Armour Energy Limited (the Company) disclosed Thursday that the Company has been successful in its tender for Queensland Petroleum Land Releases (PLR) 2014‐1‐2 and 2014‐1‐3, which are located to the southwest of the Company’s existing Queensland tenement position ATP 1087 and ATP(A)1107 in Australia.
Armour Energy CEO Robbert de Weijer said “being awarded preferred tenderer status for these new tenements is an exciting development for the Company as it increases the Company’s exposure to the South Nicholson Basin and in particular the highly prospective Lawn and Riversleigh Shale Formations. The two tenements increase Armour Energy’s acreage position by about 1.3 million acres (5,400 square kilometers)”.
From work done to date in its existing permits, Armour believes that prospective Isa Super‐Basin sediments continue to the southwest, underlie both PLR 2014‐1‐2 and PLR 2014‐1‐3 and continue westward into the Company’s Northern Territory tenements. Both the Lawn Shale and Riversleigh Shales are believed to be present. There are various synergies that exist in developing gas resources in ATP 1087 and ATP(A) 1107 and potential resources within PLR 2014‐1‐2 and PLR 2014‐1‐3.
Third party independent certifier SRK Consulting estimates Contingent Resources relating to the Lawn Hill Shale Formation in the Egilabria 2 well of 364BCF 3C; 154BCF 2C; 33BCF 1C. This relates to an area of just 15,814 acres (64 square kilometers) around Egilabria 2 (SRK Consulting, July 2014). The Lawn Shale fairway is estimated to be at least 370,658 acres (1,500 square kilometers).
Native Title Agreements and relevant environmental clearances will be required before Armour Energy can be granted an exploration permit over the preferred tender areas.
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