Maurel & Prom Turns Taps at Onal, Plans Sale of Colombian Assets

In 2007, Maurel & Prom clarified its strategy: the core business consists in searching for, discovering and operating new hydrocarbon resources. This policy involves the sale of proved and developed resources to finance our research and development projects, and pay our shareholders. This is what happened when the Group's main assets in Congo were sold.

Since that time, Maurel & Prom has considerably increased the scope of its exploration projects in Tanzania, Syria, Colombia, Gabon, and Peru, which will enable the Group to reach in a little over two years a production level greater than that of the end of 2006 and an almost equivalent level of reserves, taking into account 2007 and 2008 production and the problems the Group faced in Sicily.

Negotiations are underway for the sale of all or part of Maurel & Prom's production assets in Colombia and should reach a conclusion in the coming weeks. Maurel & Prom would keep the most significant exploration assets.

Oil Production Starts at Onal Facility

Oil production started on Monday, February 23 at the Onal production facility with the opening of the Omko-101 well (Omko structure), which is located 7 km from the facility. That well was tested in July 2008 and found to contain 3,050 bbl/d in the Kissenda level and 2,460 bbl/d in the base sandstone level. Only the Kissenda level has now started production as part of the long-term test authorised by the "Direction Generale de Hydrocarbures."

This well was selected to start production at the Onal facility because the oil at Omko is less paraffinic, which shortens the transition period needed for pipelines and equipment to reach the appropriate temperature level.

The Onal field wells will be opened in the next few days at an initial production level of 10,000 bbl/d (100%), which will complement production at Omko.

This joint production start at Omko and Onal confirms Maurel & Prom's intention of using the Onal Production Centre as a hub for outlying discoveries at Onal, the exploration of which is ongoing.