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Clyde & Co advises New Age on $800m sale of interest in Marine XII Licence

  • Press Releases 7 June 2019 7 June 2019

Global law firm Clyde & Co has advised New Age (African Global Energy) Ltd on the sale of its 25% non-operated interest in the Marine XII Licence to LUKOIL Upstream Congo, a subsidiary of LUKOIL, for a base consideration of USD800 million.

The Marine XII Licence is located offshore of Congo-Brazzaville and is operated by Italian multinational oil and gas company Eni. New Age acquired its position in Marine XII in 2009 and since then multiple large oil and gas discoveries have been made.

The licence covers five discovered fields containing 1.3 billion barrels of oil equivalent of proved and probable (2P) reserves. Two fields, Nene and Litchendjili, launched in 2015, currently produce 28,000 barrels of oil and gas condensate per day, and 1.7 million cubic meters per day of marketable gas.

The transaction was the result of a competitive sales process and Clyde & Co assisted New Age in London. The Clyde & Co team was comprised of Partners Michael Wachtel and Philip Mace, Legal Director Andrew Chadwick, Senior Associate David Anthony, Associate Julia Vaynzof  and Junior Associate Bella Hanif.

Michael Wachtel, Partner and Head of the Global Oil & Gas practice at Clyde & Co, said: "We are delighted to have advised our long standing client, New Age, in this significant transaction which was complex in nature and large in value. The wide range of advice required on this deal demonstrates our team's in-depth knowledge and expertise in the oil and gas sector and corporate, finance and regulatory practice areas."

Clyde & Co's dedicated corporate oil & gas team advises clients on the whole spectrum of corporate work with a particular specialism in advising clients in relation to transactions and financing involving assets in challenging jurisdictions and developing markets where seizing opportunities and providing innovative solutions is of paramount importance.