The conditions precedent include the completion of due diligence, and the execution of a detailed share sale agreement for the acquisition of all the issued capital in CoEra
Armour Energy announces further extension to agreement with Oilex. (Credit: Adam Radosavljevic from Pixabay)
Further to the previous announcements of 28 May and 1 June 2020, the Board of Armour Energy (“Armour” or the “Company”) wishes to advise that agreement has been reached with Oilex Ltd (“Oilex”) to further defer the date for the satisfaction of conditions precedent under the binding Term Sheet entered into between the parties, from 5 June to 15 June 2020.
The conditions precedent include the completion of due diligence, and the execution of a detailed share sale agreement for the acquisition of all the issued capital in CoEra Ltd, currently a wholly owned subsidiary of Oilex, and owner of all of Oilex’s interests in the Cooper Eromanga Basin. Full details of the proposed acquisition are as outlined in the Company’s market release of 28 May 2020.
Should the acquisition proceed, Armour will appoint former Drillsearch executive Mr Brad Lingo to the position of CEO of the Company.
Armour will advise the market of all further developments in relation to this matter.
Source: Company Press Release