Oct 15 (Reuters) - Armour Energy Ltd AJQ.AX :
* EXECUTED A BINDING TERM SHEET WITH SANTOS QNT LIMITED
* ARMOUR TO RECEIVE AN UPFRONT CASH PAYMENT OF $A15MILLION
* SANTOS AND ARMOUR TO JOINTLY EXPLORE AND DEVELOP SOUTH NICHOLSON BASIN IN NORTH QUEENSLAND AND NORTHERN TERRITORY
* SANTOS TO CARRY CO'S SHARE OF EXPENDITURE FOR WORK PROGRAMS WITHIN FARM‐ IN TENEMENTS UP TO COMBINED TOTAL EXPENDITURE OF A$65MILLION