Maurel & Prom : Completion of Angola Transaction

Paris, 31 July 2019

No. 11-19

Completion of Angola Transaction

Maurel & Prom is pleased to announce that it has completed the acquisition of AJOCO's 20% interest in two producing and development blocks in shallow waters offshore Angola. This marks the beginning of the full involvement of M&P in the activities conducted on these two blocks.

• M&P is one of first movers to enter Angola following regulatory changes

• 1. Regulatory and political developments in Angola support new wave of investment
  1. This acquisition underlines M&P's strengths to deliver its growth strategy in Africa and Latin America
  1. Builds a third pillar of production and cash flow for M&P in Africa's second largest oil producing country, alongside Gabon and Tanzania
• Established assets with upside potential, and in-country growth
• 1. Adds material production to M&P's portfolio: for illustration, H1 2019 production estimated by M&P for the 20% working interest was c.4,600 bopd (not included in

M&P's reporting as effective consolidation starts on completion date)

1. Builds upon M&P's extensive successful experience across the Congo Basin

• 1. Potential for further transactions in the country to consolidate position and further strengthen portfolio
• Purchase consideration of US$80 million adjusted for working capital and cash flows since effective date (1 January 2018)
• 1. Adjusted consideration of US$35 million paid on completion

1. Payment funded with M&P's existing cash resources

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Etablissements Maurel & Prom (Euronext Paris: MAU, ISIN FR0000051070, "M&P") is pleased to announce the completion of the acquisition of the 20% working interest owned by Angola Japan Oil Co., Ltd. ("AJOCO"), a majority owned subsidiary of Mitsubishi Corporation ("Mitsubishi"), in two blocks offshore Angola, Block 3/05 and Block 3/05A as planned (the "Transaction").

Michel Hochard, Chief Executive Officer of M&P, commented: "The completion of this transaction represents an important new country entry for M&P and a significant milestone in the company's growth strategy. The new regulatory and institutional landscape in Angola offers exciting opportunities for value creation going forward. As the first independent E&P to enter Angola since these changes came into effect, we are well positioned to capitalise on this growth potential in the region."

Adjusted completion payment

As per the sales and purchase agreement, the purchase consideration of US$80 million (less a deposit of US$2 million paid at the announcement of the Transaction) has been adjusted by US$43 million for working capital and cash flows received and disbursed by AJOCO on behalf of M&P since the contractual economic effective date of 1 January 2018.

As a result, the net cash paid to AJOCO by M&P on completion of the Transaction is US$35 million, funded by M&P's existing cash resources.

The consolidation of these assets in M&P's production and financial reporting will start from Q3 2019.

Strong strategic rationale for M&P

The Transaction fits M&P's strategy of development through value creative M&A:

• Marks the entry of M&P into Angola, Africa's second largest oil producer, where it is well positioned to capture significant growth opportunities
  o Expands M&P's position in the lower Congo Basin, a successful, historical region of expertise
  o Potential for further transactions to consolidate a material portfolio in Angola
• Complements M&P's portfolio with proven, producing assets

1. Long track record of production in a prolific basin

• 1. Cash flow generative assets with access to immediate production
• Upside potential through field optimisation and resources development
• 1. Development drilling and water injection optimisation expected to support production in the short to medium term

1. Longer-termoptionality through potential development of contingent resources (Punja)

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Established assets with long track record of production and upside potential

Blocks 3/05 and 3/05A are located in shallow water (c.100m depth) in the lower Congo Basin, a region where M&P has extensive current and historical presence. The two blocks are located c.30km from the Angolan shore and operated by national oil company Sonangol Pesquisa e Produção ("Sonangol P&P"). The blocks are contiguous and share processing and export facilities.

Block 3/05has been producing since the mid-1980s and consists in eight mature fields (Bufalo, Cobo, Impala, Impala SE, Oombo, Pacassa, Palanca, and Pambi). Production net to the 20% working interest was c.4,600 bopd in H1 2019 based on M&P's estimates. Current licence runs until June 2025, with a possibility to extend.

Block 3/05Aincludes two commercial fields (Caco and Gazela), and offers optionality through the Punja field, a large discovery in pre-development stage.

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	French			English
	pieds cubes	pc	cf	cubic feet
pieds cubes par jour	pc/j	cfpd	cubic feet per day
milliers de pieds cubes	kpc	Mcf	1,000 cubic feet
millions de pieds cubes	Mpc	MMcf	1,000 Mcf = million cubic feet
milliards de pieds cubes	Gpc	Bcf	billion cubic feet
	baril	b	bbl	barrel
barils d'huile par jour	b/j	bopd	barrels of oil per day
	milliers de barils	kb	Mbbl	1,000 barrels
	millions de barils	Mb	MMbbl	1,000 Mbbl = million barrels
barils équivalent pétrole	bep	boe	barrels of oil equivalent
barils équivalent pétrole par jour	bep/j	boepd	barrels of oil equivalent per day
milliers de barils équivalent pétrole	kbep	Mboe	1,000 barrels of oil equivalent
millions de barils équivalent pétrole	Mbep	MMboe	1,000 Mbbl = million barrels of oil equivalent

For more information, visit www.maureletprom.fr

Contacts

Maurel & Prom

Press, shareholder and investor relations Tel: [phone] [e-mail]

NewCap

Financial communications and investor relations Louis-VictorDelouvrier / Emmanuel Huynh Tel: [phone] [e-mail]

Media relations

Nicolas Merigeau

Tel: [phone] [e-mail]

Brunswick Group

Media relations

Patrick Handley / William Medvei

Tel : [phone]

This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward- looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.

Maurel & Prom is listed for trading on Euronext Paris

CAC Small, CAC Mid&Small, CAC All Tradable

Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

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