Maurel & Prom Concludes Congolese Asset Sale to Eni

Source: www.gulfoilandgas.com 5/30/2007, Location: Africa

Maurel & Prom has concluded the sale of its Congolese assets to Eni Congo SA for US$1.434 billion as of May 29, 2007. According to the sale and purchase agreement, Maurel & Prom received US$1.395 billion corresponding to 95% of the sale price and another US$32.3 million in interests on this sum(at the 3-month Libor US$ rate plus 0.5% since January 1, 2007).

The 5% remaining part will be transferred with the final payment by the end of August. Thisfinal payment will also include a price adjustment based on the balance of sales and cashcalls from January 1 to May 29, 2007, as well as on the working capital as ofJanuary 1, 2007.

The Maurel & Prom Group restates that following this operation it still holds the followinginterests in Congo:

15% of the Kouilou exploration permit;
49% of the La Noumbi exploration permit (M&P operator);
20% of the Tilapia exploitation permit;
20% of the Marine III exploration permit.

This transaction gives value to a significant proportion of the reserves the Group has discovered in recent years and is in line with its value-creation strategy in the Exploration & Production business.


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