NG Energy International (GASX.V), which jumped 5.7% last Friday, on Monday agreed to sell a 40% operating working interest in the Sinu-9 Block to Etablissements Maurel & Prom for US$150 million.
"Both NGE's and Maurel & Prom's technical and operational teams have already been working closely together and will continue to from this day forward, which was a critical part of this partnership. Working closely with the Maurel & Prom team recently has made it ever more clear to me that this partnership will urgently, and sustainably, bear fruit for all stakeholders as we unlock this giant oil and gas concession for all Colombians. We look forward to informing shareholders of our updated 2025 work program shortly," said NG Energy Brian Chief Executive Paes-Braga.
The company will receive US$20 million as an initial payment and US$130 million upon completion of the deal.
M&P has the right to buy an additional 5% interest in Sinu-9 for 12 months following the completion of the deal, which is expected by Dec. 31.
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