Gas2Grid fails to close farm-in deal with Armour
Sydney-listed Gas2Grid on March 30 said it had ended attempts to finalise binding agreements for the farm-in of Surat basin assets held by fellow Australian explorer Armour Energy.
Armour had in November last year agreed on indicative terms with Gas2Grid to farm-out 519 km2 of Surat basin acreage in Queensland.
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Had the deal gone through, Gas2Grid's total investment would have been in excess of A$12mn ($9mn), including the drilling of three new wells, fracture stimulation, and funding of 100km2 of new 3D seismic. Upon completion of the funding obligations, Gas2Grid would have earned a 50% interest in the Riverside and Myall-Bainbilla blocks.
Gas2Grid said it continues to pursue appropriate onshore, eastern Australia oil and gas assets.