Ann: Letter of Intent for $100m Northern Territory Farmout to AEP, page-24

Two things that struck me from this and the AJQ announcement.

1. Some other selling/farmout going on?

"Work on the project should begin by May, Armour Chief Executive Officer Robbert de Weijer said in a phone interview. Separately, the company is seeking buyers for a stake in 7.8 million acres it holds in the same region, he said."

2. Grant of options - yesterday's AJQ announcement


"As part of the finalised transaction, Armour will also issue options in an amount equivalent to 5% of the then current number of outstanding shares, exercisable at 20 cents per share expiring on 31 December 2016. AEP will also nominate a Director to be appointed to the Armour Board upon exercise of the options and expenditure of a minimum of US$25m on the work program.

Does not say to whom? I'm assuming that gives AEP 5% of the company.
So by my estimation AEP also get a sweet 5% of AJQ - about 7.5million shares for 1.5million AUD.

AEP getting a pretty good piece of schtick in this.