Maurel & Prom Concludes Congolese Asset Sale
Maurel & Prom has concluded the sale of its Congolese assets to Eni Congo SA for US$1.434 billion as of May 29, 2007.
According to the sale and purchase agreement, Maurel & Prom received US$1.395 billion corresponding to 95% of the sale price and another US$32.3 million in interests on this sum (at the 3-month Libor US$ rate plus 0.5% since January 1, 2007).
The 5% remaining part will be transferred with the final payment by the end of August. This final payment will also include a price adjustment based on the balance of sales and cash calls from January 1 to May 29, 2007, as well as on the working capital as of January 1, 2007.
The Maurel & Prom Group restates that following this operation it still holds the following interests in Congo:
--15% of the Kouilou exploration permit; --49% of the La Noumbi exploration permit (M&P operator); --20% of the Tilapia exploitation permit; --20% of the Marine III exploration permit.
This transaction gives value to a significant proportion of the reserves the Group has discovered in recent years and is in line with its value-creation strategy in the Exploration & Production business.
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