Pacifico and PT Pertamina (Persero) are delighted to announce that Indonesia’s state-owned oil company (Pertamina), has entered into an agreement with Pacifico to purchase the 24.53% of Pacifico’s share in Maurel & Prom for a price of EUR 4.20 per share plus an earn-out of EUR 0.5 per share. The earn-out will be paid if, from January 1st 2017 (included) to December 31st 2017 (included), the Brent price remains above USD 65 per barrel during all trading days within a period of ninety consecutive calendar days. The completion of the transaction is subject to regulatory approvals from relevant authorities.

Upon completion of the transaction and subject to positive recommendation of Maurel & Prom’s Board of Directors, Pertamina (Persero) undertook to file, under the same terms, a voluntary tender offer on all securities of Maurel & Prom.

Wianda Pusponegoro, Vice President Corporate Communication of Pertamina said that “this project is part of Pertamina’s 5 strategic pillars implementation to enhance its upstream footprint around the world. This Pertamina’s impressive stride demonstrates its strong commitment to ensure the Indonesia energy security”. The contribution of Maurel & Prom’s highly experienced teams will be key to the success of this ambitious strategy.

About Pertamina

As a state-owned company to carry out integrated business core in oil, gas, renewable and new energy based on strong commercial principles both inside and outside the country, Pertamina strives to provide the best and a real contribution to the welfare of the nation in utilizing every potential of Indonesia.

About Maurel & Prom

Maurel & Prom is an independent oil company specialized in the extraction and production of hydrocarbons listed on Euronext Paris.

The Group generates most of its business in Africa through the exploitation of onshore assets already developed (Gabon and Tanzania) and a significant stake (21.37%) in Seplat, a leader of indigenous operators in Nigeria.
The combination of diversified cash flow (gas / oil) and dividends paid by Seplat positions the Group as an attractive investment vehicle for investors.