Maurel & Prom Strikes Agreement with Gabon for the Ezanga Permit

Monday, November 8, 2021

Maurel & Prom and the Gabonese Republic have entered into a multi-pronged comprehensive agreement with a view to strengthening their cooperation. As part of this agreement, the parties approved the immediate release of $43 million to Gabon placed in an escrow account in respect of the pre-2018 carrying costs on the Ezanga permit, as well as the payment of a complementary amount of $57 million to the Gabonese state.

As a result of this new agreement, the following will take place:

• The signing of an amendment to the CEPP (Contrat d’Exploration et de Partage de Production —Exploration and Production Sharing Agreement) of the Ezanga permit (80% M&P, operator), including in particular changes to certain terms as well as an extension of the exploration period until 2026;
• The signing of new CEPPs for the Kari and Nyanga-Mayombé areas (100% M&P, operator), the exploration periods of which will now run until 2029;
• The implementation of a mechanism for M&P to recover certain receivables over time (which amounted to $98 million on September 30, 2021).

Olivier de Langavant, Chief Executive Officer of M&P, stated: “This mutually beneficial agreement attests to the strong common desire of the Gabonese Republic and M&P to strengthen their relationship. It highlights the long-term commitment of Maurel & Prom in Gabon and further improves the framework to further develop the Group’s activities in the country. The resumption of the development drilling in July, together with the recent completion of a magnetic gradiometry acquisition campaign covering the whole area of our Ezanga permit, demonstrate this commitment to maximizing the potential of our assets.”

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