Dart Energy has launched a fully underwritten $100 million share issue to fund an accelerated drilling program.

 

The coal seam gas prospector will issue new shares at 75 cents each, representing a 12.8 per cent discount to their last trade of 86c.

 

Although Dart said that it's fully funded to meet its minimum spending commitments in 2011, it said it has "opportunities for accelerated asset exploration, appraisal/pilot drilling and early development to the point where funding options other than equity become viable".

 

Dart has coal seam gas properties in Australia, China, India, Indonesia, Vietnam, Britain and Poland.

 

The raising is being jointly managed and underwritten by Citigroup, UBS and Wilson HTM.