Maurel et Prom : Maurel & Prom acquires drilling activities from Tuscany in Africa and agrees to sell its shares of Tuscany
(Thomson Reuters ONE) -
Paris, 14 November 2013
N° 21-13
Maurel & Prom acquires drilling activities from Tuscany in Africa and agrees to
sell its shares of Tuscany
As a result of Tuscany International Drilling Inc. (a company listed on the
Toronto Stock Exchange in Toronto, Canada, TSX : TID) having decided to refocus
its scope of activities in South America, Maurel & Prom has agreed to purchase
the African activities of Caroil, previously a subsidiary of Maurel & Prom,
while preparing for co-investors to join this project.
This transaction will be carried out according to the following terms:
* Transfer for the benefit of Tuscany:
* Activities in Latin America within Caroil's scope
* All Tuscany shares (109 million) held by Maurel & Prom (representing
29.05% of the outstanding shares of Tuscany)
* Transfer to Maurel & Prom:
* Caroil (100%) shares held by Tuscany for the benefit of Maurel & Prom
* $50 million in bank debts (part of Tuscany's syndicated credit
organized by Crédit Suisse) repayable after a 5-year term (Libor rate +
2%)
* Buy-back from Tuscany of two drilling rigs for USD 23 million, of which USD
15.3 million has already been advanced:
* 1,500-hp diesel/electric drilling rig
* 650-hp drilling/workover rig
Once the transaction is complete, Caroil, which will be a wholly-owned
subsidiary of Maurel & Prom, will own or manage 11 drilling or workover rigs.
Completion of the transaction is subject to satisfaction of certain conditions,
including approval of the Toronto Stock Exchange and possibly approval of
shareholders of Tuscany other than Maurel & Prom. Maurel & Prom expects that
completion of the Transaction will occur by no later than December 31, 2013.
Maurel & Prom's address is set out below. For further information or to obtain a
copy of the report filed by Maurel & Prom in accordance with applicable Canadian
securities laws, contact Maurel & Prom at the address specified below:
Etablissements Maurel & Prom SA
51, rue d'Anjou
75008 Paris
France
For the attention of: Alain Torre
For more information: www.maureletprom.fr
Communication:
INFLUENCES
Phone : 01 42 72 46 76
Email : communication(at)agence-influences.fr
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
CAR_MAU-14NOV13_EN.pdf:
http://hugin.info/155421/R/1743356/586421.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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 the information contained therein.
Source: Maurel et Prom via Thomson Reuters ONE
[HUG#1743356]
Unternehmensinformation / Kurzprofil:
Datum: 14.11.2013 - 17:36 Uhr
Sprache: Deutsch
News-ID 316822
Anzahl Zeichen: 4590
contact information:
Town:
Paris
Kategorie:
Business News
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