On 31 July 2019, Maurel & Prom (M&P) announced that it had completed the acquisition of Angola Japan Oil Co., Ltd (AJOCO) 20% interest in Block 3/05 and Block 3/05-A.  As per the sales and purchase agreement, the purchase consideration of US$80 million (less a deposit of USD 2 million paid at the announcement of the transaction) has been adjusted by Â USD 43 million for working capital and cash flows received and disbursed by AJOCO on behalf of M&P since the contractual economic effective date of 1 January 2018.As a result, the net cash paid to AJOCO by M&P on completion of the Transaction is US$35 million.  As of 7 February 2018, it is understood that M&Pâs acquisition of AJOCOâs 20% interest was moving ahead. According to Maurel & Prom the period for possible pre-emptions ended in December 2018. Finalization of the transaction was subject to receiving administrative approvals from the Angolan Ministry of Petroleum and national concessionaire (AgÃªncia Nacional de PetrÃ³leo, GÃ¡s e BiocombustÃ­veis, or ANPG).   As announced on 23 October 2018, Maurel & Prom signed a sale and purchase agreement with AJOCO for AJOCOâs 20% interest in the blocks. The transaction consideration is USD 80 million, with an additional contingent consideration of up to USD 25 million subject to oil price performance and resources development. Closing of the acquisition is subject to several conditions, the required government approvals and waiver of applicable pre-emption rights.  Block 3/05 shallow water Lower Congo Basin:  In production since the mid 1980âs includes the Bufalo, Cobo, Impala, Impala Southeast, Oombo, Pacassa, Palanca and Pambi development/production areas. As of August 2018, the block was producing at a rate of roughly rough 25,000 bo/d. According to Sonangol production cost for the block were USD 19.52/bbl in 2016 (amongst the highest production costs per bbl in Angola). On 3 June 2016, the Ministry of Petroleum issued a decree which removed China Sonangol International Holding Ltd (China Sonangol) from the Block 03/05 group. The removal of China Sonangol from the group is understood to be due to China Sonangol missing several payment calls. China Sonangolâs 25% interest in the block was transferred to Sonangol P&P.  Block 03/05 is operated by Sonangol P&P with a 50% interest. Partners are: AJOCO (20%), Eni Angola Exploration BV (12%), Sociedade Petrolifera Angolana SARL (SomOil) (10%), INA-Naftaplin (4%) and NIS (4%).  Block 3/05-A shallow water Lower Congo Basin:  Block 03/05-A includes the exploration area surrounding the Block 03/05 development/production areas and two development/production areas as follows:  The Caco-Gazela and Punja (pre-development stage) development/production area forms part of Block 03/05-A. Caco-Gazela is understood to have been in production until September 2017 (production at the time was roughly 500 bo/d). It started producing at a rate of 3,000 bo/d from a single well in February 2015 (as of January 2017, it was producing at roughly 2,400 bo/d). The Caco-Gazela project is understood to entail the drilling of three development wells (GAZ 101 and a sidetrack, GAZ 102 and CAC 101). The wells were to be connected to existing Block 3/05 infrastructure. To date the only well to have been completed was GAZ 101.  The block is operated by Sonangol P&P with a 25% interest. Partners are: China Sonangol International Holding Ltd (25%), AJOCO (20%), Eni Angola Exploration BV (12%), Sociedade Petrolifera Angolana SARL (SomOil) (10%), INA-Naftaplin (4%) and NIS (4%).
 Maurel & Prom (M&P) announced that it had completed the acquisition of Angola Japan Oil Co., Ltd (AJOCO) 20% interest in Block 3/05 and Block 3/05-A