Petroleum Africa
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Sunday, June 9, 2019
New Age’s (African Global Energy) subsidiary, New Age M12 Holdings, entered into a SPA with Russian firm Lukoil’s subsidiary in the Republic of Congo (ROC), Lukoil Upstream Congo. The agreement has the Lukoil unit acquiring New Age’s 25% non-operated interest in the ROC’s Marine XII License for $800 million.
The transaction remains subject to customary conditions, including the approval by the government of the ROC.
The Marine XII License is located offshore the ROC and is operated by ENI. New Age acquired its position in Marine XII in 2009 and since then multiple large oil and gas discoveries have been made. Successful appraisal and phased development have led to early production being established from both the Nene and Litchendjili fields.
The sale of New Age’s position in Marine XII marks the culmination of a successful investment cycle for the company. New Age will utilize the proceeds from this transaction to further strengthen its balance sheet and to redeploy into earlier stage opportunities within its African portfolio, including the Marine III license which is also in the ROC.
New Age holds a 75% operated interest in Marine III, which lies adjacent to Marine XII. New Age’s partner in the license is SNPC, the Congolese national petroleum company. New Age plans to acquire further 3D seismic data on the license this year, with the first exploration well due to be drilled before the end of 2020, targeting the same reservoir horizons that have already been successfully developed in Marine XII.
This transaction was the result of a competitive sales process, with New Age advised by Evercore, Bank of America Merrill Lynch and Clyde & Co.
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