(BFM Stock Exchange) – The French group specializing in the extraction of oil and natural gas announced Wednesday July 2 having strengthened its position in the Sinu -9 gas license in Colombia.

Maurel & Prom is continuing its shopping, a few weeks after strengthened in two oil blocks in Angola.

The French oil company born in the 19th century announced on Wednesday July 2 the acquisition of a 21% participation in the Sinu-9 gas block in Colombia, from NG Energy.

Maurel & Prom specifies that this operation complements the initial acquisition of 40% of the participation in this gas block and which was announced in February 2025. The French group intends to finalize all transactions during the third quarter of 2025.

At the end of obtaining all the required approvals, Maurel & Prom will see his participation go from 40% to 61% in Sinu-9 and he will become the operator. The group also has an option, valid 12 months to buy an additional 5% from NG Energy.

An increase in exposure to natural gas

The financial conditions of this redemption are generally identical to those of the initial acquisition. “The total amount that M&P will have to pay for the additional 21% is $ 78.5 million (therefore 228.75 million dollars in total for 61%, of which $ 20 million has already been paid in February),” explains Oddo BHF in a note published this Thursday morning before the opening of the Paris market.

For the design office, this acquisition is beneficial for Maurel & Prom in several respects. On the one hand, this strengthening in this gas block will allow Maurel & Prom to compensate for the loss of production in Venezuela next year.

Recall that the United States revoked the specific license of Maurel & Prom at the end of March to exercise its oil activities in Venezuela, in a context of strong tensions between Washington and Caracas.

An appetite for external growth

Oddo BHF adds that this operation in Colombia will increase the exposure of Maurel & Prom to natural gas which will drop from 10% in 2024 to almost 50% in 2027 and also reduce its cashbreakeven (standing point) by 60 dollars per barrel to 35 dollars per barrel, according to estimates of the design office on this horizon.

Maurel & Prom’s initiative in Colombia confirms the group’s appetite for external growth operations, estimates the financial intermediary. Especially since the group is at the head of a positive net cash of 91 million euros on June 30.

“The group has recently announced an acquisition in Angola and should continue its ambition of external growth with probably larger size targets (several hundred million dollars),” explains Oddo BHF which maintains its recommendation to outperformance on the title as well as its price target at 6.30 euros.