Since our inception in 2007, NewAge has made eleven commercial discoveries encompassing five oil fields and six gas fields
NewAge first achieved production in Congo in December 2014 and subsequently brought 3 more fields online. Our current production is from the Aje field, offshore Nigeria.
NewAge operates all but one of its assets. Where we are not the operator, we actively participate and engage with the operator throughout the development process to deliver outcomes that optimise value.
Aje (OML113, Nigeria)
Balance and risk mitigation
Our portfolio is balanced through a mix of geographical and geological diversification with projects at different stages of their life-cycle.
Pipeline of key developments
- Marine III (Congo)
- Etinde (Cameroon)
- Aje (OML113, Nigeria)
NewAge has achieved the following production milestones in its operating history;
- 2014 – first oil Nene Phase 1 Congo and Shewashan early development scheme Kurdistan
- 2015 – first gas Litchendjili Phase 1 Congo
- 2016 – first oil Aje field Nigeria and Nene Phase 2A Congo
- 2018 – production on the Shewashan field in Kurdistan ceases and the licence is relinquished
- As of end 2018, NewAge net production was approximately 10,000 boepd from the 2 fields on the Marine XII licence in Congo and the Aje field in Nigeria.
- After the successful divestment of the Marine XII licence in 2019, NewAge production is from the Aje licence where current net daily average production is ca. 1,100 boepd
Reserves and Resources
2P/2C Reserves and Resources 629 million boe
Risked Prospective Resources 1,050 million boe
Company estimates as of Q2, 2018