NG Energy to sell interest in Colombia’s Sinú-9 block

BOGOTA, January 20, 2025 – NG Energy has entered a letter of intent with Maurel & Prom to sell a 40% operating working interest in the Sinú-9 block in Colombia for USD 150 million, NG Energy announced on Monday.

The sale will be effective on February 1, 2025. The closing of the transaction is still subject to negotiation and approval by the National Hydrocarbons Agency. Maurel & Prom will assume its share of NG Energy’s carry commitments following the closing of the transaction and will have a 12-month option to increase its working interest by 5% for a cash payment of USD 18.75 million.

Sinú-9 is located in the department of Cordoba, spans 1,260 square kilometres and is licensed with the National Environmental Licensing Authority.

Chairman and CEO of NG Energy, Brian Paes-Braga, said that the transaction “allows NGE to maintain a significant 32% stake in Sinú-9, while at the same time welcoming a distinguished operational partner with in-country expertise, which we expect will increase both speed and certainty in unlocking the full potential of this giant oil and gasfield.”

NG Energy commenced production and sales from its Sinú-9 project in November. The project is expected to eventually produce 3.85 mcm (136 mcf) per day, or roughly 14% of Colombia’s current daily gas consumption, making Sinu-9 a key development for national energy security.

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