Maurel & Prom to Expand Interests in Angolan Oil Blocks

Maurel & Prom S.A. ("M&P"), in collaboration with Afentra plc, has signed a Sale and Purchase Agreement (SPA) to acquire additional stakes in Angola's offshore Blocks 3/05 and 3/05A from Etu Energias S.A. M&P will obtain 5% more in Block 3/05 and 6.67% in Block 3/05A. This acquisition is contingent on approvals from Angolan authorities.

The financial transaction involves an initial payment of $23 million, with potential additional payments linked to specific oil price and production thresholds. The purchase will be funded through M&P's existing cash reserves and credit facilities, emphasizing the company's confidence in Angola's oil sector.

Upon completion, M&P’s interests will rise to 25% in Block 3/05 and 33.33% in Block 3/05A. The joint venture will still include partners like Sonangol, Afentra, and NIS Naftagas. The finalization is expected in the latter part of 2025.