Armour Energy revealed Thursday AEP had received FIRB approval to take a 75% stake in the former's McArthur basin acreage and up to a 15.95% interest in the Australian company.
Armour is proposing to invest up to US$130 million over a five-year period in exchange for the majority stake covering 21.5 million acres in Australia's north.
FIRB approval moves the deal a step closer to completion which Armour said could occur any time up to 9 January, at which point AEP will pay Armour US$13 million.
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