Maurel et Prom : Maurel et Prom : Reserves and resources

           Maurel et Prom : Maurel et Prom : Reserves and resources

                                                           Paris, 7 March 2013

                                                                    No. 05-13

                            Reserves and Resources

P1+P2 reserves net of royalties:198 million barrels, +7%
    P3 reserves net of royalties:98 million barrels

    C1+C2 resources net of royalties:294 Bscf
    C3 resources net of royalties:433 Bscf

Additional resources linked to discoveries:
Oil:41 million barrels
Gas:1.8 Tscf



The Group's reserves correspond to  hydrocarbon volumes revealed by  discovery 
and delineation  wells  that  can be  operated  commercially.P1  (proven),  P2 
(probable) and P3 (possible) oil reserves  net of royalties were evaluated  by 
DeGolyer and MacNaughton on 1 January 2013 for Gabon and by GLJ for Colombia.

Gas resources on the Mnazi Bay permit in Tanzania were evaluated by RPS-APA on
30 September 2007.

Included  in  our  "Additional   hydrocarbon  resources"  classification   are 
resources  corresponding  to  hydrocarbon  volumes  that  have  been  revealed 
butwhich have not been made  the subject of a  development plan and for  which 
the  development  economics  are  still  to  be  proven.These  resources  were 
evaluated by DeGolyer and MacNaughton on 1 January 2008 for Sicily, and by GLJ
on 1 January 2013 for Colombia.

In line  with  the  Group's  historical policy,  reserves  and  resources  are 
presented as Maurel & Prom's share, net of royalties and before taxes specific
to each type of contract (production sharing, concession, etc.).

Oil reserves (M&P share net of royalties)

As at 1 January 2013, the Group's P1+P2  oil reserves were 198 MMbbl or a  +7% 
increase compare to  1 January  2012. These  amounts are  recognized as  Group 
share, net of royalties.

               unit  P1    P2    P1+P2   P3
OMOUEYI    85% Mboe 53.8  140.5  194.4  94.5
BANIO     100% Mboe 0.3    0.1    0.4   0.2
GABON        Mboe 54.2  140.6  194.8  94.7
SABANERO   50% Mboe 2.1    1.3    3.4   3.6
COLOMBIA     Mboe 2.1    1.3    3.4   3.6
TOTAL Oil    Mboe 56.3  141.9  198.2  98.4

Changes from the corresponding previous year:

  *Annual production, mainly in Gabon, -6 MMbbl;

  *Upward revaluation of P1+P2 reserves in Gabon, + 23.1 MMbbl;

  *Downward revaluation of Sabanero P1+P2 reserves in Colombia, -4.2 MMbbl.

In Gabon, the results of  drilling carried out in  2012 and an improvement  in 
water injection management increased Group reserves. In Gabon, in addition  to 
its P1 and  P2 reserves, the  Group also has  95 MMbbl of  P3 reserves net  of 

In Colombia, the Sabanero field reserves were evaluated by GLJ, an independent
auditor based in Canada. It showed that Maurel & Prom's share of reserves  net 
of royalties were 2.1 MMbbl (P1) and 1.3 MMbbl (P2). The downward revision  is 
the result of flooding observed on this field's production wells in 2012.  The 
reserves published by  Pacific Rubiales  Energy are higher,  as their  auditor 
uses historical data provided by the operator for similar fields in Quifa  and 
Rubiales to which  GLJ does not  have access.  The P3 reserves  in this  field 
total 3.6 MMbbl.

Gas reserves (M&P share net of royalties)

While awaiting  the finalisation  of  a gas  sales  agreement, the  Group  has 
published the  resource valuation  by  RPS-APA for  the  Mnazi Bay  permit  in 
Tanzania. This report, dated 30 September 2007, remains valid.

During the first  half of 2012,  the Group exercised  its preemption right  on 
Cove Energy's interest in the Mnazi Bay concession. Following this  operation, 
Maurel & Prom's interest in this permit increased to 48.06%. Consequently, the
Group's C1+C2 resources total 294 Bscf, or 52.5 Mboe.

C3 resources on the Mnazi  Bay permit are 433 Bscf,  or 77 Mboe. A 3D  seismic 
campaign is under way on the possible extension of this offshore field to gain
more precise knowledge of this area which is prolific in gas.

The potential linked to the drilling of  the Mafia Deep well must be added  to 
this figure. The volume of  local natural gas for  this well was evaluated  by 
Schlumberger to  be between  1.97 and  4.15  Tscf (the  Group's share  net  of 
royalties would be between 1.0 and 2.2 Tscf).

Additional resources (M&P share net of royalties)

The hydrocarbon  volumes  presented  in  the  table  below  correspond  to  an 
evaluation of resources (net of royalties) linked to discoveries, or to  wells 
that have revealed the presence of  hydrocarbons, but which have not yet  been 

                               Type of hydrocarbon      2013 
COLOMBIA CPO 17         25.00%                 Oil     41 MMbbl
SICILY   Fiume Tellaro 100.00%                 Gas     1.8 Tscf

In Colombia, the resources have been evaluated by GLJ, they amount to 41 MMbbl
on the CPO 17  field. It should  be noted that the  Godric field discovery  in 
December 2012 alone allows the Group  to increase its resources by 13.3  MMbbl 
(net of  royalties). The  operator Hocol  (MP  Colombia 50%,  or M&P  25%)  is 
scheduled to drill additional exploration wells at this prospect during Q2.

Additional exploration potential

The resources mentioned above do not take into account the potential linked to
the intensive exploration  which began  this year with  seismic campaigns  and 


Tscf: trillion cubic feet
Bscf: billion cubic feet
Mboe: million barrels of oil equivalent
MMbbls: millions of barrels

The energy conversion  factor adopted is:1  barrel of oil  equivalent =  5,610 
cubic feet of gas.

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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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