Armour appoints Jeff Schrull as the CEO of McArthur Oil & Gas
Sydney-listed Armour Energy has appointed Jeff Schrull as the CEO for the proposed demerger and separate ASX listing of McArthur Oil & Gas, it said on September 2.
Schrull brings over 30 years of upstream oil and gas experience to the role and joins the proposed McArthur executive leadership team from fellow Australian explorer Beach Energy, the company said. Schrull starts leading the McArthur executive leadership team starting September 6.
McArthur Oil & Gas will be demerged from Armour through an in-specie share distribution to existing shareholders. An initial public offering and capital raise of A$60-A$65mn ($44mn-$48mn) has been proposed to fund the acquisition of Northern basin assets from Armour and to fund forward exploration.
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Following the completion of the demerger, Armour will focus on exploration in both the Surat and Cooper basins. It intends to use the funds received from McArthur Oil & Gas for the Northern basin business to retire a proportion or all of its outstanding debt.