July 27, 2016 - 11:36 AM EDT
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Maurel & Prom : Activity for the first half of 2016

Paris, 27 July 2016
 No. 12-16

Activity for the first half of 2016 

  • Increase in quantities produced
  • Decline in the sale price
 
  


  • H1 2016 sales: €142 million versus €158 million in H1 2015
    • Increase in quantities produced in Gabon: +22% to 21,169 bopd for M&P's share
    • Gas sales in Tanzania: average of 23.7 MMcf/d in H1 for M&P's share
    • Falling oil prices: sale price down by 27% at $39.2/bbl
       
  • Production averaging over 29,000 bopd at 100% since 1/7/2016
 
  


Sales for the first half of 2016      
             
  Q1 2016 Q2 2016   H1 2016   H1 2015 Chg. 16/15
            
Quantities sold over the period, M&P's share              
barrels of oil 1,692,349 1,886,151   3,578,500   2,948,724 +21%
BTU 2,126,535 2,280,973   4,407,508   197,857 N/A
            
Average sale price              
OIL in $ per barrel 32.6 45.1   39.2   53.5 -27%
GAS in $ per million BTU 3.11 3.11   3.11   - -
            
EUR/USD exchange rate 0.91 0.89   0.90   0.90 0%
               
SALES (in € millions)              
Oil production 55 81   136   142 -4%
Gabon 50 76   126   141  
Tanzania 5 5   10   1  
Drilling operations 3 3   6   16 -60%
Consolidated sales 58 84   142   158 -10%
               

The Group's consolidated sales for the first half of 2016 amounted to €142 million, compared to €158 million for the same period in 2015. This 10% decline was due to the drop in oil prices (sale price down by 27% at $39.2/bbl versus $53.5/bbl in the first half of 2015). The quality discount between Brent and Rabi Light was $2.21/bbl in Q2 2016 versus $3.45/bbl in Q1 2016 and $4.45/bbl in Q4 2015. This improvement is part of a perspective of balancing supply and demand in the global oil industry and promises an oil price rise in the coming months.

Oil output rose by 22% to 21,169 bopd for Maurel & Prom's share, while gas delivered in Tanzania averaged 23.7 MMcf/d in the first half of 2016, taking Maurel & Prom's share of total production to 25,144 boepd versus 17,581 boepd in the first half of 2015.

Maurel & Prom's share of production       
            
  Q1 2016 Q2 2016   H1 2016   H1 2015 Chg. 16/15
 Oil  19,910 bopd 22,195 bopd   21,169 bopd   17,404 bopd +22%
 Gas  22.8 MMcf/d 24.5 MMcf/d   23.7 MMcf/d    1.1 MMcf/d  -
 TOTAL  23,717 boepd 26,279 boepd   25,144 boepd    17,581 boepd +43%
             

In Gabon, the pipeline operator carried out further reinforcement work in March on the 12" routing line between the Coucal station and the junction with the 18" pipeline. As a result, production was limited between 13 March and 5 April 2016. It gradually picked up to average 27,744 bopd (at 100%) in the second quarter of 2016, or 22,195 bopd for M&P's share, versus 19,910 bopd in the first quarter of 2016, a quarter-on-quarter rise of 11%.

In Tanzania, Maurel & Prom, as operator, supplied an average of 49 million cubic feet per day (100%). Gas deliveries depend on demand from the national company, TPDC.

 
  


Next publication 

31 August 2016 before markets open: 2016 first-half results

 
  

       

French
    English
pieds cubes pc cf cubic feet
pieds cubes par jour pc/j cfpd cubic feet per day
milliers de pieds cubes kpc Mcf 1,000 cubic feet
millions de pieds cubes Mpc MMcf 1,000 Mcf = million cubic feet
milliards de pieds cubes Gpc Bcf billion cubic feet
baril b bbl barrel
barils d'huile par jour b/j bopd barrels of oil per day
milliers de barils kb Mbbl 1,000 barrels
millions de barils Mb MMbbl 1,000 Mbbl = million barrels
barils équivalent pétrole bep boe barrels of oil equivalent
barils équivalent pétrole par jour bep/j boepd barrels of oil equivalent per day
milliers de barils équivalent pétrole kbep Mboe 1,000 barrels of oil equivalent
millions de barils équivalent pétrole Mbep MMboe 1,000 Mbbl = million barrels of oil equivalent

 
  


For more information, go to www.maureletprom.fr
MAUREL & PROM
Tel.: +33 (0)1 53 83 16 00                                                                

Press contacts, shareholder and investor relations
Tel.: +33 (0)1 53 83 16 45                                                                
[email protected]

                                                                                                         


This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.

 
  


Maurel & Prom is listed for trading on Euronext Paris
CAC® Mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share - CAC PME - EnterNext© PEA-PME 150
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maurel & Prom via Globenewswire

HUG#2031158

Source: Thomson Reuters ONE (July 27, 2016 - 11:36 AM EDT)

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