Lukoil completes US$800mn transaction on hydrocarbon production project in Congo

New Age African Global Energy Litchendjili platform Congo Brazzaville 1New Age, a London-based explorer, has sold its 25 per cent stake in the Congo Marine XII offshore license to Lukoil Upstream Congo SAU for US$800mn

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 a number of major oil and gas discoveries have been made.

Successful assessment and phased development have led to early production in both the Nene and Litchendjili fields. The sale of the position of New Age in Marine XII marks the culmination of a successful investment cycle for the company.

New Age will use the proceeds from this transaction to further strengthen its balance sheet and redeploy its African portfolio, including the Marine III license in the Republic of Congo, the Etinde license in Cameroon and its exploration assets.

This transaction was the result of a competitive sales process, with New Age being advised by Evercore, Merrill Lynch Bank of America and Clyde & Co.

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