Maurel & Prom: Signing of the Definitive Agreement for the Acquisition of a 40% Operating Working Interest in the Sinu-9 Gas Licence in Colombia
Summary
A deposit of $20 million is payable by M&P, and the remainder will be paid at completion, subject to adjustments reflecting cash flows during the period between the effective date and closing. M&P will have a 12-month option from closing to acquire an additional 5% working interest in Sinu-9 from NG Energy under the same terms: $18.75 million consideration, with the same effective date of 1 February 2025. Olivier de Langavant, Chief Executive Officer of M&P, declared: “We are very happy to have swiftly finalised this agreement with NG Energy. Our agreement provides for the involvement of M&P in the work programme starting from now, and our teams are already joining efforts with NG Energy to progress on the development and exploration of the asset.” The Sinu-9 gas block lies in the Lower Magdalena Valley, 75km from Colombia’s Caribbean coast, and covers an area of approximately 1,260 square kilometres in the department of Córdoba. The area has established infrastructure with access to the Promigas pipeline, the northern natural gas trunk line of Colombia, at the Jobo connection point.