Armour Energy to Exploit Shale Gas in Northern Territory

DGR Global’s gas subsidiary Armour Energy plans to raise capital by launching its initial public offering for drilling expansion program.

Armour Energy’s McArthur, South Nicholson and Georgina Basins of the Northern Territory and Queensland are estimated to hold significant shale gas potential and are analogous to U.S. shale gas basins.

The area is estimated to contain mean prospective resource of 18.8 trillion cubic feet (Tcf) of gas and 2 billion barrels of associated liquids within the unconventional and conventional plays across both EP 171 and EP 176 in the McArthur Basin, Northern Territory.

Under its drilling program, the company plans to drill up to 9 vertical wells, 3 lateral wells and completion of 2 multi stage fracture stimulation programs in EP 171 and EP 176 during the first 2 years.