Archer Exploration Sells 5 Exploration Licenses To BHP Billiton

MELBOURNE -- Archer Exploration Ltd. said Monday it has agreed to sell five exploration licenses covering 1,428 square miles (3,699 square kilometers) in Australia's Stuart Shelf region to BHP Billiton for $8.4 million (AUD 8 million) in cash.

The pact supersedes a previous agreement announced in late December that contemplated a joint venture between the two companies, Archer said in a statement to the Australian securities exchange