APLNG buys Armour stake in lease

PL 1084, known also as the ‘Murrungama block’, is an 18 km2 CSG tenure located 22 km southwest of Chinchilla in Queensland’s Surat Basin.

APLNG will pay a total of $4 million for Armour’s 10 per cent interest in the lease, taking its stake in the lease to 100 per cent.

Armour Chairman Nick Mather said the company was focused on other opportunities.

“While working with APLNG and the development of the Murrungama project was of interest to Armour, the board has taken the decision to sell its interest in the project in order to focus on its resources, both technical and financial, on Armour’s highly prospective 100 per cent owned and operated assets and to allow for further debt reduction,” he said.

Under the terms of the deal, APLNG will pay an initial deposit of $500,000 within five business days of the agreement’s execution, with a further $3.5 million payable to Armour upon satisfaction of certain completion conditions.

For more information visit the APLNG website.

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