Armour Energy Completes Kincora Acquisition from Origin

Source: www.gulfoilandgas.com 9/2/2016, Location: Not categorized

Amour Energy Limited is pleased to announce that settlement has now been completed on the last of the tenements (exploration licence ATP647) of its Kincora Project as acquired from Origin under agreements entered into in September 2015.

Armour is now on title for all 17 production licences, 3 exploration licences and 4 pipeline licences. The tenement area covers over 3000km2 of prospective acreage, and includes infrastructure connecting directly into the major gas hub on the east coast at Wallumbilla, Queensland. The overall replacement value of the Kincora infrastructure is estimated at more than $250 million. This infrastructure includes the 100% owned Newstead gas storage facility with a capacity of 7.5 PJs and which has 2.3 PJs of sales quality gas currently stored in it.

As announced on 19 July 2016, Armour’s 2C independantly verified contingent resources in the Kincora project area are 105 PJs plus 1,011,978 bbls of condensate and 214,580 tonnes of LPG. These contingent resources will be converted to 2P reserves upon re?start of production facilities and relevant project approvals.

On 22 August 2016 the Company announced that it has already commenced oil production from the Emu Apple field at a rate of 50 barrels per day, upon which the company intends to build.

Robbert de Weijer, Armour’s CEO commented: “We are pleased that we have now completed the transfer of all tenements from Origin. We look forward to start gas production later this year and to provide an additional gas supply into the east coast market as well as condensate and LPG. The existing connection at the Wallumbilla gas hub provides Armour access to a market that will be short of gas going forward, and so represents a great opportunity for us.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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