Edison Report, page-5

Quick cut and paste from the article. There is more. It's there but kind of tricky. Aim for the orange pic of the drill. Thanks Squadger for the link.

Armour Energy is working to unlock the resource potential of multiple basins across northern
Queensland and Northern Territory. The activity underway includes seismic, exploration drilling and
well testing. In the last 12 months Armour has booked contingent resources, and has grown its
prospective resource inventory by identifying more drilling targets. Armour has a first-mover
advantage in what could be a large Northern Australian petroleum province, with 100% ownership.
Armour has also completed the first horizontal fracture-stimulated well in Australia. Twelve sections
were fracked in the Egilabria 2 well in August/September 2013 and gas flowed to surface with a
resultant flare. A pressure build up test was undertaken through to early 2014, with results yet to be
released. Armour has since booked a maiden 154bcf shale gas resource from the Egilabria 2 well.
There is no doubt there are large hydrocarbon systems across these basins, with large gas and oil
intersections, and very high organic content (>10%) in the basal shale layers. Technical validation
now hinges on recovery and flow rates.
The drilling of Otway-1, in JV with Lakes Oil, has been deferred until “at least” 2015 due to a
Victorian government onshore drilling moratorium. Outside of the focus list of companies, but
notable, was the entry into the Cooper-Eromanga Basin by Lakes Oil. This is in response to the
Victorian government’s moratorium, which extends a previous halt to all fracture stimulation
activities.
At present, Armour has trimmed its expenses, cut headcount from 37 to seven, and is seeking a
farm-in partner for its 100% owned NT and QLD permits. This will see a lull in ground activity in the
coming quarters.