NG Energy International (GASX.V) was at last look on Monday up near 9% and had hit 52 week highs after announcing it will sell a 40% operating working interest in the Sinu-9 block, to French oil company, Maurel & Prom for total cash consideration of US$150 million, with an effective date of February 1, 2025.
A statement noted Sinu-9 covers 311,353 acres in the Department of Cordoba, Colombia, and is fully permitted with environmental approval.
Under the terms in a letter of intent, Maurel & Prom will assume its proportional share of NGE's carry commitments related to Sinu-9 on closing of the transaction. M&P will have a 12-month option to increase its working interest by an additional 5% for a cash payment of US$18.75 million.
Monday's statement noted the deal "significantly" de-risks the development of Sinu-9, one of Colombia's largest onshore natural gas fields, by "securing a strong, well-capitalized operating partner with a proven track record in technical and operational excellence."
NG Energy was last seen up $0.10, to $1.17, having touched as high as $1.23 on the TSX Venture Exchange.
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