Maurel & Prom: Closing of the Acquisition of a 61% Interest in the Sinu-9 Gas Permit in Colombia

The transactions comprise two acquisitions, for a total consideration of $229 million:

• A 40% working interest acquired from MKMS Enerji Anonim Sirketi S.A. (a subsidiary of NG Energy International Corp). The agreement was signed on 9 February 2025, with effective economic date of 1 February 2025.
• An additional 21% working interest acquired from Desarrolladora Oleum S.A. de C.V. and Clean Energy Resources S.A.S, which includes the transfer of operatorship. The agreements were signed on 2 July 2025, with effective economic date at closing.

Taking into account the advance payments already made by M&P, the total outstanding consideration amounted to $185 million. Of this amount, $78 million was paid at closing, with the balance of $108 million payable in instalments during 2026.

Following the satisfaction of all remaining customary closing conditions, M&P now holds a 61% working interest in the Sinu-9 licence and assumes operatorship of the asset. M&P also retains an option to acquire an additional 5% working interest in Sinu-9 from NG Energy for a consideration of $18.75 million within 12 months, subject to adjustments for cash flows from the effective date on 1 February 2025.

Olivier de Langavant, Chief Executive Officer of M&P, declared: “We are very happy to have completed this acquisition and to become operator of the Sinu-9 licence. This marks the beginning of a new phase for M&P in Colombia. The teams are fully mobilised, and we are now focused on execution and value creation.”

Sinu-9 started production in November 2024 as part of the ongoing long-term test of the Magico-1X and Brujo-1X wells. Gross production capacity has been around 21 mmcfd since July, following the commissioning of the main plant. Evacuation infrastructure is in place today for gross production of 30 mmcfd, which will be increased to 40 mmcfd by Q2 2026. The start of the six-well exploration campaign is scheduled for February 2026.

Glossary

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