Maurel & Prom to acquire 40% interest in Sinu-9 gas licence

On January 20, 2025, Etablissements Maurel & Prom S.A. ("M&P") announced that it entered into a letter of intent with NG Energy International Corp. (“NG Energy”) to acquire a 40% operated working interest in the Sinu-9 gas licence for a consideration of US$150 million as of the effective date of 1 February 2025. Pursuant to the letter of intent, the parties agreed to use their best endeavours to expeditiously enter into a definitive agreement consistent with the letter of intent.

Consideration for the transaction will be funded from M&P’s existing cash resources and available credit facilities.

Located in the Sinu San Jacinto basin, adjacent to producing gas blocks held by Canacol and Hocol, the Sinu-9 gas block lies in the Lower Magdalena Valley, 75 km from Colombia’s Caribbean coast, and covers an area of approximately 1,260 square km in the department of Córdoba. Fully permitted with environmental approval granted by Colombia’s National Authority of Environmental Licences to drill 22 wells from 11 locations, the area has established infrastructure with access to the Promigas pipeline, the northern natural gas trunk line of Colombia, at the Jobo connection point.

Further information can be found on Business Wire’s website.

Maurel & Prom is an oil and gas exploration and production company listed on the regulated market of Euronext Paris. The group has a portfolio of high - potential assets focused on Africa and Latin America, consisting of both production assets and opportunities in the exploration or appraisal phase.

NG Energy is a growth-orientated natural gas exploration and production company listed on Toronto’s TSX Venture Exchange, and focused on delivering long-term shareholder and stakeholder value through the discovery, delineation and development of large-scale natural gas fields in developing countries, supporting energy transition and economic growth.