Antrim Energy sells Tanzania interests for US$7.5mln

Antrim Energy (LON:AEY) (TSE:AEN) has sold its early stage exploration interests in Tanzania.

Through a deal with an unnamed party the company received US$7.5mln in cash for a licence option.

The option gives the holder the right to acquire a 30% interest in the Pemba-Zanzibar exploration licence, which includes both offshore and onshore areas in the semi-autonomous archipelago off the Tanzania coast.

The area spans 14,062 square kilometres in and around the semi-autonomous islands in the Indian Ocean. The acreage runs alongside licences owned by Shell, BG Petroras and Ophir.

Proceeds from the sale will boost Antrim’s working capital, the company said.