Paris, 28 July 2017
No. 16-17
End of the Anticosti project in Quebec
The Government of Quebec has informed Saint-Aubin Energie, a wholly owned subsidiary of Maurel & Prom, of its intention to withdraw the territory of Anticosti Island, for which exploration permits had been granted, from all future hydrocarbon or underground reservoir exploration.
Consequently, the Government of Quebec and Saint-Aubin Energie signed an agreement on 27 July 2017 regarding the decommissioning of exploration activities of Saint-Aubin Energie on Anticosti Island. Other oil operators on Anticosti Island have also agreed on such agreements.
The end of operations and the exploration programm were negotiated in exchange for financial compensation of $CAN 16.2 million for Saint-Aubin Energie, which holds 21.7% interest in the project on Anticosti Island.
Maurel & Prom still has one business in Canada through the Sawn Lake project in Alberta.
The financial compensation will be allocated to the search for new assets in production in order to develop the Group's asset portfolio, particularly in Latin America and Africa.
For more information, visit www.maureletprom.fr
MAUREL & PROM
Tel: +33 (0)1 53 83 16 00
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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
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