Good postive news from AJQ HQ this morning, Westside is doing a...

Good postive news from AJQ HQ this morning, Westside is doing a damn good job at keeping the shareprice close to the proposed takeover offer of 12.5c per share.

I would not be surprised to see a revised offer from Westside shortly.  Their hostile, unsolictied takeover offer of AJQ has certainly helped draw attention to how undervalued AJQ was / is as a company and since they announced their takeover offer, we have seen multiple company making announcements be issued by AJQ.

Would love to see the top 20 shareholders list for AJQ......

Artice link: http://www.ogiaustralia.com/armour-...ID=621467900&spReportId=NjIxNDY3OTAwS0#p=full

Article from Oil & Gas Australia:

Takeover target Armour Energy has announced a 66 per cent increase in its Northern Australia prospective gas resource base.

The company’s best estimate prospective gas resources in the region have increased from 34 trillion cubic feet to 57 tcf.

The update includes maiden prospective gas resources from the Tawallah group unconventional reservoirs in the McArthur Basin of the Northern Territory, and the Riversleigh Shale located beneath the Lawn Hill Shale in ATP 1087, Queensland.

In addition, Armour said a new combined inventory totalling 193 conventional leads and prospects in the NT can target 4.9 tcf of best estimate prospective gas resources.

The resource boost bodes well for definitive agreements Armour Energy is progressing for a proposed US$100 million farm-in agreement with American Energy. The deal would see Armour transfer 75 per cent of its acreage in the NT to the company to further the exploration and development of Armour’s extensive oil and gas prone McArthur Basin project.

Armour chief executive Robbert de Weijer said while it was relatively early days, he was confident of delivering commercial outcomes in the NT.

“To put it into context, one trillion cubic feet of gas can provide enough energy for one million people for 20 years, and our best estimate of prospective gas resources has been upgraded to 57 trillion cubic feet,” he said.

“The fact that we have been able to partner with American Energy Partners testifies that these basins in Northern Australia could well become the next great hydrocarbon province on a global scale.”

Armour is continuing to resist WestSide Corporation’s $36.6 million hostile takeover offer after labelling the bid opportunistic and inadequate.

Armour shares were unchanged at 12.5 cents.