GLIAG · GOLDEN LANE INVESTMENTS ADVISORY GROUP

Strategic Petroleum Intelligence Platform · Zoetermeer / Delft · Paramaribo · petroleumenergyinsights.com

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COMMERCIAL REPORT · AVAILABLE FOR PURCHASE

Maurel & Prom’s US$1.33 Billion Andean Transformation

From African Independent to Transatlantic E&P Platform

Document reference: GLIAG_REPORT_2026_14_MaurelProm_AndeanTransformation_Rev02 · 5 August 2026

“Subsurface creates the opportunity. Operations convert it. Contracts allocate it. Politics protects it. Finance decides who keeps the value.”

Why This Deal Matters

On 5 August 2026 — two days before Colombia’s change of government — Maurel & Prom announced the acquisition of Gran Tierra Energy’s Colombian and Ecuadorian operations for US$1.33 billion. On paper it is an oilfield purchase. GLIAG’s analysis argues it is something else entirely: the conversion of a Pertamina-controlled African independent into a materially larger, operated transatlantic E&P platform, executed at the precise inflection point of two Andean political cycles at once.

Metric	Figure
Transaction enterprise value	US$1.33 billion
Acquired production (H1 2026 WI)	29,026 bopd (Colombia 71% / Ecuador 29%)
Acquired 2P reserves (YE2025, McDaniel/NI 51-101)	144 mmbbl
Implied EV per flowing barrel	~US$45,900 / boe/d
Deal value as % of after-tax 2P NPV10	~97%
2029–2030 production ambition	~40,000 bopd

The uncomfortable question every buyer of this report will want answered: if the price already equals 97% of the seller’s independently certified after-tax 2P value, where exactly is M&P’s return supposed to come from — and is it credible?

What the Full Report Resolves

The GLIAG flagship report does not stop at the headline multiples. It builds a complete, independent investment case across five disciplines — geology, reservoir engineering, capital structure, contract law and sovereign politics — and answers the questions that determine whether this transaction creates value or destroys it:

• Which of the four acquired petroleum systems carries the real recovery-factor upside, and what is the quantified reserve-uplift arithmetic behind it?
• Where does pricing power actually sit in the US$932 million assumed debt stack, and what is the realistic refinancing timeline and rate-saving range?
• What specific contractual, fiscal and consulta-previa triggers could re-open terms that the deal structure is designed to leave untouched?
• How does the Colombian political transition of 7 August 2026 and Ecuador’s delegated-field opening change the negotiating leverage of the enlarged platform?
• Under GLIAG’s three probability-weighted 2027–2030 scenarios, what production, leverage and dividend outcomes should investors underwrite — and at what indicative probabilities?
• What are the ten questions a sophisticated LP or acquiring institution must put to management before committing capital — on price, subsurface, financing, contracts, politics and ESG?

The report’s full scenario probabilities, capital allocation doctrine, risk-response matrix, GLIAG predictions and investor playbook are reserved for licensed purchasers.

Who This Is For

Institutional investors and LPs evaluating M&P or Pertamina exposure; oil and gas companies assessing Andean bolt-on or farm-in opportunities; investment banks and advisers preparing financing or refinancing mandates; sovereign and government stakeholders in Colombia, Ecuador and Suriname; and analysts benchmarking Latin American full-cycle deal multiples.

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Report Specifications — Exactly What You Are Buying

Specification	Detail
Total length	18 pages, US Letter, GLIAG letterhead layout — branded running header (title, revision, date) and footer (tagline, page numbers) on every page
Page breakdown	Page 1: cover & masthead · Page 2: executive publication metadata & Executive Investment Thesis · Pages 3–16: 18 numbered analytical sections · Page 17: source register & disclaimer · Page 18: copyright / IP notice
Word count	~6,900 words of original analysis (narrative text only, excludes table content)
Formats available	Print-ready PDF (all tiers, watermarked to licensed purchaser) · editable Microsoft Word .docx (Corporate and Institutional tiers only, or as a paid add-on on Single User / Team tiers)
Data tables	8 structured tables — see itemised list below
Figures / charts / graphs	None. This is a text- and table-based intelligence product by design: every quantitative claim is presented in a structured, sourced table rather than a graphic, so figures remain traceable, print-stable and citable rather than illustrative
Pull-quote callouts	2 boxed GLIAG maxims used as section anchors
Forward scenarios	3 probability-weighted 2027–2030 outcome scenarios
GLIAG Predictions	8 named, numbered predictions
Strategic Recommendations	10-point action list for acquirer management
Investor Playbook	10 due-diligence question categories for LPs and acquiring institutions
Principal risk factors catalogued	11 named risks, each with potential impact and required response
Basins / petroleum systems covered	4 (Middle Magdalena Valley, Putumayo and Llanos in Colombia; Oriente in Ecuador), across 5 numbered sub-sections
Cited primary sources	15 clickable references (M&P and Gran Tierra official releases and filings, Reuters, ANH/Colombian government data, Ecuadorian regulatory sources, legal commentary, SPE/AAPG technical references)
Author	Drs. M.P.T. Chin-A-Lien, MBA, M.Sc., Ing. Geologist — single-author analysis, not a committee-drafted platform note
Revision licensed	Rev. 02, 5 August 2026 (revised same day). No further updates included, except under the Institutional Subscription tier, which delivers each new flagship report as issued

The 8 Tables in This Report

#	Table	Rows
1	Executive Publication Metadata	6
2	Transaction at a Glance	14
3	Deal Multiples — GLIAG Commercial Reading	6
4	Geological Portfolio — Four Petroleum Systems (source rock, reservoir, trap & seal, fluid & gravity, by basin)	4 basins × 4 columns
5	Country Risk Matrix — Colombia vs. Ecuador	8 dimensions
6	Capital Allocation Doctrine	6 priorities
7	Principal Risks (impact & required response)	11 risks
8	GLIAG Investment Assessment Matrix	13 rated dimensions

Row and column counts are provided so buyers can gauge analytical depth before purchase. Table contents, ratings and figures themselves are licensed material and are not reproduced in this teaser.

