Consideration for the assets, approximately $3.2 million will be in the form of cash and common shares of Nor Energy. Antrim will also retain a residual right to participate in a future drilling program in Tanzania.
A further announcement regarding the terms of this transaction is expected to be made upon signing a final acquisition agreement.
Stephen Greer, Antrim’s President and Chief Executive Officer comments “Once completed, this transaction will allow Antrim to retain significant value from the assets and at the same time focus our attention on current exploration and development activities in Argentina and the United Kingdom.”
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