Armour Energy Limited
(ASX:AJQ) has advised that American Energy Partners has received Foreign Investment Review Board approval to acquire a 75 per cent interest in Armour’s McArthur Basin oil and gas project in the Northern Territory.
Under the offer AEP also hopes to acquire a 15.95 per cent interest in Armour Energy.
Closing of the agreements with AEP will take place any time up to the 9th of January where the company will pay Armour US$13 million.
Under the agreements, AEP will also subscribe a further $3.75 million for Armour shares at 20 cents per share.
Armour Energy reported a net loss of $6.57 million at 30 June 2015.
