Maurel & Prom acquires working interest in Colombia’s Sinu-9
Maurel & Prom has entered into a definitive agreement with NG Energy to acquire a 40% operating working interest in the Sinu-9 gas license in Colombia. The effective date for the transaction is 1 February 2025.
The consideration of $150 million will be funded from M&P’s existing cash resources and available credit facilities. A deposit of $20 million is payable by M&P, and the remainder will be paid at completion, subject to adjustments reflecting cash flows during the period between the effective date and closing.
The Sinu-9 gas block lies in the Lower Magdalena Valley, 75 km from Colombia’s Caribbean coast, and covers an area of approximately 1,260 sq km in the department of Córdoba. The Sinu-9 gas block is located in the Sinu San Jacinto basin, adjacent to producing gas blocks held by Canacol and Hocol.
NG Energy is currently the operator of the block and owns a 72% working interest in the licence, alongside Desarrolladora Oleum, S.A. DE C.V (15%), Clean Energy Resources S.A.S. (7.8%), and FG Oil & Gas Inc. (5.2%).
Sinu-9 achieved first gas production in November 2024, under the ongoing long term test of the Magico-1X and Brujo-1X wells. There is infrastructure in place for gross production of up to 40 million cu ft per day, and further development is expected to considerably increase production beyond this initial level.
