Key Developments: Etablissements Maurel et Prom SA (MAUP.PA)

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Latest Key Developments (Source: Significant Developments)

Etablissements Maurel et Prom announces full exercise of over-allotment option in convertible bond issue
Monday, 9 Jun 2014 11:45am EDT 

Etablissements Maurel et Prom SA:Says Joint Lead Managers and Joint Bookrunners of its convertible bond issue informed it that they exercised in full over-allotment option granted to them.Total nominal amount of issue of bonds was increased to about 253 million euros, representing 14,658,169 bonds.Admission to trading of bonds on the Open Market of Frankfurt (« Freiverkehr ») is expected on June 11.Issue is being led by Natixis as Global Coordinator, Joint Lead Manager and Joint Bookrunner, and by BNP PARIBAS and Credit Agricole Corporate and Investment Bank as Joint Lead Managers and Joint Bookrunners.  Full Article

Etablissements Maurel et Prom to issue 220 mln euro convertible bond due 2019
Friday, 6 Jun 2014 02:25am EDT 

Etablissements Maurel et Prom SA:Launches offering of net share settled bonds convertible into new shares and/or exchangeable for existing shares (ORNANEs), due July 1, 2019 for initial nominal amount of about 220 million euros.Offering may be increased up to a maximum nominal amount of about 253 million euros no later than June 9, 2014, if over-allotment option granted to joint lead managers and joint bookrunners is exercised in full.Bonds will be issued at par on June 11 and will be redeemed at par on July 1, 2019.Bonds may be redeemed earlier at company's option under certain conditions.Conversion ratio will be equal, at issue date of bonds, to 1 Maurel et Prom share per bond.Application for the admission to trading of the Bonds on Open Market ("Freiverkehr") of the Frankfurt Stock Exchange will be made.  Full Article

Etablissements Maurel et Prom appoints Michel Hochard chief executive
Monday, 26 May 2014 11:38am EDT 

Etablissements Maurel et Prom SA:Appoints Michel Hochard chief executive.Hochard previously served as CFO.Jean-Francois Henin continues as chairman, but has reached upper age limit specified in Articles of Association for functions of chief executive.  Full Article

Maurel et Prom and MPI SA's Saint-Aubin Energie signs joint venture agreement for exploration on Anticosti Island in Quebec
Wednesday, 2 Apr 2014 11:38am EDT 

Etablissements Maurel et Prom SA:Says agreement relating to creation of joint venture was signed on April 1 by Saint-Aubin Energie, Ressources Quebec, Petrolia and Corridor Resources.Saint-Aubin Energie owned 1/3 by Maurel et Prom and 2/3 by MPI.Equity interests in joint venture are: Ressources Quebec 35 pct, Petrolia 21.7 pct, Corridor Resources 21.7 pct, Saint-Aubin Energie 21.7 pct.Joint venture holds exploration permits on Anticosti Island, Quebec.First phase of reconnaissance work, amounting to $55 million at 100 pct, is to begin in summer 2014 and should be completed within two years.  Full Article

Etablissements Maurel et Prom SA declares no FY 2013 dividend
Thursday, 27 Mar 2014 02:15am EDT 

Etablissements Maurel et Prom SA:Declares no dividend for FY 2013.  Full Article

Etablissements Maurel et Prom SA announces new production sharing contract in Gabon
Monday, 24 Feb 2014 12:00am EST 

Etablissements Maurel et Prom SA:Says Gabonese Republic has decided to grant a new production sharing contract called "Ezanga" to replace the "Omoueyi" permit.License covers some 6,100 square kilometers and includes part of coordinates of the former Omoueyi license.Exploration and production sharing contract includes two exploration periods and re-allocates to Maurel & Prom Gabon five existing Exclusive Exploitation Authorisations for 20-year period, plus potentially 20 years if economic conditions allow.Gabonese Republic's share in the license raised from 15 to 20 pct.  Full Article

Etablissements Maurel et Prom SA announces strategic partnership in Canada
Thursday, 13 Feb 2014 04:17pm EST 

Etablissements Maurel et Prom SA:Announces agreement with Quebec government (through its affiliate Ressources Quebec) and local partners (Petrolia and Corridor Resources) to carry out oil exploration program on Anticosti Island.Petrolia, the operator of the project, will be supported by Maurel & Prom.The exploration program is scheduled to begin in the summer of 2014.Initial drilling phase comprised of 15 to 18 stratigraphic wells and three exploration wells with completion, for an amount not exceeding $60 million financed by Maurel & Prom (43.33 percent) and Ressources Quebec (56.67 percent).  Full Article

Etablissements Maurel et Prom SA gives FY 2014 production outlook
Thursday, 23 Jan 2014 11:48am EST 

Etablissements Maurel et Prom SA:Says it expects in 2014 a continuing increase in production with the production target for end-2014 of 35,000 bopd.  Full Article

Maurel et Prom SA completes acquisition of drilling activities from Tuscany in Africa and sale of all of its shares of Tuscany
Tuesday, 24 Dec 2013 08:15am EST 

Etablissements Maurel et Prom SA:Completes the acquisition of all of the shares of Caroil SAS (excluding the South American business of Caroil) from Tuscany International Drilling Inc. and has sold all of its 109,000,000 common shares of Tuscany to an entity incorporated in the Cayman Islands.Says it has also assumed $50 million of debt from Tuscany pursuant to a credit agreement with Credit Suisse.Says as part of the transaction, Maurel & Prom expects to purchase two drilling rigs from Tuscany for aggregate consideration of $23 million, of which $15 million has already been paid.  Full Article

Tuscany International Drilling Inc Announces Sale of Two Colombian Rigs and Caroil Africa To Etablissements Maurel et Prom SA
Thursday, 14 Nov 2013 09:01am EST 

Tuscany International Drilling Inc announced that the execution of definitive agreements with Etablissements Maurel et Prom S.A. (M&P) pursuant to which: M&P will acquire Rigs 112 (Colombia) and C16 (Colombia) from Tuscany (the Rig Purchase); and through the acquisition of the issued and outstanding shares of Caroil SAS (Caroil), a wholly-owned subsidiary of Tuscany (the Caroil Sale), M&P will indirectly acquire Tuscany's business operations in Africa which are primarily comprised of 9 drilling and workover rigs, associated inventory and related drilling contracts and obligations in respect of the French branch office of Caroil. Caroil's business operations in Colombia, including 5 drilling and workover rigs, associated inventory and related drilling contracts, will be transferred to a wholly-owned subsidiary of Tuscany immediately prior to the completion of the Caroil Sale (the Caroil Colombia Transfer and together with the Rig Purchase and the Caroil Sale, the Transaction). The aggregate consideration payable by M&P to Tuscany pursuant to the Transaction is comprised of payment in cash in the aggregate amount of USD23.0 million.  Full Article

UPDATE 1-Maurel & Prom can talk to buyers after Gabon drops veto

PARIS, March 27 - French oil and gas explorer Maurel & Prom signalled it would talk to potential buyers and partners after striking a deal which means Gabon no longer has the right to veto any change in its shareholding.

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