OilVoice - Maurel & Prom Confirms the sale of Hocol Colombia

Maurel & Prom Confirms the sale of Hocol Colombia

Thursday, May 28, 2009

Maurel & Prom has signed with Ecopetrol the definitive agreement concerning the sale of Hocol Colombia.

This transaction concerns a US$ 742 185 000 total amount. This purchase price may be adjusted, based on the accounting audit led by Ecopetrol. Further earn outs may occur for a maximum of US$115 million, concerning the potential Huron field on the Niscota licence (maximum US$50 million) and the level of the oil price (maximum US$65 million).

Maurel & Prom keeps four exploration licenses in Colombia, as well as its assets in Venezuela and in Peru.

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