Maurel & Prom : Entry of Maurel & Prom into Angola

Paris, 23 October 2018  No. 13-18Entry of Maurel & Prom into Angola    Maurel & Prom announces the signature of an SPA for the acquisition of AJOCO's 20% interest in two producing and development blocks in shallow waters offshore AngolaNew milestone in Maurel...

London, 23/10/2018 (informazione.news - comunicati stampa - energia)

announces the signature of a sale and purchase agreement (the "SPA") for the acquisition of the 20% working interest owned by Angola Japan Oil Co., Ltd. ("AJOCO"), a majority owned subsidiary of Mitsubishi Corporation ("Mitsubishi"), in two blocks offshore Angola, Block 3/05 and Block 3/05A (the "Transaction").

Michel Hochard, Chief Executive Officer of Maurel & Prom, declared: " "

The transaction consideration is $80 million, funded from M&P's existing cash resources, with an additional contingent consideration of up to $25 million subject to oil price performance and resources development.

Closing of the acquisition remains subject to a number of conditions, in particular the obtainment of the required government approvals and waiver of applicable pre-emption rights. A further announcement will be made in due course.

The Transaction fits M&P's strategy of development through value creative M&A:

Blocks 3/05 and 3/05A are located in shallow water (c.100m depth) in the Congo Basin, a region where M&P has extensive current and historical presence. The two blocks are located c.30km from the Angolan shore and operated by national oil company Sonangol Pesquisa e Produção ("Sonangol P&P"). The blocks are contiguous and share processing and export facilities.

has been producing since the mid-1980s and consists in eight mature fields (Bufalo, Cobo, Impala, Impala SE, Oombo, Pacassa, Palanca, and Pambi) and the net production to the 20% working interest in 2018 estimated by M&P is c.4,600 bopd. Current licence runs until June 2025, with a possibility to extend.

includes two commercial fields (Caco and Gazela), and offers optionality through the Punja field, a large discovery in pre-development stage.

For more information, visit www.maureletprom.fr

Press, shareholder and investor relations
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Financial communications and investor relations   
Julie Coulot/Louis-Victor Delouvrier
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Media relations
Nicolas Merigeau
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maureletprom@newcap.eu

Maurel & Prom is listed for trading on Euronext Paris
CAC All-Share - CAC Oil & Gas - Next 150 - PEA-PME and SRD eligible
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