Australia's Armour Energy placed into receivership

Sydney-listed energy company Armour Energy has been placed into receivership with its administrators to sell its assets, according to a stock exchange filing on November 10 by advisory and investment firm KordaMentha.

KordaMentha were appointed as receivers and managers of the company. Armour has gone up for immediate sale but will remain in operation under the watch of KordaMentha Restructuring until it is sold.

“The receivers and mangers plan to operate on a business-as-usual basis. The receivers and managers are commencing an immediate sale process and are seeking urgent expressions of interest to acquire the group,” KordaMentha said.

Armour received a takeover offer from China’s Shunkang Holding Group in August. Last month Armour announced that talks were still on over the potential acquisition, but that no agreement has yet been reached.

The company has a portfolio of assets across Queensland, Northern Territory, Victoria and South Australia with a primary focus on the discovery, development and production of gas, LPG, gas condensate and oil.