The underlying business of Armour Energy Group owned by its operating subsidiaries, has emerged from administration and is now in a position to continue developing its high-quality portfolio of Australian energy assets under the ownership of privately-owned ADZ Energy Pty Ltd (ADZ Energy).
Armour Energy Group was placed into voluntary administration and receivership on 10 November 2023. Following a meeting of creditors held by McGrathNicol’s Mark Holland, Damian Pasfield and Jonathan Henry on 19 January 2024, the ownership of Armour Energy Group’s underlying business transitioned to ADZ Energy on 22 January 2024.
ADZ Energy has a clean and strong balance sheet, a supportive new shareholder in ADZ Holding Group and a clear path to development of its extensive portfolio of exploration and production assets.
ADZ Energy will remain focused on accelerating gas and liquids production from its Kincora Gas Project in Queensland, which provides much-needed energy for the east coast domestic market. The Group’s portfolio includes high-quality oil and gas prospects across multiple basins with a range of project maturity that will realise near-term value accretion and mid- to long-term transformational growth across its Northern Territory1, Victoria and South Australia jurisdictions.
The management team, led by Chief Executive Christian Lange, will remain in place and continue to be headquartered in Brisbane.
Mr Lange said the Company’s focus remained on safe and environmentally responsible development.
“Under new ownership, ADZ Energy has a bright future as a fast growing and dynamic explorer and energy producer focused on being a proud contributor to the communities in which we operate,” Mr Lange said.
“ADZ Energy Group and the management team thank all our stakeholders, including our talented and dedicated employees and the customers and suppliers that partner with our business, for their patience and support during the administration period. Together, we will continue to keep downward pressure on domestic energy prices and support Australian manufacturing and employment.”
KordaMentha’s Richard Tucker and Robert Hutson retired as Receivers and Managers on 22 January 2024. McGrathNicol will now proceed to wind up residual Armour Energy Group corporate entities.
1 Pending completion occurring under the Asset Sale Agreements between ADZ Holding and Armour Energy Limited (in liquidation) and McArthur NT Pty Ltd (in liquidation) in relation to the NT tenements.
Source: ADZ Energy
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