Congo-Brazzaville

NewAge views Congo-Brazzaville as an under-valued proven oil and gas province with near-term production opportunities and attractive upside potential.

NewAge currently holds an interest in the Marine III offshore exploration licence which has a resource composition of approximately 66 % oil / 34 % gas.

The Marine III licence is currently in the exploration phase, with a 3D seismic acquisition already concluded in 2019 and a firm exploration/appraisal well planned for 2021.

NewAge first entered the Republic of Congo in 2010 by acquiring an interest in the Marine XII joint venture. This was followed by a highly successful exploration and appraisal campaign, yielding three oil and three gas discoveries in four development permits. A successful early oil development of the Nene field resulted in first oil at the end of 2014, just eight months after obtaining the production permit and 16 months from discovery. First production from the Litchendjili field was achieved in July 2015. In September 2019, NewAge successfully divested its non-operated interest in the Marine XII licence to PJSC LUKOIL for $800 million

Licence Overview

Congo-Brazzaville	Marine III
Operator	NewAge Congo (75%)
Other participants	SNPC (25%)
Discoveries	Nene
Work programme	Exploration / Ocean Bottom Cable Survey OBC Seismic – completed Further conventional 3D seismic completed in 2019, with an exploration well planned for 2021 Further appraisal of the Marine III block is planned.

Details

Marine III

- Consists of two separate license blocks Marine IIIa and MIIIb
- Both Blocks lie between Marine XII and the coast
- 3D Ocean-Bottom Cable seismic survey completed 2014 over MIIIa
- Regional Gravity survey completed to image structures in the near shore area where seismic is difficult to acquire
- 600 sq.km seismic acquired in 2019, over both Marine III areas
- Proven Plays in Marine XII identified in Marine III, shallower prospectivity also exists
- Exploration drilling planned spud 2021, one well could test multiple plays

A number of leads have been defined within Marine III

New Age in Congo-Brazaville

Marine XII

2009
Marine XII farm-in for 25% interest2012
Nene-1 discovery well drilled
Litchendjili field development plan approved
Litchendjili Final Investment Decision
2013
Nene-2 exploration well tested
Litchendjili-6 well tested
Nene-3 exploration well tested
2014
Nene field early development plan approved
Nene early development Final Development Decision
Minsala-1 exploration well makes significant oil discovery
Nene first oil production
2015
Litchendjili Phase 1 first production2016
First oil Phase 2A2017
Minsala and Nkala Development Permits issued2019
Phase 2A complete
Divestment of MXII licence to PJSC LUKOIL for $800 million

Marine III

2014
MIII licence awarded2016
OBC Seismic acquired / airborne gravity and magnetics acquired
2018
Enter 3rd Phase Exploration2019
Further 3D seismic acquired2020

Preparation for drilling in 2021. Farmout ongoing