Antrim Sells Rights to Acquire Interest in Pemba-Zanizbar Offshore Licence (Tanzania)

Antrim Energy Inc., a Canada-based international exploration and production company, today announced the sale of its option to acquire up to a 30% interest in the production sharing agreement for the Pemba-Zanzibar exploration licence offshore and onshore Tanzania.

Cash consideration paid to Antrim was US $7.5 million and the effective date of the sale was 9 July 2013. There are no wells, production, reserves or resources associated with the transaction.

“Proceeds from the sale will improve the Company’s future capital expenditure reserves,” said Antrim in a statement.