Maurel & Prom : Completion of the acquisition by Pertamina of the entire shareholding held by Pacifico in Maurel & Prom
(Thomson Reuters ONE) -
Paris, 25 August 2016
No. 14-16
Completion of the acquisition by Pertamina of the entire shareholding held by
Pacifico in Maurel & Prom
PT Pertamina (Persero) ("Pertamina") and Etablissements Maurel et Prom ("Maurel
& Prom"), the company listed on Euronext Paris (ISIN code FR0000051070),
announced that PT Pertamina Internasional Eksplorasi dan Produksi ("PIEP"), a
wholly owned subsidiary of Pertamina, purchased all the shares held by Pacifico
in Maurel & Prom, representing 47,916,026 shares corresponding to 24.53% of
Maurel & Prom's shares valued at ?201.2m corresponding to 24.53 % of Maurel &
Prom's share capital. This block trade follows the agreement signed between
Pertamina and Pacifico on July 31(st) 2016 whose condition precedents have been
cleared on August 25(th).
The block trade has been completed for ?4.20 per share, plus a ?0.50 earn-out
per share payable if, from January 1(st) 2017 (included) to December
31(st) 2017 (included), the Brent price remains above USD 65 per barrel during
all trading days within a period of ninety consecutive calendar days.
Should Maurel & Prom's Board of Directors deliver a favourable reasoned advice
on the offer following the conclusions of the report from the independent
expert, PIEP undertook to file, to the French market authority, a voluntary
tender offer on (i) all Maurel & Prom shares under the same conditions as those
offered to Pacifico and on (ii) 2019 and 2021 convertible bonds at their par
value plus accrued interests. The schedule of the operation is expected to be
completed by the end of 2016.
Maurel & Prom's Board of Directors has unanimously indicated that it supports
the offer and has the intention to recommend the shareholders to tender their
shares. In accordance with applicable regulation, Maurel & Prom's Board of
Directors will deliver its definitive reasoned opinion on the tender offer once
it has obtained the fairness opinion from Ledouble, the independent expert it
has appointed.
Moreover Maurel & Prom's Board of Directors accepted Mr. Emmanuel de Marion de
Glatigny resignation and appointed Mr. Denie S.Tampubolon as new director
representing Pertamina.
Upon completion of the transaction, Maurel & Prom will continue to develop its
current operations while also functioning as an arm of Pertamina and PIEP in
implementing their strategy for international upstream growth.
About Maurel & Prom
Maurel & Prom is an independent oil company engaged in the extraction and
production of hydrocarbons, listed on Euronext Paris and headquartered in Paris.
The group carries out most of its business in Africa through the exploitation of
onshore production assets (Gabon and Tanzania) and a 21.37% stake in Seplat
Petroleum, one of the leading indigenous operators in Nigeria with a production
of 43.4 kboe/d in 2015. Maurel & Prom's proved and probable oil reserves totaled
205 MMboe at the end of 2015 (78 % Gabon, Tanzania 22 %) and production in H1
2016 in M&P share was 25.1 kboe/d (mainly Gabon).
About Pertamina (Persero)
Pertamina is Indonesia's leading integrated energy company. We are committed to
an ongoing process of transformation and continuous improvement with the
objective to achieve global standards of operational, environmental, and
corporate performance. Our businesses include exploration and production (oil
and gas), refining, manufacturing and marketing of oil products and
petrochemicals. We are also engaged in the development of biofuels, geothermal
power and other sustainable alternative energy sources.
Pertamina conduct its business in an integrated manner based on sound commercial
principles. Pertamina has 58 years of experience in the challenging geological
market environment of Indonesia.
Pertamina's main operations in the upstream sector are exploration, drilling,
oil and natural gas production or lifting. Others activities in this sector are
development, handling, and work over of oil and gas wells, such as reparation,
reopening, stimulation, injection, research, and seismic survey. In addition,
Pertamina's geothermal activity is run by the upstream division.
Pertamina has International upstream operations through the following
subsidiaries: in Algeria PT Pertamina Algeria Eksplorasi Produksi (PT PAEP), in
Iraq and Malaysia with PT Pertamina Internasional Eksplorasi Produksi (PT PIEP).
Pertamina has operations and facilities to deliver the energy for over 250
million people spread throughout the archipelago. Pertamina efficiently operates
fuel infrastructures, such as fuel terminals, oil tankers, fuel trucking and
pipeline, to overcome the challenges in delivering energy in Indonesia, the
world most sophisticated fuel distribution network.
Pertamina's well known reputation in LNG business is reflected in its long
history and business partners as a major LNG supplier to overseas consumers such
as Japan and Korea, as well as fulfilling domestic demands. With various and
integrated natural gas infrastructure, starting from LNG plant, Floating Storage
and Regasification Unit, Land Based Terminal, Hub and Regasification Terminal,
and pipeline network, Pertamina becomes a leading natural gas player in
Indonesia.
Next publication
31 August 2016 before markets open: 2016 first-half results
For more information, go to www.maureletprom.fr
MAUREL & PROM
Tel.: +33 (0)1 53 83 16 00
Press contacts, shareholder and investor relations
Tel.: +33 (0)1 53 83 16 45
ir(at)maureletprom.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
CAC® Mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share -
CAC PME - EnterNext(©) PEA-PME 150
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
CLO_MAU_25AOU16_ENG.pdf:
http://hugin.info/155421/R/2037376/759144.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maurel & Prom via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2016 - 17:41 Uhr
Sprache: Deutsch
News-ID 491177
Anzahl Zeichen: 8323
contact information:
Town:
Paris
Kategorie:
Business News
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"Maurel & Prom : Completion of the acquisition by Pertamina of the entire shareholding held by Pacifico in Maurel & Prom"
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