Continental Focus, International Reach

NewAge Looks to Exit Marine XII

Thursday, November 22, 2018

NewAge is looking to exit one of its holdings in West Africa. The company said it is seeking a buyer for its stake in the Republic of Congo’s Marine XII oil block offshore the country.

The Marine XII oil block is jointly owned by NewAge and ENI.

The company has hired advisory firm Evercore to help with the sale that could raise up to $1 billion, according to reports. NewAge acquired 25% of Marine XII in 2010 from operator ENI, which owns 65%. Congolese state company Societé Nationale des Pétroles du Congo (SNPC) holds the remaining 10%.

According to the NewAge web site, the Marine XII block contains three oil discoveries (Litchendjili, Nene and Minsala (formerly Louvessi)) and three gas discoveries (Litchendjili, Nene and NKala).