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Monday, August 7, 2023
Maurel & Prom (M&P), in its first half results, states that it will not pursue further deepwater activity in Namibia at this time as it had not been successful in securing a partner on its two assets.
M&P launched a farm-out process in November 2022 with a view to finding a partner for exploration licenses PEL-44 and PEL-45, operated by M&P with an 85% working interest. The process ended during the first half of 2023 without resulting in any offers from companies invited to examine technical data on the two assets.
The Maurel & Prom statement said the company: “therefore decided not to apply to enter the next exploration phase, which includes drilling obligations, and the licenses for both PEL-44 and PEL-45 expired on June 15, 2023. This marks the end of the Group’s operations in Namibia.”
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