Farm-in Program on Highly Prospective Onshore Gippsland and Otway Tenements
The Board of Directors of DGR Global ASX:DGR) is extremely pleased to announce details of a share placement and a farm-in agreement entered into between its gas subsidiary Armour Energy and the ASX listed Lakes Oil NL (ASX:LKO).
Under the agreement Armour Energy will subscribe $2.25 million to purchase 900 million shares in Lakes Oil at 0.25 cents per share in Lakes representing a 15% interest in the Company. Armour Energy will also be granted a right to maintain its 15% interest in Lakes Oil through participation in any subsequent capital raisings by Lakes Oil.
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