Following approval granted at the DGR Global (formerly D’Aguilar Gold) EGM of 7 November 2011, I am extremely pleased to advise of the pending initial public offering (IPO) of Armour Energy Limited (Armour Energy) which will seek to raise $60 million through the offer of 120 million shares at $0.50 each.(Issue)
About Armour Energy Limited
Armour Energy is an emerging petroleum gas and liquids explorer in a new province in the Northern Territory and northern Queensland. Armour Energy’s permit areas cover approximately 126,000 km2 of the McArthur, South Nicholson and Georgina Basins. These basins have hosted important gas and oil shows including a significant free flow of gas from a historic mineral hole. The basins demonstrate analogous characteristics to US shale gas basins and we are optimistic that these characteristics will prevail across the permit areas and in turn imply potential for large scale gas and associated liquids fields.
To complement Armour Energy’s prospective areas in Northern Australia, the Company recently made a strategic investment in Lakes Oil NL (ASX:LKO), an oil and gas explorer focused on the Otway and Gippsland Basins, Victoria. In conjunction with the investment the Company has the right to earn an interest in three project areas. This provides the Company with exposure to a potentially large gas province, immediate drill targets with a 12 month drilling window and geographical expansion.
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