Zorlu is a subsidiary of Zorlu Energy, a large Turkish company with varied interests in power generation and energy-related businesses.

The sale itself will reap $53.9m for Perth-based Antares and will include $13m of working capital in Amity.

An additional $5.9m may be paid if the drilling of nominated exploration prospects results in discoveries within 24 months of the sale.

Amity Oil’s principal asset is a 50% interest in the Thrace joint venture in Turkey, which contains the producing Gocerler, Adatepe and Cayirdere gas fields.

Around 17 billion cubic feet of gas and 90,000 barrels of condensate has been produced from the three fields since they were brought onstream in 2003.

Following the sale, Antares Energy intends to use a significant proportion of the proceeds to fund exploration, development and operation of oil and gas assets in the US.

This includes seismic-based exploration onshore south Texas and Oklahoma, and bringing forward planned new exploration drilling in the shallow water Gulf of Mexico.

“Antares has an active new ventures program, currently focused in the US, which is directed at replacing and surpassing the Turkish production through new discoveries and developments,” said managing director Howard McLaughlin.

“The ability to capitalise the full value of the Turkish assets provides Antares with the financial capacity to more aggressively pursue its ambitious US growth strategy.

“Under Antares’ strategy, assets will move in and out of the portfolio depending on their contribution to returns and strategic importance, both now and in the future. If a third party is prepared to buy an Antares asset and the price meets or exceeds our internal valuation then it will be sold.”

The sale is being targeted for completion by September 9.

Meanwhile, Antares has announced plans to conduct an on-market buy back of up to 10% of its issued capital, or about 15.8 million ordinary shares.

The buy back will begin September 14 and extend for 12 months.