Australia-listed independent Armour Energy has been placed into receivership with its administrators to sell its assets, which include gas, LPG, gas condensate and oil projects in Queensland, Victoria and South Australia states and the Northern Territory (NT).
KordaMentha were appointed as receivers and managers of the company on 10 November, filings to the Australia Securities Exchange show. The firm will operate on a business as usual basis with the receivers to start an immediate sale process, seeking urgent expressions of interest to acquire Armour.
Armour's Kincora gas project in Queensland's Surat basin produced an average of 3.8 TJ/d (101,000 m³/d) in the 2022-23 fiscal year to 30 June, as well as 6.6 t/d of LPG and 78 b/d of oil and condensate. Sales from the project, which Armour started in 2017, were down from a year earlier period because of natural decline, the firm said.
Armour sold its stake in a Queensland domestic gas permit to the owners of the 9mn t/yr Australia Pacific LNG in 2020.
Armour also holds significant acreage in the NT's McArthur basin with exploration permits covering more than 66,100 km². It signed an initial agreement with private-sector Australian company Natural Diamonds in February this year to deliver at least 7PJ (187mn m³) of gas over 14 years from its Glyde discovery, which is currently having well testing, appraisal and development drilling.
