Armour and Santos have entered into a Sale and Purchase Deed (Deed) in respect of these preemptive right interests.
On completion of the Deed, Armour’s holding in five petroleum leases around the Kincora Gas Plant will increase to 100 per cent, enabling Armour to more efficiently operate its assets across these leases.
Armour will also increase its holdings in another four leases.
“We are excited about becoming 100 per cent holder of the key tenements surrounding our Kincora Gas Plant,”? said Armour’s Acting CEO Roger Cressey.
“This will allow us to operate more efficiently and to focus Armour’s objectives to restart gas production across these leases, and to further explore and develop the region.
The Deed is subject to certain conditions precedent, which have not yet been satisfied.