PARIS (Reuters) – Maurel and Prom is receding Monday at the start of the session on the Paris Stock Exchange, the Office of Foreign Assets Control (OFAC) having revoked the specific license of the oil company allowing it to operate in Venezuela.
At 7:57 a.m. GMT, the title abandons 13.52% to 4.91 euros, the SBF 120 backwards at the same time of 0.95%.
“Within the framework of this decision, the OFAC issued a transition license authorizing M&P to carry out the transactions necessary for the conclusion of operations previously covered by the license now revoked. This transition period is valid until May 27, 2025,” said Maurel and Prom in a press release.
The group specifies understanding “that this measure is part of a broader initiative of the OFAC, affecting both American oil companies and internationals operating in Venezuela under similar authorizations, pending a possible agreement between the United States and Venezuela”.
In the process, the financial intermediary Porzamparc lowered by two notches his recommendation on the title to “keep” against “buy”, bringing his course goal to 5.20 euros against 7.60 euros previously.
“If this decision must not question the financial stability of the group, it will deprive Maurel and Prom of a quality asset and generator of available cash flow,” writes the broker in a note.
(Written by Corentin Chappron, edited by Blandine Hénault)
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