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Maurel Signs Operating Agreement for Gabon’s ONAL

Maurel and Prom 12-28-2006

Maurel & Prom announced that it was given exclusive authorization to operate the ONAL onshore field (45.8 sq-km) on the Omoueyi permit (4 178 sq-km) in Gabon.

The approval was granted by the ministry on December 13, 2006 for a 10-year period that is renewable once. The company now holds 100% of the ONAL permit.

The Gabonese government and partners on the permit have a 15% right of entry and a 10% clawback option upon reimbursement of past costs respectively, which could reduce Maurel & Prom’s share to 75% of the ONAL field.

The ONAL field development is planned for two phases. The first involves setting up the surface installations, building the flow lines and the oil pipeline, and starting up production of the four exploration wells drilled in 2006 and the 11 producer wells to be drilled in 2007. The second phase will involve drilling 12 water injection wells.

Production is expected to be 12 000 bpd at 100% during the first half of 2008.