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

MAUP.PA on Paris Stock Exchange

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30 Apr 2015
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Latest Key Developments (Source: Significant Developments)

Etablissements Maurel et Prom announced positive test results of Gabon wells
Monday, 2 Mar 2015 01:00am EST 

Etablissements Maurel et Prom SA:Said positive results of production tests on exploration wells in Gabon.Said production test rate of more than 1,000 bopd on both wells.  Full Article

Etablissements Maurel et Prom Kifaru-1 well plugged and abandoned
Tuesday, 24 Feb 2015 01:57am EST 

Etablissements Maurel et Prom SA:Kifaru-1 well in Mozambique was drilled to a depth of 3,100 meters but failed to find an economic reservoir and as result the well has been plugged and abandoned.  Full Article

Maurel et Prom updates on production levels in Gabon
Monday, 2 Feb 2015 01:13am EST 

Etablissements Maurel et Prom SA:Took measures to temporarily limit its production to permit smooth technical intervention on pipeline linking Coucal to Cap Lopez.Lopez Estimated average production for month of January is 14,700 bopd at 100 pct.Production level is back to about 25,000 bopd.  Full Article

Etablissements Maurel et Prom says dividend payment in 2015 for FY 2014 is not likely
Thursday, 22 Jan 2015 12:57pm EST 

Etablissements Maurel et Prom SA:Says dividend payment in 2015 for FY 2014 is not likely.  Full Article

Etablissements Maurel et Prom says Tembo-1 exploration well drilling complete and announces natural gas discovery in Mozambique
Tuesday, 30 Dec 2014 11:50am EST 

Etablissements Maurel et Prom SA:Tembo-1 exploration well drilling complete in Mozambique.Spud of two exploration wells in Gabon and Myanmar.Says owns 32.60 percent working interest in license for Tembo-1 well in Mozambique where natural gas discovery was made.Onshore Rovuma Partners will evaluate all data recovered from well to determine potential commerciality of this discovery.Drilling rig is now being mobilized to Kifaru-1 exploration well location.  Full Article

Etablissements Maurel et Prom signs new $650 million revolving credit facility with consortium of banks
Friday, 19 Dec 2014 01:37am EST 

Etablissements Maurel et Prom SA:Says has signed new $650 million revolving credit facility signed with consortium of banks.Says lLine of credit splitted between an initial tranche of $400 million and a $250 million accordion feature.Says new credit facility allows to close MP Gabon's $350 million line of credit currently in repayment.Says new credit line gives access to additional borrowing capacity of $250 million available for investment opportunities.  Full Article

Etablissements Maurel et Prom SA announces two positive results for Ezanga permit in Gabon
Tuesday, 2 Dec 2014 12:03pm EST 

Etablissements Maurel et Prom SA:Announces two positive results for Ezanga permit in Gabon.Says production tests conducted on well showed a steady oil flow rate of 750 bpd.  Full Article

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

UPDATE 1-Maurel et Prom slashes exploration budget as oil prices stay weak

PARIS, March 26 - French oil and gas exploration and production group Maurel et Prom has slashed its exploration budget by more than 60 percent and said it plans to shed some projects as low oil prices weaken its ability to generate cash.

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