French independent oil company Etablissements Maurel Et
Prom SA said Tuesday it has signed a share purchase agreement for the
sale of its wholly owned subsidiary Hocol Petroleum Ltd. to
The transaction price could be increased based on the level of reserves of the
potential Huron field in the Niscota license and based on the level of oil
prices, the French company said.
Maurel Et Prom said that it will keep a variety of exploration assets,
including 100% of the Muisca exploration permit.
“The proceeds of the sale will be used by the Group to pursue the exploration
program that is the core business of Maurel & Prom,” the company said.