Transformational acquisition, anchoring M&P as a leading onshore operator in Gabon
- Consolidated Assala working interest production of 40.7 kbopd for the first half of 2023 (67.8 kboepd proforma M&P with 95% operated, of which 56.5 kbopd in Gabon)
- Acquisition of 97 mmbbls of consolidated working interest 2P reserves as of 31 December 2022 (270 mmboe proforma M&P, with 218 mmbbls proforma in Gabon)
- Strengthens M&P’s partnership with the Gabonese government
Value accretive growth with material optimisation potential for the combined business post acquisition
- M&P looks forward to integrating the two workforces in Gabon, preserving and leveraging their respective skills and maintaining their employment conditions
- Substantial operational and financial optimisation opportunities arising from the combination of the two portfolios
- Provides access to a fully integrated midstream network and strategic Gamba oil export terminal
- Robust pipeline of organic development opportunities across the integrated portfolio
- Integration of highly skilled staff and technical centres of excellence
Fully financed acquisition supported by low cost debt financing
- Transaction consideration to the seller of $730 million at completion; roll-over of Assala’s $600 million RBL facility
- Transaction consideration financed via an upsize of M&P’s existing bank debt facility ($183 million) and a one-year acquisition facility (up to $750 million) secured at favourable terms thanks to the support of M&P’s controlling shareholder Pertamina
- The amount drawn on the acquisition bridge-facility will depend on the Transaction closing date, locked box adjustments, the amounts drawn under the various facilities, and quantum of M&P cash to be used
Expected closing between Q4 2023 and Q1 2024, pending customary approvals
- Closing of the transaction subject to approvals from the Gabonese government as well as CEMAC authorities
Maurel & Prom S.A. (M&P) announces that, following a bid process, its Board of Directors approved the signature of, and M&P has signed, a Share Purchase Agreement (“SPA”) with Carlyle International Energy Partners for the acquisition of 100% of the shares in Assala Energy Holdings Ltd. and all of its subsidiary entities (“Assala”) holding the Assala group's entire upstream and midstream asset portfolio in Gabon.
Olivier de Langavant, Chief Executive Officer of M&P, stated:
“The acquisition of Assala represents a step change for M&P. The combination of our portfolios provides the Group with a large operated base of longlife, low-cost onshore assets offering long-term visibility and substantial development potential in a stable country where M&P has been operating for over fifteen years. Assala’s management has done a great job in turning around the assets acquired from Shell in 2017, and M&P intends to continue building on this success story with the ongoing support of the combined workforce. The support of our controlling shareholder Pertamina allows us to benefit from attractive financing terms for this acquisition, which will further enhance value creation for all our shareholders”.
KeyFacts Energy: Maural & Prom Angola country profile