Prior to the transaction he held 2,071,430 shares and 666,667 listed options, exercisable at 0.5 cents on or before 31, March 2020.
McNamara now holds 2,121,430 shares in the company.
The MoU covers the scope and commercial framework for the provision of midstream infrastructure and services related to gas that will be potentially produced from the field.
The parties have agreed the pre-front end engineering design (FEED) scope of works to be included in an early works agreement that will progress a preliminary design and cost study for the establishment of:
- A subsea pipeline from Emperor’s Judith gas field;
- A new gas processing train to operate in parallel with APA’s existing Orbost gas processing plant; and
- An export pipeline to the Eastern gas pipeline located to the north of the Orbost gas processing plant.
After costs are determined, APA and Emperor intend to negotiate a binding contract in the current quarter with the intention to commence the study in the second quarter.
Completion of the study will add certainty to a future project feasibility study and will also provide clarity on the scope and shorten the timeframe required for the completion of the project FEED that would be carried out after drilling of the Judith 2 Exploration and Appraisal Well.