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.

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