The boards of Antrim Energy Inc. and Crown Point Ventures Ltd. have unanimously approved Crown Point’s acquisition of the assets of Antrim Argentina SA for $10.26 million cash and 35.7 million Crown Point common shares.
Antrim Argentina’s assets are a 25.78% nonoperated interest in Tierra Del Fuego concessions, a 50.1% operated interest in the Cerro de Los Leones exploration license, and an estimated $7.35 million working capital.
The arrangement allows Antrim to refocus on developing its North Sea asset base. Going forward, Antrim is fully funded to first oil from its Causeway development. The arrangement also strengthens Crown Point’s position as a pure play exposure to Argentina.
Crown Point will have production of more than 2,000 b/d of oil equivalent, 40% liquids, 4.4 million boe of proved reserves, 33% liquids, and 7.7 million boe of proved and probable reserves, 39% liquids. It will have interests in five concessions totaling more than 560,000 net acres with a balanced mix of gas and oil opportunities in the Neuquen, San Jorge, and Austral basins.
Included in the concessions are conventional and unconventional targets across Crown Point’s multiple concessions in the San Jorge basin, greatly increased long-term potential from Vaca Muerta shale oil on the combined 100% interest in Cerro de Los Leones in Neuquen, and a stable production base from Antrim Argentina’s Tierra del Fuego concessions.