MAUREL & PROM : COLOMBIA - Positive Result of Exploration well Sabanero-1 : Commerciality to be Confirmed

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Maurel & Prom

Jul 26, 2010, 01:59 ET

PARIS, July 26, 2010 /PRNewswire-FirstCall/ -- Maurel & Prom (operator 100%) announces that its wholly-owned Colombian subsidiary has encountered a heavy oil bearing reservoir in the Sabanero permit, which was signed on August 2007 with the National Hydrocarbon Agency of Colombia ("ANH"). The Sabanero-1 exploration well in the Llanos central region some 350km south east of Bogota has been drilled to 3,032 ft and proved oil in the Carbonera C7 formation with a thickness of 40ft and a potential yet to be confirmed.

The company is planning to start immediately drilling the deviated exploration well Sabanero-SE1 from the same platform with the objective to prove additional reserves to make the Block commercial. The area around Sabanero-1 is covered with 3D seismic which would facilitate field evaluation and potential development.

This is a positive result in Maurel & Prom's commitment to invest in Colombia beyond the sale of Hocol to Ecopetrol in May 2009, enhancing its track record in exploration success in the Colombian Llanos (Ocelote field) and Foothills basins.

This press release may contain forward-looking statements with respect to the financial condition, results of operations, business, strategy and plans of Maurel & Prom. By their nature forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that will or may occur in the future. These forward-looking statements are based on assumptions which we believe are reasonable but that could ultimately prove inaccurate and are subject to a number of risk factors, including but not limited to price fluctuations in crude oil; exchange rate fluctuations; uncertainties inherent in estimating quantities of oil reserves; actual future production rates and associated costs; operational problems; political stability; changes in laws and governmental regulations; wars and acts of terrorism or sabotage.

          Maurel & Prom is listed on Euronext Paris - compartiment A -
                             CAC mid 100 Indice

             Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

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    08/03/2010 1st Half Sales

    08/30/2010 2010 First Half Results


    For further information: http://www.maureletprom.fr
    Contact:
    INFLUENCES
    Tel : +33(0)1-42-72-46-76
    E-mail : [email protected]

SOURCE Maurel & Prom

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