Maurel & Prom: Update on Venezuela

PARIS--(BUSINESS WIRE)--Regulatory News:

Etablissements Maurel & Prom S.A. (“M&P”, the “Group”) (Paris:MAU) wishes to provide an update on its activities in Venezuela.

On 13 February 2026, OFAC issued General License 50 (“GL 50”) authorising certain international operators to resume oil and gas operations in Venezuela. M&P is not currently included in the list of entities covered by this general license. The Group notes this development as a constructive step and remains actively engaged with the relevant authorities, with the objective of obtaining an authorisation as soon as possible.

Operationally, activities on the Urdaneta Oeste field, operated by Petroregional del Lago (“PRDL”), in which M&P Iberoamerica holds a 40% working interest, are running satisfactorily. Gross production averaged approximately 21,000 bopd in January 2026 (8,400 bopd net to M&P Iberoamerica). Teams are ready to initiate the next phase of field redevelopment once the appropriate regulatory and commercial framework is in place.

M&P also welcomes the recent reform of Venezuela’s hydrocarbons framework and associated fiscal terms, which enables an accelerated development aimed at maximizing production, while enhancing operational autonomy and support investment in the sector. The Group believes that a stable and predictable environment will contribute to unlocking value for all stakeholders.

For more information, please visit www.maureletprom.fr/en/

This document may contain forecasts regarding the financial position, results, business and industrial strategy of Maurel & Prom. By their very nature, forecasts involve risk and uncertainty insofar as they are based on events or circumstances which may or may not occur in the future. These forecasts are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production rates and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.

Maurel & Prom is listed on Euronext Paris
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