On 6 June 2019, Eniâs partner New Age (African Global Energy) Ltd via its local subsidiary New Age M12 Holding Ltd (New Age) in the shallow offshore Marine XII licence (Litchendjili Marin, Minsala, Nene-Banga and Nkala) agreed to sell its 25% stake in the licence to Lukoil for USD 800 million (all-cash deal). The deal is subject to the approval by the government of the Republic of Congo.    Eni Operates the blocks with a 65% interest, New Age and SNPC hold 25% and 10% interest respectively.   Nene and Litchendjili fields were put on stream in early 2015. The current production (May 2019) was reported at 28,000 boe/d (oil, condensate and gas) with 60 MMscf/d of marketable gas.    The license covers five discovered fields containing 1.3 Bboe (2P) reserves according to international independent auditor.    New Age said that the sale of its position in Marine XII will be utilized to further strengthen its balance sheet and to redeploy into earlier stage opportunities within its African portfolio, including the Marine III license which is also in the Republic of Congo.    Background information    In late November 2018 New Age was reported to be looking to sell its interest in the permit. The company hired vercore and Bank of America Merrill Lynch to help with the sale (initially reports suggested the sale may raise in the region of USD 1 billion). According to reports Lukoil is expected to secure New Ages stake for between USD 300 and 500 million. When the deal is finalized it will mark Lukoilâs entrance into Congo (Brazzaville).
Lukoil has agreed to buy NewAge's entire 25% stake in the Marine XII block (Eni op. 65%, SNPC 10%) for US$800 MM.