Dart Energy Limited (ASX: DTE) has reported results from the independent assessment of a significant resource for its Australian portfolio of coalbed methane (CBM) licenses.

Following the completion of the acquisition of Apollo Gas Limited (ASX: AZO) in January 2011, Dart Energy engaged MBA Petroleum Consultants Pty Ltd (MBA) to undertake an assessment of the coal bed methane resource within six of the seven licenses in the portfolio, being PELs 456, 459, 460, 461, 463, 464 in New South Wales, Australia.

Dart has previously reported contingent resource in PEL458 that was independently assessed by Netherland, Sewell and Associates Inc (NSAI). Both MBA and NSAI have undertaken their assessments using the Society of Petroleum Engineers' Petroleum Resources Management System.

The aggregate resource position for Dart's NSW portfolio as at 31 March 2011 is summarized as follows:

CategoryAs Of 3/31/11
(net Tcf)
Best Estimate Gas-in-Place32.5
Prospective Resource12.3
1C Contingent Resource0.3
2C Contingent Resource0.5
3C Contingent Resource1.5
"The outcome of the MBA evaluation endorses our view of the resource potential in NSW and underpins our strategy of accessing a significant resource adjacent to markets with unfulfilled demand; in this case the need for gas-fired power generation capacity in the State,” said Simon Potter, chief executive officer of Dart. “Thus our acquisition of Apollo Gas has added over 12 Tcf of net prospective resource to the Dart portfolio. Our drilling program over 2011 is designed to further delineate this resource which will then lead rapidly to commercialization of gas in those licenses most proximate to market".