Maurel et Prom : Maurel et Prom : Maurel & Prom, MPI and Pétrolia sign joint
Paris, 19 July 2013
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 km^2 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 is a junior oil and gas exploration company that owns interests in a
14,000 km^2 (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
Tel: 01 42 72 46 76
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
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(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
information contained therein.
Source: Maurel et Prom via Thomson Reuters ONE
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