Maurel & Prom has signed a memorandum of understanding in order to increase its participating interest in the Marine III operating licence in the Congo (Brazzaville).
At the end of this process, Maurel & Prom will hold 75% of the rights (versus 20%) in this licence in partnership with the Société Nationale des Pétrole Congolais (SNPC), with whom it had already partnered in the M’Boundi licence.
At the same time, the Group is giving up its participating interest in the Tilapia operating licence.
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 E10 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 maximise the value of its mining portfolio through exploration in zones that are already known to its teams
