Armour Energy: Major prospective resources upgrade – Northern Australia
Monday, Sep 21, 2015
  • Armour books maiden Prospective Gas Resources in the Tawallah Group, McArthur Basin (NT) and in the Riversleigh Shale Formation (QLD)
  • Total Northern Australia Prospective Gas Resources increased from 34 Tscf to 57 Tscf, an increase of 66%
  • 97 new conventional closure leads identified in Northern Territory exploration tenements
  • Shareholders advised to take no action in respect to the takeover bid by Westside Corporation

The Directors of Armour Energy Limited (ASX: AJQ; Armour) are pleased to provide an update on its Prospective Gas Resources in the Northern Territory and Queensland, as set out in Table 1 in the announcement. The prospective resource assessment was performed independently by SRK Consulting (Australasia) Pty Ltd. More detailed information is set out in Appendix 1 in the announcement.

Armour’s total Best Estimate Prospective Gas Resources in Northern Australia has increased from 34 to 57 Trillion cubic feet (Tscf), a 66% increase, as of September 2015, compared to resources previously reported. The update includes maiden Prospective Gas Resources from the Tawallah Group Unconventional Reservoirs in the McArthur Basin of the Northern Territory, as first announced by Armour on 29 April 2015, and the Riversleigh Shale located beneath the Lawn Hill Shale in ATP 1087, Queensland. In addition, a new combined inventory totalling 193 conventional leads and prospects in the Northern Territory can target 4.9 Tscf of Best Estimate Prospective Gas Resources.
Armour CEO, Robbert de Weijer, said “
It is still relatively early days, but as we continue to explore and appraise this hydrocarbon province, I am confident we will deliver commercial outcomes. To put it into context, one trillion cubic feet of gas can provide enough energy for one million people for 20 years, and our best estimate of prospective gas resources has been upgraded to 57 trillion cubic feet. Potentially there will be multiple major developments in this vast, sparsely populated area. The current prospective and contingent resources are certainly a great starting point, and the proposed North East Gas Interconnector pipeline between the Northern Territory and Queensland will enable major supplies of gas to flow to east coast markets. The fact that we have been able to partner with American Energy Partners testifies that these basins in Northern Australia could well become the next great hydrocarbon province on a global scale. American Energy Partners will bring world’s best practice in exploration and development and US$130million to this exciting project.”

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