News: Armour Energy expands Queensland acreage

Armour Energy (ASX:AJQ) has expanded its Queensland tenement position, increasing its exposure to the South Nicholson Basin that hosts the Lawn and Riversleigh Shale Formations.

Indicating the potential, independent certifier SRK Consulting had estimated Contingent Resources of 154 billion cubic feet within the Lawn Hill Shale Formation in the company’s Egilabria 2 well.

This Best Estimate resource relates to an area of just 64 square kilometres around the well while the Lawn Shale fairway is estimated to be at least 1,500 square kilometres.       

Queensland Petroleum Land Releases 2014‐1‐2 and 2014‐1‐3 increase the company’ acreage position by about 5,400 square kilometres.

The company believes the prospective Isa Super‐Basin sediments continue to the southwest, underlie both PLR 2014‐1‐2 and PLR 2014‐1‐3 and continue westward into its Northern Territory tenements.

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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