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BRIEF-Armour Energy And Santos QNT Pty Ltd Execute Farmin Agreement

Published 04/12/2019, 10:17 am
Updated 04/12/2019, 10:21 am
© Reuters. BRIEF-Armour Energy And Santos QNT Pty Ltd Execute Farmin Agreement
AJQ
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Dec 4 (Reuters) - Armour Energy Ltd AJQ.AX :

* ARMOUR ENERGY LIMITED AND SANTOS QNT PTY LTD EXECUTE SOUTH NICHOLSON BASIN FARMIN AGREEMENT

* UNDER FARMIN AGREEMENT, SANTOS HAS RIGHT TO EARN A 70% INTEREST IN ARMOUR'S NORTH QUEENSLAND TENEMENTS

* UNDER AGREEMENT, ARMOUR WILL MAKE APPLICATION TO QUEENSLAND GOVERNMENT TO TRANSFER 70% INTEREST AND OPERATORSHIP OF ATP1087 TO SANTOS

* UNDER FARMIN AGREEMENT, SANTOS HAS RIGHT TO EARN 70% INTEREST IN ARMOUR'S NORTHERN TERRITORY TENEMENTS

* ARMOUR TO RECEIVE AN INITIAL CASH PAYMENT OF $A15 MILLION WITHIN 5 BUSINESS DAYS OF SUBMISSION OF AN APPLICATION TO QUEENSLAND GOVERNMENT

* ARMOUR MAY RECEIVE FURTHER CASH PAYMENTS OF UP TO A$15 MILLION IN TOTAL

* SUBJECT TO APPROVALS, SANTOS WILL FREE CARRY 100% OF CO'S SHARE OF EXPENDITURE FOR ALL FARMIN PERMITS UP TO TOTAL AMOUNT OF A$64.9 MILLION

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