Maurel & Prom Increases Stake in Operating License Offshore Congo
Maurel & Prom has signed a memorandum of understanding in order to increase its participating interest in the Marine III operating license in the Congo (Brazzaville).
At the end of this process, Maurel & Prom will hold 75% of the rights (versus 20%) in this license in partnership with the Societe Nationale des Petrole Congolais (SNPC), with whom it had already partnered in the M'Boundi license. At the same time, the Group is giving up its participating interest in the Tilapia operating license.
Maurel & Prom will thus become an offshore operator in a country in which it has significant knowledge of geotechnical and sociological data.
The cost of the transaction amounts to approximately EUR10 million, payable in cash and Maurel & Prom shares.
Two exploration wells will be drilled during the second half of 2009.
The transaction underpins Maurel & Prom's strategy to maximize the value of its mining portfolio through exploration in zones that are already known to its teams.