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French independent oil company Etablissements Maurel Et Prom SA (MAU.FR) said Friday that it will farm in to Artumas Group Inc. (AGI.OS) assets in Tanzania and Mozambique.

MAIN FACTS:

-Maurel Et Prom will farm in to a 38.22% participating interest in the Mnazi Bay permit in Tanzania, with a 47.775% participating interest for Exploration Operations, the difference being due to Tanzanian Petroleum Development Corporation's 20% participating interest in all but Exploration Operations. Maurel Et Prom will assume operatorship of all Petroleum Operations under the Production Sharing Agreement.

-Maurel & Prom will farm in to a 24% participating interest in the Onshore Rovuma Block in Mozambique. Maurel Et Prom and Cove Energy Plc (COV.LN) will carry Artumas for the first exploration well to be drilled on this block by the end of 2009. The Rovuma onshore block is operated by Anadarko, among the largest independent oil and natural gas exploration and production companies in the world.

-Maurel Et Prom decided not to enter into the Offshore Area 1 Rovuma Block in Mozambique, of which 8.5% have been taken by Cove Energy.

-Maurel Et Prom share of the total cash consideration in respect of both Tanzania and Mozambique to be paid to Artumas amounts to US$10.2M.

-In addition Maurel Et Prom and Cove Energy will carry Artumas' share of costs for a 200 sq. km. 3D seismic programme and an exploration well in Tanzania, and Artumas also may elect that Maurel Et Prom and Cove will fund Artumas' share of either of two appraisal wells, in which case a further 5% per well will be assigned to Maurel Et Prom and Cove.

-The transaction is subject to the approval of the relevant government entities, joint venture partners, the approval of Artumas' bondholders and of Cove's shareholders.

Company Web site: www.maureletprom.fr

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; alice.dore@dowjones.com