Armour Energy exercises farm-in rights to PRL2 in Gippsland Basin

Armour Energy Ltd.

Armour Energy Ltd. (ASX: AJQ) has exercised a right to farm in to Petroleum Retention Lease 2 in Victoria (PRL2), held by Lakes Oil NL.

The farm-in agreement will give Armour Energy the right to obtain up to a 50% working interest in the highly prospective PRL2 as part of a two-stage farm-in program. Armour Energy may withdraw from the agreement without cost.

PRL2, located in the onshore Gippsland Basin in Victoria, is considered prospective for both tight and conventional gas accumulations, and is in close proximity to existing infrastructure and markets. PRL2 covers several tight conventional reservoirs in the Strzelecki formation of the Gippsland Basin, onshore in Victoria. The southern half of PRL2 is considered by Armour Energy to be geologically very
similar to the highly productive offshore section of the Gippsland Basin.

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