N° 15-13
Maurel & Prom, MPI and Pétrolia sign joint venture agreement
The companies Pétrolia, Maurel & Prom and MPI, through a pooled investment company, are pleased to announce that they have signed a 50/50 joint venture agreement for the development of thirteen hydrocarbon exploration permits in Gaspésie. Maurel & Prom and MPI have assigned this operation to Saint-Aubin Énergie S.A.S., a collective investment undertaking, two-thirds of which is owned by MPI and one-third by Maurel & Prom.
The partners will also pursue talks aimed at expanding their partnership to other regions in Quebec that will be added to the current permits, which now cover an area of 1,892 km2 in Gaspésie. These permits are aimed primarily at unconventional reservoirs, but that is not to say that traditional deposits will be ruled out.
Over the coming months, the Pétrolia and Maurel & Prom technical teams will work on designing a voluntary exploration programme.
They will pool their technical expertise in exploration and production while initially entrusting the role of operator in charge of implementation to Pétrolia.
About Pétrolia
Pétrolia is a junior oil and gas exploration company that owns interests in a 14,000 km2 (3.5 million acre) area, representing around 17% of the land in Quebec under permit. These rights, which are considered highly promising, are mostly located on the Gaspé Peninsula and on Anticosti Island. They represent nearly 70% of the land under permit for which there is onshore oil potential in Quebec. Pétrolia has 69,431,372 shares issued and outstanding and working capital of US$4,000,000.
For more information: www.maureletprom.fr
Communication:
INFLUENCES
Tel : 01 42 72 46 76
Mail : communication@agence-influences.fr (mailto:g.croullebois@agence-influences.fr)
This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as, fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
Maurel & Prom is listed for trading on Euronext Paris - Compartment A CAC® mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Maurel et Prom via Thomson Reuters ONE
