The decision to terminate the agreement was made as the company approached the deadline for a $US100,000 payment to secure concession FL2-151.
New Age said the decision was due to difficult market conditions “which are expected to continue for the short to medium term”, as well as “difficulties obtaining legal rights to undertake drilling notwithstanding the company’s best efforts”
With the assistance of its local partner Aurora Energy, New Age said it would continue to look around the country for new opportunities.
