Maurel & Prom : Sale of Hocol Colombia to Ecopetrol for US$748 Million
have signed a share purchase agreement for the sale of Hocol Petroleum Ltd
(Hocol Colombia), wholly owned by Maurel & Prom.
The total transaction price, payable in cash, amounts to
and could be increased by the following earn-outs:
- earn-out based on the level of the 2P reserves of the
potential Huron field in the Niscota license;
- earn-out linked to the level of the oil price.
Moreover Maurel & Prom will keep the following assets:
- 100% of the Muisca exploration permit;
- 50% of the Hocol rights in the Tangara exploration permit
(partnership with Ecopetrol and Talisman);
- 100% of the Sabanero exploration permit;
- 100% of the SN-9 exploration permit;
- 100% of the Block 116 in Peru exploration permit;
- its 26.35% stake in Lagopetrol in Venezuela;
- its interests in Brasil (pending the final agreement).
This transaction has an effective date as of
subject to the satisfaction of customary conditions precedent, including the
approval from the Colombian Competition Authority and the final purchase
price may be adjusted based on the calculation of the net financial situation
in accordance with the agreement of the parties.
Hocol operates in
has been bought by Maurel & Prom in
& Prom boosted the exploration side of the company in developing and in
enlarging its mining rights. The most important success since 2005 has been
the Ocelote discovery in 2007 and entered into production in 2008.
The entitled production for 2008 was 15,358 boepd. As of January, 30th
2009, the entitled production was 22,000 boepd.
The proceeds of the sale will be used by the Group to pursue the
exploration program that is the core business of Maurel & Prom.
For more information: http://www.maureletprom.com
This press release may contain forward-looking statements with respect to
the financial position, results of operations, business, strategy and plans
of Maurel & Prom. By their nature, forward-looking statements involve risks
and uncertainties because they are based on events and circumstances which
may or may not occur in the future. These forward-looking statements are
based on assumptions which we believe are reasonable, but that could
ultimately prove inaccurate and are subject to a number of risk factors,
including but not limited to crude oil price fluctuations, exchange rate
fluctuations, the uncertainties inherent in estimating oil reserves, actual
future production rates and associated costs, operational problems, political
stability, changes in laws and governmental regulations, wars and acts of
terrorism or sabotage.
Maurel & Prom is listed on Euronext Paris - Compartment A - CAC
mid 100 Index
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
Next press release:
31 March 2009 - Presentation of 2008 annual results
Communication:
INFLUENCES
Clementine Dourne
Tel: +33(0)1-42-72-46-76
Email: communication@agence-influences.fr
Catherine Durand-Meddahi
Tel: +33(0)1-42-72-46-76
Email: communication@agence-influences.fr
SOURCE Maurel & Prom