Antares sells Southern Star

After months of silence, Antares Energy has announced it will sell all 3,700 acres of its Southern Star project to US based Breitburn Energy Partners for US$120m. Antares will receive US$50m in cash and additional equity in Breitburn worth about US$70m at today’s price. The asset sale will mean Antares can repay its outstanding loans and will be debt free. It aims complete a new debt facility and spend an additional $200-300m drilling the Northern Star field to prepare it for an eventual sale. The deal was met with enthusiasm by the market, which sent the share price up almost...

After months of silence, Antares Energy has announced it will sell all 3,700 acres of its Southern Star project to US based Breitburn Energy Partners for US$120m. Antares will receive US$50m in cash and additional equity in Breitburn worth about US$70m at today’s price.

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