Antares back from the dead as oil price picks up
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It’s been almost two years since Antares Energy went into administration, but the company is now back in business following a successful recapitalisation.
Antares (ASX:AZZ) has now named as new board: Ross Warner, Joanne Kendrick and Michael Pollak have been appointed as directors.
Ms Kendrick has more than 20 years of experience in technical and senior roles with Woodside Petroleum, Newfield Exploration, Gulf Australia and Nido Petroleum.
Mr Warner has held executive and non-executive director roles in several public companies listed on AIM and the ASX and a number of private companies.
He has been involved in operated and non-operated oil and gas assets in Texas, Louisiana and Oklahoma and gas-to-power in Indonesia.
Mr Pollak is a chartered accountant and has experience in Sydney and London in general management, audit, insolvency, corporate advisory and strategy in industries including mining.
Antares was placed in administration in April 2016 after the downturn in the oil and gas sector devalued the company’s stake in Breitburn Energy Partners.
The oil price plunged from over $US100 ($130) per barrel to a low of $US27 per barrel at the start of 2016.
This meant Antares could not repay the $47 million worth of convertible notes it was meant to by the extended deadline.
The Brent crude oil price recently crossed the $US70 a barrel mark as Middle East geopolitical tensions threatened the security of supply.
The company is now working towards the completion of the first placement, the issue of a prospectus, and getting itself reinstated to trading on the ASX.
Antares has been contacted for comment.