Armour reports 5% rise in Q4 revenue
Sydney-listed Armour Energy’s sales revenue in the three months to June 30 (Q4) came in at A$4.4mn ($3.26mn), up 4.7% year/year owing to higher realised gas price, it said on July 30. Revenue was down 2% quarter/quarter, however.
Production in Q4 was down 25% yr/yr while sales volume was down 30% yr/yr. Armour’s realised gas price in Q4 was up 5.9% yr/yr.
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Meanwhile, Armour said it made substantial progress on the proposed demerger and IPO of McArthur Oil & Gas. The company is planning to demerge its Northern basin oil and gas business in Northern Territory into a newly formed company – McArthur Oil & Gas – to be separately listed in Sydney.
McArthur Oil & Gas will be demerged from Armour through an in-specie share distribution to existing shareholders. An IPO and capital raise of A$60-A$65mn has been proposed to fund the acquisition of Northern basin assets from Armour and to fund forward exploration.