Aubrey McClendon is branching out again—this time 10,000 miles across the globe.
Oklahoma City’s American Energy Partners LP (AEP) is pursuing a US$100 million farm-in deal with Armour Energy Ltd. to develop unconventional acreage in Australia’s McArthur Basin.
Oklahoma City’s American Energy Partners LP (AEP) is pursuing a US$100 million farm-in deal with Armour Energy Ltd. to develop unconventional acreage in Australia’s McArthur Basin.
Armour said on Aug 20 that it entered into a non-binding letter of intent with AEP, which McClendon founded in 2013, to further the exploration and development of Armour’s extensive oil and gas prone McArthur Basin Project.
As part of the farm-in agreement, AEP will carry 100% of Armour’s share of expenditures during a single phase of the work program, after which the parties will form a joint venture.
Additionally, AEP will pay Armour US$11 million in cash upon closing of the transaction and a further US$7 million on grant of 1 million acres, or grant and transfer of interests in pending properties.(oilandgasinvestor)
As part of the farm-in agreement, AEP will carry 100% of Armour’s share of expenditures during a single phase of the work program, after which the parties will form a joint venture.
Additionally, AEP will pay Armour US$11 million in cash upon closing of the transaction and a further US$7 million on grant of 1 million acres, or grant and transfer of interests in pending properties.(oilandgasinvestor)
