Local companies Antares Energy and Joyce Corporation have announced sales of major assets.
Oil and gas production and exploration company Antares has signed an agreement with Turkish company Zorlu Petrogas for the sale of all the share capital in its wholly-owned subsidiary Amity Oil International.
The principal asset of the subsidiary is a 50 per cent interest in the Thrace joint venture in Turkey, which contains three producing gas fields.
On settlement, Antares will collect $53.9 million, with an additional $5.9 million payable if drilling of nominated exploration prospects results in discoveries over the 24-month period after the sale.
Antares entered into the Thrace joint venture with the Turkish State oil company, TPAO, in 2000.
Last year, Antares indicated its intention to focus its growth strategy in oil and gas in Okalahoma, US.
Shares in Antares, which have traded at a six-month low of 43 cents, were higher on the news, closing at 68.5 cents early this week.
Foam manufacturing and distribution company Joyce has reached an agreement with Sheela Foam Private Limited, which holds approximately 35 per cent of the Indian flexible polyurethane market, for the sale of its polyurethane foam and polystyrene business, for $16 million.
The business has a strong repu-tation in WA in moulded containers for the perishable food industry, as well as moulded and block foam for the building and construction
