Moving out of Argentina

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Moving out of Argentina

Posted 29.03.2012 12:57:20 av John Bradbury

Antrim Energy is selling off its interests onshore Argentina in favour of higher investment returns in the North Sea.

In its results statement today Antrim said it has reached agreement with Crown Point Ventures Limited – another company which is also listed on the Toronto Stock Exchange – to sell its entire Argentina interests held through Antrim Argentina S.A. which includes property in Tierra del Fuego which are subject to rights of first refusal by third parties and in the Cerro de Los Leones region in the eastern part of the country in the Neuquen Basin.

Antrim is selling the assets for a total of Cdn $53.75 million, comprising Cdn $10.26 m. in cash and the issuance of 35,761 million Crown Point shares

“Antrim decided to divest of its oil and natural gas interests in Argentina to focus on higher return opportunities in the UK North Sea,” Antrim declared.

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