• Armour has received approval from the Northern Territory Department of Investment, Tourism and Trade (DITT) to transfer the Northern Territory Exploration Permits into McArthur NT Pty Ltd.
• McArthur NT will be the operating entity for the Northern Basin Assets. 
• Significant step forward in the proposed demerger and IPO process. 

The Board of Directors of Armour Energy announced today that the transfer of the Northern Territory Exploration Permits (EPs) from Armour Energy to McArthur NT Pty Ltd has been approved. Armour is also expecting to receive approval from the Department of Investment, Tourism and Trade (DITT) shortly for the interposition of McArthur Oil & Gas.

In preparation for the proposed demerger and separate ASX listing of the Northern Basin Assets, Armour Energy has undergone a restructuring exercise to transfer the Northern Territory EPs into a newly established subsidiary, McArthur NT Pty Ltd (MNT). Following this transfer, Armour expects to soon receive approval from DITT to interpose McArthur between Armour as the parent company and its subsidiary MNT.

Once the interposition is complete, the restructuring required to enable the proposed demerger and IPO of McArthur will be complete. 

The next stage in the proposed demerger and IPO process will be the in-specie distribution of Armour’s interests in McArthur to Armour shareholders.

Armour Energy’s CEO, Brad Lingo said:
“I appreciate the work that DITT has put in to assisting Armour with the restructuring of the Northern Basin Assets. 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.”

KeyFacts Energy: Armour Energy Australia country profile