Maurel & Prom: Update on the Sinu-9 Drilling Campaign

The Hechicero-1X well was spudded on 24 February and reached a total depth of 8,500 ft MD on 28 March. Electric logs confirmed the presence of gas across multiple intervals within the producing Ciénaga de Oro (“CDO”) formation, the primary target, with a net pay of 288 ft. In addition, gas-bearing reservoirs were identified in two new formations: the shallower Porquero and the deeper Pre-CDO–San Cayetano intervals, with net pay of 149 ft and 103 ft, respectively.

The well has been completed to initially enable selective production from five CDO intervals, as well as from the Pre-CDO-San Cayetano. On 24 April, initial well tests carried out on the Pre-CDO–San Cayetano intervals delivered an instantaneous production rate of 26.4 mmcfd with 1,800 psi well-head pressure through a restricted 43/128 choke.

The well will be brought into production from the Pre-CDO–San Cayetano interval in the coming days through existing facilities connected to the national transportation system.

The rig will now move to Magico-2X, the second well of the six-well exploration campaign.

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This document may contain forecasts regarding the financial position, results, business and industrial strategy of Maurel & Prom. By their very nature, forecasts involve risk and uncertainty insofar as they are based on events or circumstances which may or may not occur in the future. These forecasts 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 rates and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.

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