New Age (African Global Energy) Limited (‘New Age’ or ‘the Company’) announces that its subsidiary New Age M12 Holdings Limited has completed the sale of its 25% non-operated interest in the Marine XII License to LUKOIL Upstream Congo SAU, a wholly owned subsidiary of PJSC LUKOIL, for $800 million.
The Marine XII License 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 utilize the proceeds from this transaction to further strengthen its balance sheet and to redeploy into its African portfolio, including the Marine III license in the Republic of 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.