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American Energy Partners Renege On JV; Announce Settlement
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Armour Energy is reporting that they have accepted a settlement that will see Armour Energy receiving all the shares previous acquired by American Energy Partners unit (AE GPas Pty Ltd).
As you might remember American Energy Partners (AEP) acquired 40 million shares of Armour in two subscriptions (16.9 Milliion shares at 20 cents and 23.1 million shares at 25 cents. The total amount spent by AEP was ~$9 million to acquire the shares.
This settlement now gives Armour full control of the 40 million shares, which it plans to either cancel or dispose of, (sell). AEP also forgo its rights to earn up to 75% interest in Armours Northern Territory.
Armour's executive chairman Nick said " while not what we had hoped for from the relationship with AEp, nor what AEPGP had agreed to, the untimely…
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