further technical studies, and, if appropriate, pilot testing on the block.

The extension granted is for 12 months effective 1 November 2010, during which time Dart has agreed to undertake a number of technical studies to better understand the resource and to better define the well design and extraction technologies that will enable accessing these deeper CBM prospects on a commercial basis. Dart will also undertake further market studies in the same period.

Under the terms of the extension, if Dart is satisfied with the outcomes of the technical studies at the end of this 12 month period, Dart can elect to proceed to a Phase 2 pilot program to be drilled and production tested over a further 21 month period.

Contact

Mr Simon Potter CEO and Managing Director Tel: +65-6508-9840 Mr Shaun Scott Executive Director Tel: +61-7-3149-2100 Mr Eytan Uliel Chief Commercial Officer Tel: +65-6508-9840 http://www.dartenergy.com.au