Mentioned:
One of Canada’s most exciting publicly traded natural gas companies has just struck a new deal. And it might just change the future of natural gas in Colombia.
What’s happening:
- NG Energy (TSXV: GASX) has struck a new deal with French oil and gas company Maurel & Prom for a 40% operating interest in their flagship natural gas well Sinu-9
By the numbers:
- Maurel & Prom will pay $150M USD for their new stake in Sinu-9
- NG Energy will retain a 32% ownership stake in Sinu-9 following this new deal
Why it matters:
- The new deal represents major validation for the quality of NG Energy’s natural gas operations and is set to accelerate the production capacity of Sinu-9, which is one of the single largest onshore natural gas fields in all of Colombia
Going deeper:
- Indonesia’s state-owned energy company Pertamina is the single largest shareholder of Maurel & Prom, owning the vast majority of the company
- Global asset management giant Macquarie Group (ASX: MQG) previously backed NG Energy with a $100M USD credit and guarantee agreement
