April 23, 2018 - 1:00 AM EDT
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Maurel & Prom - Q1 2018 sales: $128 million

Paris, 23 April 2018
 No. 05-18

Q1 2018 sales: $128 million

 
  


  • Significant increase in sales compared to Q4 2017
    • Positive impact of the upturn in oil prices
    • Stable production in Gabon (-1% v. Q4 2017) and strong growth in Tanzania
      (+24% v. Q4 2017)
 
  


Q1 2018 sales

            Change Q1 2018 v.
  Q1 2017 Q2 2017 Q3 2017 Q4 2017   Q1 2018    Q1 2017  Q4 2017
              
Total production sold over the period, M&P share                  
million barrels of oil 1.6 1.7 1.8 1.7   1.7   +6% +5%
million MMBTU 1.9 1.4 2.7 2.8   3.4   +78% +24%
               
Average sale price                  
Oil, in $/bbl 52.8 48.6 50.0 59.7   66.3   +26% +11%
Gas, in $/BTU 3.18 3.22 3.13 3.12   3.18   +0% +2%
               
EUR/USD exchange rate 1.06 1.10 1.17 1.18   1.23   +16% +4%
                 
Sales (in $m)                  
Oil production 91 87 97 109   124   +36% +14%
Gabon 86 83 90 102   115   +34% +13%
Tanzania 5 4 7 7   9   +78% +27%
Drilling operations 5 3 4 4   4   -23% -4%
Consolidated sales (in $m) 96 90 101 113   128   +33% +13%
Consolidated sales (in €m) 90 81 86 97   104   +15% +7%
                     

The favourable trend in sales results from a sharp increase in the average price of the sale of oil produced in Gabon ($66.3/bbl, +26% versus Q1 2017, +11% versus Q4 2017).

Additionally, Q1 sales in Gabon were positively impacted (in the amount of about $8 million) by an entitlement volume that exceeded production for the quarter in question.

Hydrocarbon production in Q1 2018

             Change Q1 2018 v.
    Q1 2017 Q2 2017 Q3 2017 Q4 2017   Q1 2018    Q1 2017  Q4 2017
                    
Production operated by Maurel & Prom (100%)                    
 Oil bopd 24,303   25,104   26,290   24,144     23,975   -1% -1%
 Gas MMcf/d 43.3   30.7   60.0   62.2     77.0   +78% +24%
 TOTAL  boepd 31,509   30,221   36,268   34,514     36,804   +17% +7%
                  
Maurel & Prom
share of production
                   
 Oil bopd 19,442   20,083   21,032   19,315     19,180   -1% -1%
 Gas MMcf/d 20.8   14.8   28.8   29.9     37.0   +78% +24%
 TOTAL  boepd 22,905   22,542   25,828   24,299     25,346   +11% +4%
               

Operated oil production in Gabon in Q1 2018 totalled 23,975 bopd, with 19,180 bopd as M&P's share (80%). This level of production remained virtually unchanged compared to Q4 2017 and Q1 2017.

As previously announced and with a view to mitigating the natural depletion of the fields, Maurel & Prom resumed its drilling operations in 2018, after they were suspended in 2015. The work programme includes eleven development wells and three sidetracks. In accordance with the agreed schedule, drilling of the first well began on 17 March. The expected positive effects on production should be seen in the second half of the year.

In Tanzania, average gas output totalled 77.0 MMcf/d (operated share), corresponding to 37.0 MMcf/d as M&P's share (48.06%). In March 2018, the Mnazi Bay field achieved a record production level of 84.8 MMcf/d, after it exceeded the monthly production threshold of 80.0 MMcf/d for the first time in February 2018. This production increase seeks to address the gas demand growth in order to meet national requirements.

 
  


For more information, visit www.maureletprom.fr

Contacts

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

NewCap
Financial communications and investor relations         
Julie Coulot/Louis-Victor Delouvrier
Tel.: +33 (0)1 44 71 98 53                                                
[email protected]

Media relations
Nicolas Merigeau
Tel.: +33 (0)1 44 71 94 98
[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 & Small - CAC Small - CAC All-Tradable - CAC Oil & Gas - Eligible PEA-PME and SRD
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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


Source: Thomson Reuters ONE (April 23, 2018 - 1:00 AM EDT)

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