NYSE Euronext accueille Maurel & Prom Nigeria sur son marché européen

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Maurel & Prom Nigeria, a new independent specialist in oil and gas exploration and production in Nigeria, today celebrated its listing on NYSE Euronext in Paris.

Maurel & Prom Nigeria was created when Maurel & Prom spun off its Nigerian business. Together with Seplat, a Nigerian company in which it holds a 45% interest alongside leading local industry partners, it is active in the field of onshore oil and gas exploration and production in Nigeria.

Maurel & Prom Nigeria (ticker code: MPNG) was listed on NYSE Euronext in Paris through the admission to trading of the 115,336,534 shares making up its capital. The indicative reference price for Maurel & Prom Nigeria shares announced on the day before listing was €2.08 per share. Market capitalisation based on the opening price stood at € 288 million.

It is important to note that Maurel & Prom Nigeria’s shares will be recorded automatically in the “PEA” of shareholders holding their Maurel & Prom shares in a “PEA” and will, under the same conditions, benefit from the favourable tax and social security regime applicable to proceeds generated within a “PEA”.

“We welcome Maurel & Prom Nigeria to NYSE Euronext and are delighted to support the business at this new stage in its development, a source of growth and greater reach,” said Marc Lefèvre, Head of European Coverage at NYSE Euronext. “Listing will bring Maurel & Prom Nigeria shareholders greater liquidity and scope for growth in value, while offering the company exceptional visibility with clients, partners and the investment community.”

Jean-François Hénin, Chairman and CEO of Maurel & Prom and Chairman of Maurel & Prom Nigeria, added: “I am happy that our shareholders are supporting us in this transaction, which we expect will allow us to externalise strong value potential by spinning off Maurel & Prom’s activities in Nigeria from other geographical regions where the Group operates. Maurel & Prom Nigeria’s assets benefit from an excellent position in the Niger Delta, which is rich in oil and gas and where exploration projects remain plentiful. In just a few months, the quality of our partners and the value of the teams they have brought together have already enabled the rapid development of production in the fields operated. Now that Maurel & Prom Nigeria has independence and greater visibility, it is ready to develop its full potential, particularly as it benefits from the ‘indigenous’ status of Seplat, the company through which it does business.”

To celebrate the listing, Dr ABC Orjiako, Chairman of Seplat and a director of both Maurel & Prom and Maurel & Prom Nigeria, rang the bell that opens trading on NYSE Euronext’s European market. He was accompanied by members of company management team, financial and legal advisors, and the listing team of NYSE Euronext.

About Maurel & Prom Nigeria
Maurel & Prom Nigeria, a public limited company (société anonyme) with registered offices in Paris, was established following the demerger of the Nigerian activities of Etablissements Maurel & Prom. Maurel & Prom Nigeria holds 45% of Seplat, a Nigerian oil and gas exploration and production company and the operator of three Oil Mining Licences (4, 38 and 41) in Nigeria. These oil licences provide a balanced combination of fields in production, fields to be developed and exploration opportunities. Thanks to its association with leading Nigerian partners, Maurel & Prom Nigeria has been able to benefit from a strong local involvement, from the authorities as well as local communities. With such assets and quality partnerships, Maurel & Prom Nigeria is well placed to continue developing and taking advantage of numerous growth opportunities. For more company information, visit www.mpnigeria.com.

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