Article, page-57

Speculator. Umm, wow, ok, I'll give it a crack!
The reasons why Armour's SP is languishing is largely likely to several reasons.
1) Yes dilution due to the current cap raising terms- we are going for up to $40M, enough for a large exploration and development program. Our debt is mainly tied in with DGR which are active participants in this cap raising. What we are after is money to further our project. My understanding is we owed DGR around 12M which they are taking in shares/convertible notes.
2) Do I think it will provide good returns? Yes. We are aiming for initial 5TJ/D before June with 9TJ/D by Sept, and intending 20TJ/D within 18 months.
We have a GSA with Origin APLNG for up to 3.6PJ/A with 1.8PJ/A fixed for 5 years.
In one announcement they were expecting liquids (condensate and oil) to be sufficient to cover costs of running Kincora project, and when you say "very small quantities of liquids", well we certainly aren't Santos or Origin, but neither is our share price! We are eventually (in phase 2 2018/19) looking at 10000 bbls condensate /PJ, and 2000 tonnes LPG/PJ. No way that's chickenfeed.
3) Something to mull over. Senex (SXY) are also exploring in the Surat, albeit to the north, but roughly the same distance to the WGH (Wallumbilla) and, in a $50M program, are hoping for 10TJ/D by mid 2018 increasing to 16TJ/D by 2019
http://imagesignal.commsec.com.au/d...nZXNpZ25hbC9lcnJvcnBhZ2VzL3BkZmRlbGF5ZWQuanNw
We own our pipeline to WGH and just today signed agreements with APA for capacity to markets there.
I urge you to go through the announcements put out by Armour re staff payments yourself, but you would do well to sit down and read through what we have in mind for Surat Basin projects. Put NT our of your mind for the time being.
All best. Frmen.