HAPPY!!
Armour Energy Limited
15 October 2019
Binding Term Sheet for $A95m South Nicholson Basin Farm‐in
by Santos Limited
Highlights:
Binding Term Sheet agreed with Santos QNT Limited for Farm‐in by Santos into Armour’s
South Nicholson Basin oil and gas exploration project in Northern Australia.
Armour to receive an upfront cash payment of $A15million.
Armour to be free carried 100% up to an exploration expenditure of $A65 million for the
committed work program over 4 years.
Armour to receive further cash payments up to $A15 million, subject to certain conditions
being satisfied.
Santos will acquire a 70% and operated interest in each tenement as conditions are satisfied.
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