New Age Congo farm-out

摘要

LONDON-based explorer New Age (African Global Energy) Ltd. plans to redeploy proceeds from the cash sale of acreage offshore Congo-Brazzaville to bolster its balance sheet and support exploration assets such as the Etinde transition zone licence in nearby Cameroon. New Age subsidiary New Age M12 Holdings this week completed a farm-down of its 25% in Eni-operated Marine XII block to Russia's Lukoil for $800 million, in a transaction advised by investment banking consultant Evercore, Bank of America Merrill Lynch and Clyde & Co. Since acquiring Marine XII in 2009, New Age and partners made several oil and gas discoveries, brought the Nene field and Litchendjili fields into early production, and also identified the Banga, Minsala and Nkala fields for development.