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Antrim Energy now better placed to seek new opportunities

Published: 02:35 14 May 2014 EDT

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Antrim Energy (LON:AEY) says it has greater financial resources to take forward its remaining assets and look for new opportunities as the dust settles on the disposal of its North Sea oil production operations.

The US$53mln sale of the assets and repayment of an oil swap agreement was completed last month, and after related commissions and fees it expects to have around US$17mln of working capital. It is also free of debt.

International exploration opportunities are currently being considered, the company revealed.

Antrim also told investors, in this morning’s statement for the first quarter of 2014, that following the disposals it now has greater opportunities to raise capital or seek other ‘strategic alternatives’ to maximise shareholder value – like mergers and acquisitions for example.

Meanwhile, the company has made an application for its shares to be listed on the Toronto Ventures exchange, and it anticipates the new listing will be in place by the end of May.

Operationally, a new field development plan by the end of August for the Fyne project, this will be based on a development via specialist marginal field infrastructure and equipment.

In the meantime the findings of recently shot Irish seismic are being processed and evaluated by partner Kosmos Energy, and at some point plans for that exploration project will be decided upon.

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