We see Maurel’s Venezuelan assets providing a strong free cash flow contribution to the company over the coming years. Guidance from M&P was for US$70mm of dividends from Venezuela this year. We expect Maurel will be able to continue to generate strong FCF and grow production from the assets: The “Specific Licence” that Maurel was granted gives it the right to operate in Venezuela, whilst remaining compliant with the US sanctions that are in place, including using US dollars and dealing with US ....
