Armour Energy Limited (ASX:AJQ) has announced the signing of a Heads of Agreement (HOA) with Australian Natural Diamonds Ltd, a subsidiary of Lucapa Diamond Company Limited (ASX: LOM), for the supply of gas to the Merlin Diamond Project. The gas will be sourced from Armour's Glyde discovery in EP 171 in the McArthur Basin, Northern Territory.
The 14-year agreement highlights the hydrocarbon potential of the McArthur Basin and Armour's ability to supply the domestic market with this valuable resource. If the development plan is successfully executed, it will mark the first production from the Basin, which is located within 20 km of the Merlin site.
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