Fortune Oil and Dart Energy Make Progress In Chinese CBM Project
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Fortune Oil has revealed two significant developments relating to the Liulin coal bed methane business.
Fortune said that Dart Energy had exercised its option to increase its equity stake in Fortune Liulin Gas Ltd from 45% to 50% for a cash consideration of $4m.
The cash will be used to fund part of the ongoing work program on Liulin during 2012.
Dart Energy's involvement with the Liulin CBM business began in December 2009 when Arrow Energy International, the former owner of Dart Energy, acquired a 3.7% stake in FLG which ...
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