Gas2Grid Limited announced that it has executed a non-binding Heads of Agreement ? Farmin Proposal ("HoA") with ASX listed Armour Energy Limited setting out the terms for GGX to fund seismic and drilling activities in selected AJQ's Surat Basin licences to acquire 50% interests in each of: Riverside Farmin Block; and Myall-Bainbilla Farmin Block. Those Blocks located in the western Surat Basin near the town of Surat include PL22, PL53, PL227, ATP647 and part of PL 511, excluding existing production wells, are in areas with known gas bearing Permian age sandstone. The Company plans to commence drilling and other field operations in first quarter of calendar year 2022 after execution of binding Farmin Agreements, Joint Operating Agreements and a Gas Processing and Transportation Agreement for AJQ to process and transport GGX's 50% share of gas production. If these activities are successful it may result in two wells producing and delivering gas into the nearby existing infrastructure for sale commencing in the second half of 2022. The current high gas prices in eastern Australia make this farmin an attractive proposition for GGX. The farmin program will run from First Quarter CY 2022 to Second Quarter CY 2023 for GGX to earn the 50% interests in the Farmin Blocks and will comprise: drilling 1 well and a two-stage fracture stimulation in the Riverside Farmin Block; and drilling 2 wells and a 3D seismic survey in the Myall-Bainbilla Farmin Block. Riverside-1 (1997) was drilled on the Riverside Anticline and intersected gas bearing sandstones in the Permian age Tinowon Formation ? the well kicked and flowed gas to surface before the gas flow was killed by pumping heavy weight mud into the hole. This procedure had caused formation damage. Myall-Bainbilla Farmin Block (PL22, PL53, PL227 and ATP 647): GGX interpret excellent exploration potential for oil and gas to be trapped both structurally and stratigraphically within Permian, Triassic and Jurassic age sandstone reservoirs sited within these licenses. Little new exploration drilling has been conducted in these licenses since the 1990s.