Elsewhere, ASX-listed Armour Energy is expected to unveil a takeover approach as early as Monday morning which would value the company at a significant premium to its $20 million market capitalisation.
The company, which has a powerful line up of directors including former Arrow Energy co-founder Nicholas Mather and corporate adviser Stephen Bizzell, is understood to have attracted the attention of a Chinese suitor.
The offer comes only days after Armour announced a potential $100 million farm-in deal with American Energy Partners and one-month after it sought to spill the board of Lakes Oil.
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