All smiles: in Congo-Brazzaville
related stories
M&P takes reins at Marine III
French player Maurel & Prom is set to take an operating stake in the Marine III licence, off Congo-Brazzaville, in a €10 million ($13.8 million) cash-and-stock deal.
The company said it has signed a memorandum of understanding with Congolese state player Societe Nationale des Petrole Congolais (SNPC) which will see its stake boosted from 20% to 75%.
As part of the deal, which is worth roughly €10 million in cash and M&P shares, the French explorer will give up its stake in the Tilapia licence.
M&P said in a statement that two exploration wells will be drilled on Marine III during the second half of this year.