Energy Africa invests in Congo

Jan 12, 2004 01:00 AM

Oil and gas exploration and production group Energy Africa has bought an 11 % interest in the M'Boundi Production Permit onshore Brazzaville in the Congo for $ 50 mm in cash from Paris-listed Maurel & Prom, it said.
In addition to the lump sum payment, Energy Africa could also pay a cash royalty of $ 1,50 a barrel if M'Boundi's gross production exceeds 140 mm barrels.

The M'Boundi oil field, which started production in 2002, was producing 9500 bpd at the end of last year but production is expected to rise substantially this year.
Based on M'Boundi's oil production last year and the current oil price, the acquisition would not have a significant effect on Energy Africa's book value stated at its last September year-end but it is expected to contribute positively to the group's future cash flow and earnings.
"We are delighted to have been able to reach agreement with Maurel & Prom to acquire this interest," Energy Africa MD Rhidwaan Gasant said.

The deal requires the consent of the Congolese authorities and could be pre-empted by Maurel & Prom's partner in the oil field, Burren Energy.

Source: Business Day
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