NewAge is seeking to sell its stake in the Marine XII oil block, a concession off the coast of the Republic of Congo that the Africa-focused energy group jointly owns with Italy’s ENI, two financial sources said.
The company has hired advisory firm Evercore to help with the sale that could raise up to $1 billion, the sources said.
NewAge acquired 25 percent of Marine XII in 2010 from operator ENI, which owns 65 percent. Congolese state company Societé Nationale des Pétroles du Congo (SNPC) holds the remaining 10 percent.
NewAge, which also owns producing assets in Nigeria and Iraqi Kurdistan, did not respond to a request for comment. Evercore was not immediately available to comment.