Maurel & Prom S.A. (M&P), a company specializing in oil exploration and production, has signed a Sale and Purchase Agreement (SPA) with Etu Energias S.A. (Etu) in Angola. This agreement covers the additional acquisition of stakes in two offshore oil concessions, Block 3/05 and Block 3/05A. The transaction, subject to regulatory approval by Angolan authorities, involves an additional stake of 5% in Block 3/05 and 6.67% in Block 3/05A, increasing M&P’s total participation to 25% and 33.34% respectively.
Financial details and terms
The initial acquisition cost is estimated at $23mn, with an additional consideration clause potentially reaching up to $11mn. This extra payment depends on fluctuations in oil prices, production performance, and the progress made in developing already identified resources within these blocks. Maurel & Prom will fully finance this acquisition using its available cash and existing credit lines, which totalled $377mn as of March 31, 2025.
History and context of the assets
Blocks 3/05 and 3/05A are located in the offshore basin of Lower Congo in Angola. These are mature fields continuously operated since the 1980s. They already have established infrastructure, benefiting from regular operations aimed at enhancing their recovery rates. The combined production of these two assets was approximately 22,100 barrels per day (b/d) in the first quarter of 2025, with Block 3/05 contributing 21,300 b/d and Block 3/05A producing 800 b/d.
Operational outlook
M&P has held stakes in these blocks since 2019, and this new transaction demonstrates its ongoing interest in the exploration and production potential of this region. Strengthening collaboration with existing partners such as the Angolan national company Sonangol and the British company Afentra plc is an integral part of Maurel & Prom’s long-term development strategy. The completion of the agreement remains contingent upon customary approvals.
Olivier de Langavant, CEO of Maurel & Prom, stated that this acquisition reinforces the group’s commitment in Angola, a country where the company identifies substantial potential for sustainable growth.
