Armour Energy Limited (ASX: AJQ) has reported that it entered a binding term sheet with Santos QNT Limited – a wholly owned subsidiary of Santos Limited (ASX: STO) to develop and explore Amour’s extensive oil & gas prone South Nicholson Basin in Northern Queensland & Northern Territory.
- AJQ to receive upfront cash payment of $15 million
- AJQ to receive additional cash payments up to $15 million, subject to conditions.
By 01:08 PM AEST, AJQ was trading at $0.073, up by around 49% relative to the last close.
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