Table of Contents

Section	Page
Executive publication metadata & Executive Investment Thesis	3
Transaction at a Glance	3
1. Maurel & Prom: Origins, Reinvention and Strategic DNA	4
2. The Pertamina Anchor	5
3. The Pre-Transaction Financial Platform	5
4. Capital Architecture & 4.1 Deal Multiples	5
5. The Geological Portfolio (5.1–5.5: Middle Magdalena, Putumayo, Llanos, Oriente, Tisquirama/San Roque)	6–9
6. Sinu-9 — The Colombian Gas Counterweight	9
7. Country Risk and Political Timing	9
8. Contractual Architecture	10
9. Pro Forma Transformation	11
10. The Recovery-Factor Thesis	11
11. Capital Allocation Doctrine	11
12. Investor Value-Creation Levers	12
13. Principal Risks	12–13
14. GLIAG Scenarios 2027–2030	14
15. GLIAG Predictions	14
16. Strategic Recommendations	14–15
17. GLIAG Investor Playbook	15
18. Final GLIAG Judgement & GLIAG Investment Assessment matrix	16
Trusted References and Clickable Source Register	17
Disclaimer & Copyright / Intellectual Property Notice	17–18

What Is Delivered — and What Is Not

Included in every purchase	Not included / available only as a separate arrangement
Full 18-page report, all 8 tables, all 3 scenarios, 8 predictions, 10 recommendations and the full 10-category investor playbook	The underlying financial model, spreadsheet workbook or reserve-audit data files
Complete clickable source register for independent verification	Live updates or revisions after Rev. 02, except under the Institutional Subscription tier
Perpetual license to retain and consult the report within the purchased tier	A call, briefing or Q&A session with the author (available on request as a paid add-on)
Right to use findings internally for investment, advisory or negotiation purposes within the licensed entity	Redistribution, resale, publication or incorporation into third-party research products, decks or AI/ML training data

Licensing & Pricing

GLIAG’s single-transaction intelligence reports are priced to sit between the per-asset report model used by major energy consultancies (Wood Mackenzie asset-level reports typically list in the US$2,000–7,000 range; Rystad Energy and Welligence LatAm-focused deal and basin intelligence is generally sold only through multi-thousand-dollar annual subscriptions) and the cost of commissioning equivalent bespoke advisory work. A GLIAG report delivers integrated geological, commercial, contractual and political analysis unavailable as a discrete, single-transaction purchase from the major platforms.

Tier	Access	Price (USD)
Single User	One named individual, personal use, non-distributable PDF	$1,450
Team License	Up to 5 named users within one desk or department	$3,900
Corporate / Site License	Unlimited internal users, one legal entity, internal redistribution permitted	$8,500
Institutional Subscription	Quarterly GLIAG Guyana–Suriname–Andean Basin report bundle (4 flagship reports/year), corporate license	$24,000 / year

Academic and government pricing available on request. Multi-report and standing-mandate discounts apply for institutions requiring ongoing GLIAG coverage of the Guyana-Suriname Basin and wider Caribbean/Andean energy theatre.

To purchase this report or discuss licensing terms, contact:

Drs. M.P.T. Chin-A-Lien, MBA, M.Sc., Ing. Geologist

Principal Founding Partner & Chief Architect, GLIAG N.V. — Golden Lane Investments Advisory Group

marcelchinalien@gmail.com

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Disclaimer and Legal Notice. This teaser and the underlying publication are prepared by Golden Lane Investments Advisory Group N.V. based on publicly available information considered reliable as of publication date. This material does not constitute investment advice, securities research, a reserves certification, a fairness opinion, legal advice, tax advice, or an offer or solicitation to buy or sell any security or asset. GLIAG’s analysis is independently formed and is not commissioned by, or affiliated with, Maurel & Prom, Gran Tierra Energy, Pertamina, or any government referenced herein. Figures drawn from third-party sources are believed accurate but are not independently verified by GLIAG; forward-looking statements and scenarios are analytical estimates, not company guidance. Prospective purchasers should undertake independent technical, commercial, legal and geopolitical due diligence before making any investment decision.

Copyright and Intellectual Property. © 2026 Golden Lane Investments Advisory Group N.V. and Drs. M.P.T. Chin-A-Lien. All rights reserved. The analytical architecture, scenarios, predictions, terminology, valuations and conclusions contained in the full report are proprietary intellectual property of GLIAG N.V. and its author. No part of this teaser or the licensed report may be reproduced, redistributed, translated, adapted, incorporated into commercial reports, investment materials, presentations, advisory work, or used as artificial-intelligence or machine-learning training data, without prior written authorisation and full attribution. Pursuant to Article 4(3) of Directive (EU) 2019/790, GLIAG N.V. expressly reserves its rights and opts out of any text and data mining exploitation of this content for AI/ML training purposes.

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