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Antares Energy sells assets in $300m deal

26th August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Oil and gas producer Antares Energy has agreed to sell off its Permian assets, in West Texas, for $300-million.

The company currently has three core projects in the Permian basin, namely the Southern Star, Big Star and Northern Star projects, with a proven and probable reserve estimate of 51.6-million barrels of oil equivalent.

By July this year, Antares was producing some 1 113 barrels of oil equivalent per day, with some 58 wells in production.

The company was targeting a gross production of 5 000 barrels of oil equivalent per day by the end of the 2015 calendar year.

Antares told shareholders on Monday that it had negotiated the sales and purchase agreement with the as-yet unidentified buyer, in good faith, with the expectation of executing the agreement within 60 days of signing the letter of intent.

The transaction was expected to close on January 15, subject to commercial conditions.

Edited by Creamer Media Reporter

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