Paris, 12 December 2025
N° 21-25


Signing of an SPA for the acquisition of Azule Energy’s
interests in Blocks 14 & 14K offshore Angola

Etablissements Maurel & Prom S.A. ("M&P", the “Group”) is pleased to announce that it has, together in a
consortium with BW Energy Limited (“BW Energy”), signed a Sale and Purchase Agreement (“SPA”) with
Azule Energy Angola B.V. (“Azule Energy”) for the joint acquisition of a 20% interest in Block 14 (10% net to
M&P) and a 10% interest in Block 14K (5% net to M&P), both located offshore Angola.

Block 14 is a mature deepwater producing asset operated by Chevron, currently producing around 40 kbopd
(gross, equivalent to around 4 kbopd net to the 10% to be acquired by M&P) from nine fields. Block 14K is a
unitised development between Angola and the Republic of Congo, tied back to existing Block 14
infrastructure currently producing around 2 kbopd (gross, equivalent to around 0.1 kbopd net to the 5% to
be acquired by M&P).

Closing of the joint transactions remains subject to the receipt of regulatory approvals and the satisfaction of
other customary closing conditions and completion of applicable pre-emption processes. Closing of the
transaction is expected mid-2026.

Olivier de Langavant, Chief Executive Officer of M&P, declared: “We are very pleased to announce this joint
acquisition with BW Energy, which marks an important milestone in the expansion of M&P’s portfolio in
Angola. Blocks 14 and 14K are high-quality, producing assets with proven reliability and significant upside
potential. This transaction complements our existing positions in Angola: production in Blocks 3/05 and
3/05A, exploration in Block 3/24 granted in October 2025, and the Quilemba solar project currently under
construction. It reinforces our long-term commitment to a country we know well and value highly, and
positions us well for future opportunities. We also greatly appreciate our partnership with BW Energy, whose
strong operational expertise and collaborative spirit make them an excellent partner. We look forward to
unlocking the full potential of these assets for the benefit of all stakeholders.”



Transaction consideration

The transaction carries a base cash consideration of $195 million ($97.5 million net to M&P). A deposit of
$12 million ($6 million net to M&P) is payable immediately, with the balance to be settled at completion. The
final amount will be subject to customary adjustments reflecting cash flows between the effective date of 1
January 2025 and the closing date.

In addition, contingent payments of up to $115 million ($57.5 million net to M&P) may become payable upon
the occurrence of specific events, including Brent prices exceeding certain thresholds over the 2026–2028
period and achievement of defined production milestones associated with the PKBB development.




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Timeline to closing

Completion of the transaction remains subject to approval by Angola’s National Oil, Gas and Biofuels Agency
(Agência Nacional de Petróleo, Gás, e Biocombustíveis, “ANPG”), as well as completion of applicable pre-
emption processes under the relevant agreements and other required governmental and third-party consents
in Angola and the Republic of Congo. Closing is expected mid-2026, subject to timely receipt of these
approvals.



Information on Blocks 14 & 14K

Block 14 lies 60–150 km offshore Cabinda in water depths of 200 to 1,600 metres. Production is processed
through two major hubs commissioned in 2006 and 2009, with a combined oil processing capacity exceeding
300 kbopd and substantial gas compression and water-injection capability. Since first oil in 1999, cumulative
production has exceeded 900 million barrels, and the block continues to deliver stable performance
supported by active waterflooding and well interventions.

Block 14’s current gross production stands at around 40 kbopd (around 4 kbopd net to the 10% to be
acquired by M&P) from nine fields. It offers material remaining reserves and contingent resources, with
additional upside associated with further development opportunities. Block 14’s licence currently runs until
2038.

Block 14K is a joint development straddling the maritime border between Angola and the Republic of Congo.
Production is tied back to Block 14 via a 43 km heated subsea flowline. The block benefits from attractive
fiscal terms and a production licence running to 2030, with upside potential through infill drilling and future
tie-backs.

Map of the assets:




Source: Azule Energy




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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
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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