Armour Energy Limited has agreed terms with M.H. Carnegie & Co Pty Ltd for a staged investment of up to $17.5 million worth of convertible notes, which will be used to fund the re‐start of gas production from Armour’s Kincora oil and gas Project on the Roma Shelf in Queensland.
The investment, which will also be used to refinance existing debt, creditors and working capital, will be subscribed for in an initial tranche of $2.5 million, followed by further tranches of $5 million and $10 million.
“We are very pleased that MH Carnegie has chosen to invest in Armour. MH Carnegie’s focus and expertise is in the provision of expansion capital to some of Australia’s most successful companies and we believe Armour has the potential to be another of those companies,” Roger Cressey, acting CEO of Armour, said.
“With oil production recently commenced from the Emu Apple field and planning well progressed for the recommencement of gas production and the funding now being put in place to enable execution of the re‐start work programs, Armour is well positioned to make a successful transition from an exploration to production company at a time of significant gas demand growth both domestically and internationally,” Armour’s Executive Chairman, Nick Mather, said.
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