The company exercised its right to farm-in to the lease following a withdrawal by Beach Energy and Somerton Energy.
Armour will earn another 35% interest following an extensive A$10 million (US$ 8 million) work programme.
The ban on hydraulic fracturing in Victoria has put a stop on the potential phase 1 program and the company’s right to carry it out.
Armour has entered into an agreement with Lakes Oil to revise the terms of the farm-in and work program to accelerate the commercialisation of hydrocarbons in the permit.
Once
