Maurel & Prom is pleased to announce the signing of Heads of Terms with Angola’s National Agency of Petroleum, Gas and Biofuels (“ANPG”) for the Risk Service Contract (“RSC”) covering offshore Block 3/24.

This block is located in shallow waters, adjacent to M&P’s existing interests in Block 3/05 and 3/05A, and contains several established oil and gas discoveries. The proximity to existing infrastructure offers attractive opportunities for short-cycle development and synergies with current operations.

Under the agreed terms, Maurel & Prom Angola S.A.S. will hold a 40% interest in Block 3/24, alongside Afentra plc (operator, 40%) and Sonangol E&P (20%).

This new acreage strengthens M&P’s long-term partnership in Angola and underlines its commitment to developing resources responsibly, in collaboration with its partners and the Angolan authorities.

The Heads of Terms for the Block 3/24 set out an initial five-year period to review the development potential for existing discoveries and exploration prospectivity, followed by a 25-year production period that would subsequently be awarded when a discovery is developed.

Block 3/24 covers 545 km2 and is adjacent to existing producing oil fields and undeveloped discoveries in Blocks 3/05 and 3/05A. The block adds a further five discoveries - Palanca North East, Quissama, Goulongo, Cefo and Kuma – all located in the same Pinda reservoir as the existing oil fields in Block 3/05 and 3/05A. In addition, the block contains the previously developed Canuku field cluster, which has produced up to 12,000 bopd. The block includes an estimated over 130 mmbbls of STOIIP and 400 bcf GIIP of already discovered resource.

These discoveries and previous development assets offer a significant opportunity to apply modern technology to deliver short-cycle, low-cost developments tied back to the existing infrastructure in Block 3/05. A number of exploration prospects have also been identified based on existing 3D seismic date.