Dart Energy Limited (ASX:DTE) has received government regulatory approvals to drill its proposed Fullerton Cove pilot wells north east of Newcastle in New South Wales.
The gas developer has also secured the necessary land access agreements, is in advanced talks to secure a drilling rig and will start site preparation in the next weeks.
Dart says the approval is a significant step forward for its business in Australia and progression of its first Gas Sales Agreement with Maria’s Farm Veggies in New South Wales.
Just last week Dart deferred the float of its international arm, blaming poor market conditions and a weakening share price which it says is not reflective of the true value of its assets.
Shares in Dart Energy were yesterday’s worst performer, dropping 12.02 per cent to close at $0.18.
Dart Energy booked a net loss of $20.8 million in the first half of the 2012 financial year.
