Dart plans 2D shoot in Assam despite exit plans

Vol 18, PW 9 (18 Dec 14) Exploration & Production

Dart Energy is exiting India but that’s not stopping its plans to shoot 84-lkm high resolution 2D at 113-sq km CBM-IV block AS-CBM-2008/IV in Upper Assam.

Dart was bought by UK-based IGas this year and is proceeding with the 2D shoot under pressure from partner Oil India, which has no CBM experience and asked Dart to remain operator with its minimum 10% stake, at least for now. When Dart opened price bids in early December in its 2D tender Asian Oilfield bid lowest quoting Rs7.5cr ($1.2m); Alpha Geo came second followed by IndianOiltanking quoting Rs9cr ($1.4m).

Dart met Asian Oilfield on December 9 to negotiate the price down and a final LoA is awaited. Once awarded Asian Oilfield will have two months to mobilise equipment and two months to complete the job.

Third-ranked bidder IOT is so worried about Dart’s financial health that it included a condition in the bid that payment for work done must be made every two weeks. Dart reported a loss of $78,551,000 in the fiscal ending June 30, 2014, with no cash generating business to report.

“Dart is winding up its business in India,” reports an IOT source. “We don’t want any financial problems working with such a company.

” When contacted Dart country manager Sudhanshu Adhikari was holidaying in Shillong and declined to comment.