Maurel & Prom Finalizes Acquisition of Sinu-9 Gas Licence Stake

On 10 February 2025, Maurel & Prom (M&P) confirmed its definitive agreement with NG Energy International Corp. to acquire a 40% operating working interest in the Sinu-9 gas licence in Colombia. The transaction, effective from 1 February 2025, is valued at $150 million and will be funded through M&P's existing cash and credit resources. A $20 million deposit is due, with the remainder payable upon completion, pending regulatory approvals.

The agreement includes a 12-month option for M&P to acquire an extra 5% interest for $18.75 million. CEO Olivier de Langavant emphasized the strategic alignment of this acquisition with M&P's growth goals in the region and its potential contribution to Colombia's energy security.

Located in the Lower Magdalena Valley, the Sinu-9 block spans 1,260 square kilometers and has infrastructure capable of producing up to 40 mmcfd. The area holds significant reserves and exploration potential, boosting resource prospects.