Archer Exploration Ltd. (AXE.AU) said Monday it has agreed to sell five exploration licenses covering 3,699 square kilometers in Australia's Stuart Shelf region to BHP Billiton Ltd. (BHP) for A$8 million in cash.

The pact supersedes a previous agreement announced in late December that contemplated a joint venture between the two companies, Archer said in a statement to the Australian securities exchange.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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