Deep Value with a Venezuelan Catalyst: Maurel et Prom (MAU.F) *Exited*
Our catalyst is here.
Not investment advice: First, read my full disclaimer here.
Update: February 19, 2026
Maurel et Prom is up 40%+ since I profiled them 45 days ago. Today they received the catalyst that should allow shares to re-rate much higher once investors fully understand the implications.
What happened? M&P received a license from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Under the terms of the license, M&P is:
Allowed to resume and conduct oil and gas operations in Venezuela, including transactions involving the Government of Venezuela and Petróleos de Venezuela S.A. (“PdVSA”) entities;
Required to amend its agreements with PdVSA to be governed by U.S. law and dispute resolution within the U.S.;
Required to make payments (including taxes and royalties) to the Government of Venezuela or PdVSA to be made in accordance with the mechanisms specified by U.S. authorities.
As previously mentioned, Maurel et Prom has over 20% of their production and 50% of their reserves in Venezuela - reserves were revised upwards by 85% weeks ago to 148 mmbbls. The rescission of their last OFAC license precluded them from realizing any financial benefit from its production in the country.
Here is the beautiful thing: Even after running 40%, Maurel et Prom trades at ~11x TTM EV/FCF without recognizing any benefit from Venezuela.
Now I will go through (a) the math on how much this deal can generate for M&P (b) three investment scenarios (c) four other publicly traded small and mid-caps that are potential beneficiaries.