New Age (African Global Energy) has announced that its subsidiary New Age M12 Holdings has completed the sale of its 25% non-operated interest in the Marine XII Licence to LUKOIL Upstream Congo, a wholly owned subsidiary of LUKOIL, for $800 million.
The Marine XII Licence is located offshore Congo-Brazzaville 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 utilise the proceeds from this transaction to further strengthen its balance sheet and to redeploy into its African portfolio, including the Marine III licence in the Republic of Congo, the Etinde licence in Cameroon and its exploration assets.
This transaction was the result of a competitive sales process, with New Age advised by Evercore, Bank of America Merrill Lynch and Clyde & Co.
Source: New Age