On January 20, 2025, NG Energy International Corp. (TSXV: GASX) agreed to sell a 40% operating working interest in Colombia’s Sinu-9 Block to Etablissements Maurel & Prom S.A. for US$150 million (CA$215 million), effective February 1, 2025. Maurel & Prom also has a 12-month option to acquire an additional 5% for US$18.75 million (CA$26.9 million).

Sinu-9 spans 311,353 acres, with 1P reserves of 26.7 Bcf, 2P reserves of 114.36 Bcf, and 3P reserves of 245.3 Bcf of natural gas. The transaction allows NG Energy to retain a 32% stake while securing capital to develop Sinu-9 and Maria Conchita.

Closing is subject to regulatory approvals, including Colombia’s Agencia Nacional de Hidrocarburos.

BofA Securities, Inc. and Peters & Co. Limited advised NG Energy, with Wildeboer Dellelce LLP as legal counsel. Hannam & Partners advised Maurel & Prom, with legal counsel from Herbert Smith Freehills LLP, Torys LLP, and Martínez Quintero Mendoza González Laguado & De La Rosa.