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Congo (Brazzaville): NewAge to sell its stake in the Marine XII oil block, offshore the Republic of Congo
20 Nov 2018
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.
According to the NewAge web site, the Marine XII block contains 3 oil discoveries (Litchendjili, Nene and Minsala (formerly Louvessi)) and 3 gas discoveries (Litchendjili, Nene and NKala)