Maurel & Prom Service Agreement Transfers to Lagopetrol

Maurel & Prom signed a final agreement with PdVSA on Dec. 12, transferring the service contract from Hocol Venezuela to the Lagopetrol mixed enterprise.

Maurel & Prom holds 26.35% of the rights of this mixed enterprise and, as of today, 31% of the share capital together with its local partners.

This agreement requires PdVSA to pay Maurel & Prom a tax-free fee of approximately U.S. $5 million for work carried out in 2006.

Moreover, this agreement is signed with retrospective effect in relation to the 2007 Group production at a level of about 1,000 barrels per day, entitled, net of oil royalties paid in kind (33.33%).

The Group is now finalizing the accounting method process of these operations in Venezuela for the whole of 2007.

The Maurel & Prom Group thereby confirms its strategic interest in oil activities in Venezuela.

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