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Antrim Energy Sells Tanzania Interests For US$7.5mln

Jul. 10, 2013 11:19 AM ET
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Antrim Energy (LON:AEY) (TSE:AEN) has sold its early stage exploration interests in Tanzania.

Through a deal with an unnamed party the company received US$7.5mln in cash for a licence option.

The option gives the holder the right to acquire a 30% interest in the Pemba-Zanzibar exploration licence, which includes both offshore and onshore areas in the semi-autonomous archipelago off the Tanzania coast.

The area spans 14,062 square kilometres in and around the semi-autonomous islands in the Indian Ocean. The acreage runs alongside licences owned by Shell, BG Petroras and Ophir.

Proceeds from the sale will boost Antrim's working capital, the company said.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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