Linklaters LLP advising oil group Maurel & Prom on a global framework agreement with the Republic of Gabon
The international oil group Maurel & Prom, listed on the Euronext (Paris) , has signed (via its wholly-owned subsidiary Maurel & Prom Gabon S.A.) - in the context of its oil operations in Gabon (Central Africa) - a framework agreement with the Republic of Gabon covering several aspects.
The signature of this global agreement allowed, in particular, (i) the signature of an amendment to the Exploration and Production Sharing Contract for the Ezanga oil field (of which Maurel & Prom is the operator and holds 80%, alongside the British oil group Tullow Oil (7.5%) and the Gabonese national company GOC (12.5%)), (ii) the signature of new Exploration and Production Sharing Contracts for the Kari and Nyanga-Mayombé fields (operated and 100% owned by Maurel & Prom), (iii) the implementation of a recovery mechanism over time by Maurel & Prom of certain receivables, and (iv) the release of an escrow amount coupled with a payment to the Gabonese Republic.
The transaction is valued at USD 100 million. This transaction was led in-house by Othman El Malih, Head of Legal EMEA, advised by Linklaters LLP with a team composed of Jean-Charles Jaïs and Justin C. Faye (Partners) and Louis-Marie Morin (Associate).