wheres the deal?, page-15

From mergermarket:

Antares Energys [AZZ:AU] asset sale process remains on track to meet its targeted close date of 29 November, said chief executive and chairman James Cruickshank.

Cruickshank dismissed suggestions that bids for its leaseholds in the Eagle Ford shale in Texas had come in at lower than expected values, describing the rumours as unfounded and false. Antares shares closed almost 6.5% lower on Monday at AUD 50.5c.

According to a timeline of the sales process filed with the ASX last month, Antares received bids on 21 October and is aiming to execute purchase and sale agreements by this Thursday, 28 October.

Antares shares had shot up 30% in one trading day earlier this month on the back of two other announced acquisitions of Eagle Ford shale leaseholds. Earlier this month Talisman Energy and Statoil announced that they would acquire properties in the region for around USD 1.33bn, and CNOOC agreed to pay USD 1.08bn for a one third stake in Chesapeake Energys Eagle Ford project.

This news service previously reported that bidders for Antares assets were large multinationals and that the company was expecting between USD 10-12k per acre.

by Mike Ross