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Burren Energy Considers Blocking Maurel et Prom's Congo Deal with Eni

Congo Republic 02-24-2007

Burren Energy is studying  the Maurel et Prom deal to sell assets to Italian giant Eni Spa in the ammount of US $1.43 billion with in the next 30 days to decide wether it will match Eni's offer.

Burren Energy is a partner with the French Maurel et Prom in exploring and producing the M'boundi, Kouilou and Koualouala oil fields in the Republic of Congo. 

Burren is looking at plans to block the deal "very seriously," a company spokesman said to the press.

Eni has proposed to gain Maurel et Prom's 48.5% stake in M'Boundi, the largest of the fields; 65% in Kouilou, and 66% in Kouakouala, making the Italian group the chief operator of the projects.

The deal would leave Maurel et Prom with 15% stake in kouilou in which Burren Energy controls 35%.

Burren holds 31.5% of M'Boundi and 25% of Kouakouala and in general the company's half of its annual production comes from the Republic of Congo.

Tullow Oil PLC, which owns an 11% stake in M'Boundi, said it does not have preemption rights over Maurel et Prom's interest in the field, which produces over 50,000 barrels of oil equivalent per day.

"Tullow has a stake in the field only, not in the license so it doesn't have any preemption rights. That right rests with Burren," a Tullow spokesman explained.