Armour Energy Ltd. says that American Energy Partners LLP (AEP) has received Foreign Investment Review Board (FIRB) approval for AEP’s proposal to acquire a 75 percent interest in Armour’s McArthur Basin oil and gas project in the Northern Territory (Project) and up to a 15.95 percent interest in Armour Energy. The proposal relates to AEP’s investment of up to $130 million (currently approximately AUD 185 million) over a five year period in return for the 75 percent interest in the Project.

The FIRB approval received to date is a further step towards closing of the Agreements with AEP on the Project. Closing can take place at any time up to Jan. 9, 2016 at which point AEP will pay Armour $13 million (approximately AUD 18.43 million).

Tags: American Energy Partners, Armour Energy Ltd