Armour signs $100M LOI to farm out stake to AEP in Australia's Northern Territory

Armour Energy Ltd. has executed a non‐binding letter of intent (LOI) with American Energy – Acquisitions LLC, an affiliate of American Energy Partners LP (AEP), whereby AEP and Armour will jointly further the exploration and development of Armour’s oil and gas McArthur Basin project in the Northern Territory of Australia.

Under the LOI, the parties will work toward execution of definitive agreements within three months, subject to up to three extensions of up to three months each, at AEP’s election upon payment of $250,000 in cash to Armour for each extension.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...