Antares Sells Northern Star and Big Star Oil and Gas Assets for US$254 Million

Antares Energy Ltd. (ASX:AZZ) announced the execution of two independent purchase and sale agreements with the same private equity purchaser for the sale of Northern Star and Big Star for US$148, 788,560 and US$105, 069,420, respectively.
As quoted in the press release:

The closing of these two independent Purchase and Sale Agreements with the same Private Equity purchaser will be on or before the 30th November 2015 and is subject to usual commercial closing conditions and adjustments. The gross pretax proceeds from these transactions are expected to be approximately 250,000,000 USD which will be subject to customary closing adjustments, taxation and frictional costs.

James Cruickshank, CEO of Antares Energy, commented:

We are pleased to have executed two independent Purchase and Sale Agreements with the same Private Equity purchaser for both of our Permian Projects being Northern Star and Big Star. This represents another step forward in our Permian Portfolio Strategy of creating, developing, producing and realizing value from our project assets. We look forward to closing both of these transactions.

Click here to read the full Antares Energy Ltd. (ASX:AZZ) press release.