Airth coal bed methane firm Dart in £117 million takeover

Dart Energy plans to extract coal bed methane from land near Airth
Dart Energy plans to extract coal bed methane from land near Airth
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The company planning to extract coal bed methane from land near Airth has just been taken over in a multi-million pound deal.

UK-based IGas Energy has agreed a £117 million takeover of Dart Energy just weeks after a public inquiry into the firm’s controversial drilling plans for Airth.

According to the IGas, the two companies together create a leading UK shale gas and coal-bed methane firm, with access to more than one million acres spanning Britain’s major shale basins.

IGas chief executive Andrew Austin said the acquisition puts IGas at the heart of unlocking Britain’s energy potential,

“It demonstrates our commitment to, and confidence in, the UK onshore oil and gas sector. This is a British success story establishing IGas as a key contributor to UK energy mix and security.

“The transaction further strengthens our position financially, operationally and also significantly increases our licenced acreage as we seek to unlock the untapped energy resource that exists in Britain.”

Dart shareholders will hold around 30 per cent of the merged company.

The public local inquiry into Dart Energy’s planning application to drill coal bed methane gas from land outside Airth finished last month after three weeks of debate before Scottish Government Reporters, who heard evidence from geologists, hydrogeologists, professors, doctors, lawyers, Falkirk Council planners and Friends of the Earth Scotland.

The inquiry was called after Dart Energy appealed against the time it was taking Falkirk Council to come to a decision on its bid to drill 22 wells and build a gas delivery and water treatment works and pipeline.

At the conclusion of the inquiry Falkirk Council stated they were now opposed to the plan after hearing the information presented over the three weeks.

It was the first public local inquiry into commercial unconventional gas extraction to be held in the UK and the planning application lodged in August 2012 attracted over 2500 objections.