March 3 (Reuters) - Armour Energy Ltd AJQ.AX :
* PROPOSED DEMERGER OF NORTHERN BASIN OIL & GAS BUSINESS
* IPO AND CAPITAL RAISE OF $60-$65 MILLION FOR MCARTHUR OIL & GAS PROPOSED TO FUND ACQUISITION OF NORTHERN BASIN OIL & GAS ASSETS FROM ARMOUR
* PROPOSED TOTAL CONSIDERATION OF $40 MILLION CASH PLUS A MINIMUM OF 33.3% RETAINED INTEREST BY ARMOUR SHAREHOLDERS IN MCARTHUR OIL & GAS
* CONSIDERATION RECEIVED BY CO TO BE USED TO RETIRE ITS OUTSTANDING DEBT
* NEW CO MCARTHUR OIL & GAS LTD PROPOSED TO BE CREATED TO HOLD NORTHERN BASIN OIL & GAS BUSINESS AND DEMERGED FROM CO
* TO DISTRIBUTE SHARES IN MCARTHUR OIL & GAS OF A MINIMUM OF 33.3% BY A RETURN OF CAPITAL TO EXISTING SHAREHOLDERS OF CO
* NEWLY FORMED CO MCARTHUR OIL & GAS LTD TO BE SEPARATELY LISTED ON ASX