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- Armour Energy (AJQ) is approved by the Northern Territory Government to transfer its exploration permits in the same state to McArthur NT
- The transfer of the Northern Basin Assets foreshadows a proposed demerger and separate ASX listing of the newly established McArthur NT subsidiary
- AJQ is awaiting further State Government approval to interpose McArthur Oil and Gas in between itself as parent company and the new subsidiary
- CEO Brad Lingo says once the interposition is complete, AJQ will be in a strong position to progress the proposed demerger and IPO of McArthur
- Shares have closed at 3.2 cents on August 5
Armour Energy (AJQ) has received approval from the Northern Territory Government to transfer its exploration permits in the same state to McArthur NT.
This transfer of the Northern Basin Assets foreshadows a proposed demerger and separate ASX listing of the newly established McArthur NT subsidiary.
As part of a broader restructuring exercise, AJQ is awaiting the green light from the Department of Investment, Tourism and Trade (DIIT) to interpose McArthur Oil and Gas.
The move will see McArthur Oil and Gas interposed between Armour as parent company and the McArthur NT subsidiary.
Importantly, AJQ said once the interposition was complete, any restructuring required for the proposed demerger and initial public offering (IPO) would also be complete.
AJQ Energy’s CEO Brad Lingo commented on the activities.
“I appreciate the work that DITT has put in to assisting Armour with the restructuring of the Northern Basin Assets,” he said.
“Once the interposition is complete, Armour will be in a strong position to progress with the next stages of the proposed demerger and IPO of McArthur.”
Following the rejig, next steps in the demerger and IPO process would be an in-specie distribution of Armour’s interests in McArthur to Armour shareholders.
Shares in Armour Energy closed at 3.2 cents on August 5.
