Maurel et Prom : Maurel et Prom : 12-Month sales 2012: €472 million

     Maurel et Prom : Maurel et Prom : 12-Month sales 2012: €472 million

                                                                              
 

                                                        Paris, 7 February 2013

                                                                      No 03-13

12-month sales 2012: €472 million (+26% vs 2011, +118% vs 2010)

                                      -

Sales for FY 2012 up 26% over 2011

                                                      12       12 months Chg.
in € M            Q1 2012 Q2 2012 Q3 2012 Q4 2012   months       2011    12/11
                                                     2012
    Exchange rate  1.311   1.284   1.250   1.298     1.286       1.392    -8%
              $/€                                                           
            Gabon  137.3   90.1    95.5    147.8     470.7       414.9    13%
         Colombia   3.1     4.9     3.5     5.3      16.8         0.0       
            Congo   0.0     0.0     0.0     0.0       0.0         0.2       
         Tanzania   0.2     0.2     0.3     0.3       1.0         0.7       
   Oil production  140.6   95.2    99.4    153.5     488.5       415.8    17%
 Impact of hedges  -7.9    -1.9    -3.3    -3.3      -16.4       -42.3      
                                                                            
     Consolidated  132.8   93.2    95.9    150.1     472.0       373.5    26%
            sales
                                                                          

The Group's consolidated sales  totalled €472 million, a  26% increase on  the 
previous year.

This increase was  mainly due to  higher volumes  being sold in  Gabon, in  an 
environment of steady selling prices (US$110.6/bbl in 2012 versus US$110.9/bbl
on average in 2011).

Oil hedges had a limited negative impact over the year due to the reduction in
hedged volumes compared to the previous year. For 2013, hedged volumes, as  of 
today, are significantly lower. Impact on  consolidated sales in 2013 is  only 
on 500 boepd  with an average  price of US$87  per barrel. It  should also  be 
noted that there was a favourable movement in the US$/€ exchange rate (-8%) in
2012.

In addition, the Group saw oil sales from the Sabanero field in Colombia total
US$16.8 million (M&P share 50.01%) for the 2012 financial year.

Note that the Group's consolidated sales  have more than doubled in two  years 
(see table below). This upward trend  should continue in the coming  financial 
years with the  increases in  oil production in  Gabon and  Colombia, and  gas 
production in Tanzania.

in € M                                           Chg.                 Chg.
                   12 months 2012 12 months 2011 12/11 12 months 2010 12/10
 
     Exchange rate     1.286          1.392       -8%      1.392       -8%
                                                                         
             Gabon     470.7          414.9       13%      253.9       85%
          Colombia      16.8           0.0                  0.0          
             Congo      0.0            0.2                  0.0          
          Tanzania      1.0            0.7                  0.6          
    Oil production     488.5          415.8       17%      254.5       92%
  Impact of hedges     -16.4          -42.3                -37.9         
                                                                         
Consolidated sales     472.0          373.5       26%      216.6      118%

                                      -

2012 production data for Gabon and Colombia

                                                                12       12
                        Q1 2012  Q2 2012  Q3 2012  Q4 2012    months   months
                                                               2012     2011
                                                                              
Production at             17,493   17,982   18,704   21,615    18,955   18,140
100%          bopd                                                            
                                                                              
                          16,575 16,407   17,313   20,451    17,693     18,140
Gabon                                                                         
                                                                              
                                    1,575    1,391    1,164   1,262          -
Colombia                   918                                                
                                                                              
                          14,587   14,765   15,413   17,966    15,688   15,461
M&P share     bopd                                                            
                                                                              
                          14,128 13,978   14,717   17,384    15,057     15,461
Gabon                                                                         
                                                                              
                                                                631          -
Colombia                   459      788      696      582                     
                                                                              
                          13,780   13,946   14,391   16,968    14,776   14,607
Entitlements  bopd                                                            
                                                                              
                          13,348 13,206   13,902   16,421    14,224     14,607
Gabon                                                                         
                                                                              
                                                                552          -
Colombia                   432      741      489      547                     
                                                                              
Production                19,785   10,006   12,420   19,939    15,541   14,269
sold          bopd                                                            
Average sale
price         US$/bbl
                                                                             
                                    101.5    108.4    108.1  110.6     110.9  
Gabon                   118.9                          
                                                                    
                                                      105.0   99.5        -  
Colombia                104.7     93.3     96.2        
                                                    

In Gabon, gross production from fields was 22,000 boepd in December 2012.

The connection  of new  wells  and the  development of  production  processes, 
combined with the improved  performance of water  injection, should allow  the 
Group to increase its production to over 27,000 bopd by the end of 2013.

In Colombia,  the level  of production  remains relatively  consistent. It  is 
restricted by  the  still  limited  number and  capacity  of  water  treatment 
infrastructures (16,450  barrels of  fluid) while  awaiting production  permit 
approval, expected for June 2013.

Up until 31 August 2012, oil deliveries to the Barranquilla and Guaduas  sites 
were made by truck. In September, Hocol took over the marketing and routing of
oil with entitlements at the Guaduas site, thereby reducing the selling  price 
discount compared  to  Brent (down  US$13.6/bbl  on average  from  January  to 
September, and down US$3.9/bbl on average from September to December 2012).
-

GLOSSARY

Gross production: production at 100%.

Working interest production: gross production - partners' share.

Mining royalties in Gabon: royalties are paid in foreign currencies in Gabon.

Entitlements: working interest production -  royalties paid in-kind -  in-kind 
State share of profit oil + corporation tax if the State's profit oil is  paid 
in kind.

Production sold: entitlements +/- stock.

Sale price: in Gabon,  prices are set  by the State based  on oil quality  and 
benchmark prices. The  mutually-agreed costs to  achieve commercial  viability 
must then be deducted from these prices.

Sales: entitlements  x sale  price.  Sales are  recognised on  the  production 
extraction date.

Taxes and duties: profit oil due to the Gabonese Government is paid in foreign
currencies for the Banio field and in  kind for the Onal, Omko, Omgw and  Ombg 
fields. Corporation tax  in Gabon is  included in the  State's profit oil  and 
systematically recognised as sales.

Q2 sales: sales for the second  quarter are calculated by deducting sales  for 
the first quarter from the figure for half-year sales.

Q3 sales: sales for  the third quarter are  calculated by deducting sales  for 
the first half of the year from the total sales for the first nine months.

Q4 sales: sales for the fourth  quarter are calculated by deducting sales  for 
the first nine months of the year from the total sales for the full 12 months.

For more information: www.maureletprom.fr

Communication:
INFLUENCES
Phone: +33 (0)1 42 72 46 76
Mail: communication@agence-influences.fr  

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 - Compartment A - CAC®
   mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share
            ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

 

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