Maurel & Prom (“M&P”) has signed a sales purchase agreement (“SPA”) to acquire a further 5% working interest (“WI”) in offshore Block 3/05 and 6.67% in Block 3/05A from Etu Energias (with Afentra also acquiring the identical stakes), raising M&P’s holdings to 25% and 33% respectively. The deal, which will be funded from M&P’s existing cash position, entails a US$23mm payment on completion adjusted for interim cashflow and up to US$11mm in success-based earn-outs. Contingent payments only kick in ....