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.
