PERTAMINA acquires a 24.53% stake in Maurel & Prom from Pacifico

PERTAMINA - Indonesia's NOC - will acquire Maurel & Prom's shares held by Pacifico, a company fully-owned by Maurel & Prom CEO Jean-Francois Henin. As a result, PERTAMINA will control 24.53% of the French exploration and production company. The selling price has been set at US$4.69 per share, valuing the equity stake at US$218 million. The figure rises to US$342 million, when incorporating a pro-rata share of Maurel & Prom's debt and working capital. The Indonesian company will acquire a stake in Gabon's main producing asset - Ezanga - as well as access to Nigeria's upstream market through Maurel & Prom's 21.37% equity interest in SEPLAT. Maurel & Prom 's exploration acreage in Gabon, Colombia and Myanmar also retains potential and will diversify PERTAMINA's portfolio away from its core business in Indonesia. Subject to a recommendation by the board of directors, PERTAMINA intends to launch a voluntary tender offer and take full control of the Paris-listed independent company.