Paris, 3 July 2025
N° 15-25


M&P strengthens its position in the Sinu-9 gas licence in
Colombia

Etablissements Maurel & Prom S.A. ("M&P", the “Group”) is pleased to announce it has agreed to acquire a
21% interest in the Sinu-9 gas block in Colombia, in addition to the acquisition of a 40% interest announced
in February 2025.

Closing of the transactions remains subject to the receipt of regulatory approvals, including the approval of
Colombia’s National Hydrocarbons Agency (the “ANH”), and the satisfaction of other customary closing
conditions. Closing of all transactions is expected in Q3 2025.

Olivier de Langavant, Chief Executive Officer of M&P, declared: “We are pleased to advance our expansion
strategy in Colombia and further increase our position in the promising Sinu-9 block. This acquisition
consolidates M&P’s long-term exposure to a high-quality gas asset with substantial development and
exploration potential. As an operator, we are well positioned to unlock the full value of this strategic resource.
We also look forward to enhancing our collaboration with NG Energy and contributing meaningfully to
Colombia’s energy security.”



Acquisition of an additional 21% working interest in Sinu-9

Following the signature of their SPA on 9 February, M&P and NG Energy have collaboratively engaged with
the minority partners in Sinu-9 (together, the “Minority Partners”), and have agreed to the acquisition of the
28% working interest in Sinu-9 owned by the Minority Partners.

M&P will acquire a 21% working interest from the Minority Partners, subject to approval by the ANH. This
transaction complements the previously announced acquisition of a 40% working interest from NG Energy
in February, which is also pending approval from the ANH. Once all required approvals are obtained, M&P
will hold a 61% working interest and assume operatorship of the Sinu-9 block. M&P will also maintain its
option to acquire an additional 5% working interest from NG Energy within 12 months of closing.

NG Energy will retain a 39% interest, comprising (i) its existing 11% stake (after the sale of 40% working
interest to M&P), (ii) the completion of the transfer of a 21% stake (as per a previous agreement among the
initial partners of Sinu-9), and (iii) the purchase of an additional 7% stake being acquired from the Minority
Partners.

The transaction terms with the Minority Partners are generally consistent with those of the original
acquisition between M&P and NG Energy. The total consideration payable by M&P for the additional 21%
interest amounts to $78.75 million. A deposit of $2.95 million has been paid by M&P, with the remaining
amount to be settled upon completion.



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As of 30 June 2025, the Group held an estimated net cash position of $91 million, comprising an estimated
cash balance of $225 million and gross debt of $134 million. M&P has an available bank liquidity of
$405 million (excluding a further $100 million in undrawn shareholder loan). This liquidity includes
$130 million in undrawn RCF and $50 million in undrawn term loan, in addition to the Group’s current cash
position.

M&P has been collaborating closely with NG Energy over the past few months to prepare a promising six-
well exploration and appraisal campaign, with operations targeted to commence as early as October.



New payment terms for the transaction with NG Energy

Additionally, M&P and NG Energy have agreed to revised payment terms for the acquisition of the 40%
working interest in the Sinu-9 gas licence announced in February 2025. The total consideration is $150
million, of which M&P has already made an initial payment of $20 million.

Under the revised structure:
• A supplemental payment of $20 million will be made in early July 2025;
• Upon completion of the transaction, M&P will make a further payment of $50 million; and
• Two deferred payments of $30 million each will follow: the first, three months after closing, and the
second, six months after closing.

The previously disclosed call option, which gives M&P the right to acquire an additional 5% working interest
in Sinu-9 from NG Energy under the same terms, remains unchanged. This option is exercisable for a
consideration of $18.75 million within 12 months of the transaction closing, subject to adjustments for cash
flows from the effective date on 1 February 2025.

These revised terms are fully aligned with M&P’s strategy of maintaining financial discipline while advancing
high-potential growth opportunities across its portfolio.



Update on closing timeline

Closing of the transactions remains subject to the receipt of regulatory approvals, including the approval of
Colombia’s ANH, and the satisfaction of other customary closing conditions.

The original interest assignment agreement with NG Energy was submitted to Colombia’s ANH shortly after
signing in February 2025. M&P anticipates that the ANH will now review all transactions in parallel, with all
necessary approvals expected to be received in Q3 2025.



Asset description and operational update

The Sinu-9 block covers an area of approximately 1,260 square kilometres in the department of Córdoba and
is located in the gas-prone highly prolific Sinu San Jacinto basin, adjacent to producing gas blocks held by
Canacol and Hocol.

Sinu-9 achieved first gas production in November 2024, under the ongoing long-term test of the Magico-1X
and Brujo-1X wells. Gross production capacity is currently around 12 mmcfd (7 mmcfd net to the acquired
61% working interest) following the commissioning of a mobile unit on the Brujo-1X platform in March. A



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second, backup compressor is currently being added to the plant with installation expected to be completed
shortly, which will increase gross production capacity to around 15 mmcfd (9 mmcfd net to the acquired 61%
working interest).

Evacuation infrastructure is in place today for 30mmcfd, which will be increased up to 40 mmcfd for gross
production (24 mmcfd net to the acquired 61% working interest) by the end of October 2025, and further
development is expected to considerably increase production beyond this initial level. The area has
established infrastructure with access to the Promigas pipeline, the northern natural gas trunk line of
Colombia, at the Jobo connection point.

Sinu-9 has an environmental licence granted by Colombia’s National Authority of Environmental Licences
(“ANLA”) to drill 22 wells from 11 locations.

The block had gross proven plus probable (2P) and proven plus probable plus possible (3P) reserves of
180.7 bcf and 398.3 bcf, respectively, as of 31 December 2024 (110.2 bcf and 243.0 bcf of 2P/3P reserves
net to the 61% acquired working interest), based on NG Energy’s latest certified reserves report prepared by
Sproule, an independent reserve evaluator, which report was prepared using guidelines outlined in the
Canadian Oil and Gas Evaluation Handbook.

Sinu-9 has considerable exploration and appraisal upside, in a very prolific gas basin with multiple producing
fields in the area. Multiple prospects are ready to be drilled over the next 18 months and are expected to
significantly increase the resource base.



Glossary

French English
pieds cubes pc cf cubic feet
millions de pieds cubes par jour Mpc/j mmcfd million cubic feet per day
milliards de pieds cubes Gpc bcf billion cubic feet
baril b bbl barrel
barils d’huile par jour b/j bopd barrels of oil per day
millions de barils Mb mmbbls million barrels
barils équivalent pétrole bep boe barrels of oil equivalent
barils équivalent pétrole par jour bep/j boepd barrels of oil equivalent per day
millions de barils équivalent pétrole Mbep mmboe million barrels of oil equivalent



For more information, please visit www.maureletprom.fr/en/

Contacts

Maurel & Prom NewCap
Shareholder relations Investor/media relations
Tel.: +33 (0)1 53 83 16 45 Tel.: +33 (0)1 44 71 98 53
ir@maureletprom.fr maureletprom@newcap.eu


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, su ch as fluctuations in crude oil



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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.


Maurel & Prom is listed on Euronext Paris
CAC Mid & Small – CAC All-Tradable – PEA-PME and SRD eligible
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA




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