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Antrim Energy Inc. sells UK Subsidiary


Published Feb 11, 2014
Antrim Energy Inc.

Antrim Energy Inc. has entered into an agreement (the "Agreement") with First Oil Expro Limited (FOE) pursuant to which, subject to the terms and conditions of the Agreement, FOE has agreed to purchase from the Company (the "Transaction") all of the issued and outstanding shares in the capital of Antrim's UK subsidiary, Antrim Resources (N.I.) Limited (ARNIL) for $53 million in cash, plus the assumption of certain liabilities and adjusted working capital, from which Antrim will settle on closing all outstanding obligations under its Payment and Oil Swap agreements with Credit Suisse AG and Credit Suisse International, (collectively, "CS").

Under terms of the Transaction the economic date is January 1, 2014 and a $5 million deposit is to be received to be applied towards the purchase price. Antrim will retain its interest in P077 Block 21/28a (the "Fyne Licence") and P1875 Block 21/29d (the "Erne Licence"), as well as FEL 1-13 in the Porcupine Basin offshore Ireland.

Tags: Antrim Energy Inc.




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