Etablissements Maurel & Prom — M&A Activity 2011

Oct 12, 2011

Paris,
12 October
2011 No.
18‐11

Strategic joint venture in Peru:

Farm‐out agreement signed between Maurel & Prom and Pacific Rubiales Energy.

Maurel & Prom is pleased to announce that it has reached an agreement with Pacific Rubiales Energy Corp. by which the latter will have access to a 50% working interest in the block denominated Lote 116 located in northeastern Peru. This transaction is a farm‐out, for which PRE has offered a full carry of up to US\$75mm gross on the obligations for the current and coming contract phases. PRE through its designated subsidiary will be transferred operatorship in the block; the transaction is subject to Government approvals and legal and financial due diligence satisfactory to PRE.

The
block
has
an
area
of 6,600
sqkm
covering
most
of
what
has
been
denominated
the
Santiago sub‐basin,
at
the
western‐most
area
of
what
is
known
as
the
Marañón
basin.
The
contract covering
the block
signed
with
government
agency
Perupetro
is
of
the
royalty‐tax
nature, currently
undergoing
Phase
II. The
environmental
impact
assessment (EIA)
to
drill
the Dominguza
well
has
been
approved
on
October
3,
2011
and
work
will
begin
to
drill
this
first prospect
of
two
already
identified
in
the
Block.
Exploration
activities
will
then
continue
with
the drilling
of
the
Second
Prospect
or
equivalent
additional
G&G
activities
as
agreed
by both companies.

The
existing
North
Peruvian
oil
pipeline
crosses
the
southern
section
of
the
Block
only
25 km south
of
the
identified
prospects.

Both
Maurel
& Prom
and
Pacific
Rubiales
Energy
are
joining
forces
beyond
being
shareholders in
M&P
Col
BV,
a
previous
transaction
closed
last
May,
and shall continue
to
look
at opportunities
together
in
South
America
and
world‐wide.

For more information, visit www.maureletprom.fr

Communication:

INFLUENCES :
+33
(0)1
42
72
46
76 :
communication@agence‐influences.fr

Next announcements:

3/11/2011 Q3 2011 Sales (after close of trading)

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 – compartiment A – CAC® mid 60 - SBF120® - CAC® Mid & &Small - CAC® All-Tradable - CAC® All-Share ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA