Armour Energy Announces Completion of Northern Territory Airborne Survey

Source: 7/28/2021, Location: Not categorized

Armour Energy has announced that Pinemont Technologies Australia, a specialist geophysical service provider, has completed the acquisition of airborne geophysical data over a substantial portion of six Northern Territory permits covering an area of approx. 20,000 sq km.

Armour undertook the airborne survey on behalf of McArthur Oil & Gas in advance of the proposed demerger and IPO of McArthur as previously announced by the Company (refer ASX announcement of 6 March 2021). The airborne survey is the largest private enterprise survey of its type to be undertaken in the Northern Territory and the survey area is equivalent to the size of Wales.

The survey was aimed at detecting anomalies in areas of upward fluid flow of migrating hydrocarbons above fluid pathways and/or hydrocarbon accumulations. This will provide information over existing prospects and leads, and a regional context upon which to plan future follow up exploration work.

The airborne survey (refer to Armour’s announcement on 11 May 2021) was acquired over substantial portions of 6 exploration permits (EPs 171, 174, 176, 190, 191 and 192) see map below Figure 1. These permits cover the highly prospective Batten Fault Zone and several oil and gas play fairways, including the proven Coxco Dolomite Play (Glyde gas discovery), which encompass 193 conventional prospects and leads within McArthur and Tawallah Group reservoirs identified by previous exploration work.

Multiple prospective geological horizons are present and lie adjacent to and directly over deeper basin areas that are mature for hydrocarbon generation.

Previous successful drilling by the Company confirms that the Coxco Dolomite Play Fairway has a working petroleum system comprising rich and mature source rocks, viable reservoirs with effective seals and structural traps. The survey is aimed to assist McArthur with high grading identified prospects and leads and will help form the basis for planning future work programs once McArthur is listed.

The survey was conducted out of the Town of Borroloola and was completed ahead of schedule and within budget. Importantly, the survey was both non-invasive and had a very low environmental impact, and all landholders within the coverage area had been notified of the airborne programme.

The survey acquired data over large areas both quickly and cost-effectively. Initial processed data will be available within a month of acquisition, allowing McArthur early planning for follow up work potentially including ground-truthing of airborne anomalies using iodine geochemical soil surveying and the acquisition of gravity and/or seismic surveys.

Armour CEO, Brad Lingo stated: 'Our team has worked closely with the Northern Territory Government, the Northern Land Council, the Aboriginal Protection Areas Authority and the airborne survey contractor, Pinemont Technologies, and engaged and informed all pastoralists since November 2020 in relation to the execution of the programme. We are very pleased that this survey was completed ahead of schedule and within budget. This will be a great tool for McArthur in working up the forward work program post ASX listing.'

Mr Lingo continued: 'The potential of the area covered by the survey has already been demonstrated through multiple drilling successes. McArthur will be able to integrate the critical data that this survey will provide into the existing knowledge base. The potential of this area is enormous, and the survey is located over the highly prospective parts of our acreage.'

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