On 29 April 2011, Dart Energy entered into a joint venture agreement with NV Mijnen (NVM) to explore, appraise and develop CBM resources in the Campine Basin in Flanders, Belgium. The joint venture operates under the name of NV Limburg Gas and is owned 80% by Dart Energy and 20% by NVM, with Dart holding operatorship. NV Limburg Gas has exclusive rights to explore for CBM in a 350 km2 area in the Campine Basin, currently held by NVM under the company's existing coal mining concessions.
The Campine Basin is situated in northeastern Belgium and encompasses the east of Antwerp province and part of Limburg province. Dart Energy is targetting the Westphalian coal measures within NVM's mining concessions that feature cumulative coal seam thickness of 12 metres with individual seams ranging from 1 - 2 metres. Internal Gas-In-Place (GIP) resource estimates for a sub-area of 40 km2 range from 75 to 690 Bcf with a best case estimate of 290 Bcf.
Dart intends to drill one appraisal core well in 2012 and participate in further licensing opportunities in the Campine Basin as they arise. Currently, the Campine Basin is unlicensed for CBM exploitation, though a government decree to open the area for licensing is expected to take place in mid-2011. Dart and NVM intend to target appoximately 700 km2 of open acreage when made available.
NVM is a wholly-owned subsidiary of Limburgse Reconversie Maatschappij (LRM), a Flanders Authority-owned enterprise that focuses on economic development and promoting employment in the province of Limburg, Belgium. NVM owns all the coal fields in the Flanders region.
Belgium is well placed in the centre of the mature Western Europe gas market. Flanders has a developed network of pipeline infrastructure that would allow for quick monetisation of CBM in the region and the NVM coal fields are proximal to pipelines that will provide access to the freely traded Zeebrugge gas market.