NG Energy Enters into Definitive Agreement for the Sale of a 40% Working Interest in Sinu-9 for US$150 Million

NG Energy International Corp. (TSXV:GASX) has entered into a definitive asset purchase agreement with Etablissements Maurel & Prom S.A. to sell a 40% operating working interest in the Sinu-9 Block for total cash consideration of US$150 million.

The consideration consists of an initial payment of US$20 million with the remaining US$130 million to be paid upon the conditions precedent to the sale being satisfied or waived by the applicable party and obtaining all regulatory approvals. Completion of the sale is expected to occur not later than December 31, 2025. Following completion of the sale, NG Energy will hold a 32% operating working interest in the Sinu-9 Block.

NG Energy has also granted Etablissements Maurel & Prom S.A. the irrevocable right to purchase an additional 5% operating working interest in the Sinu-9 Block for a period of twelve (12) months from completion of the sale on the same terms and conditions as established under the definitive agreement.

Wildeboer Dellelce LLP acted for NG Energy in connection with the transaction with a team comprising Peter Volk, Sarah Wahba, Alex Karlsen, Kyra Flomen and Sepehr Yousef Pour (Corporate/Securities), Rachel Manno and Krystle Formhals (Debt) and Mariam Al-Shikarchy (Tax).