Maurel et Prom : Maurel et Prom : Q1 2013 sales
Paris, 15 April 2013
*Production (21,580boepd) and entitlements (17,052boepd) up 24%
*Cumulative negative impact of advanced or differed offtakes: 490kbbls,
*Inventory increase effect for Q1 2013: 181 kbbls, €15million
*Inventory decrease effect for Q1 2012: 309 kbbls,€28million
*Q1 2013 consolidated sales of €113million
*Proposed dividend:€0.40 per share
Q1 2013 production data for Gabon and Colombia
Data in barrels of oil equivalent per day (boepd)
Q1 2013* Q1 2012* Change
Production at 100% boepd 21,580 17,493 +23%
Gabon 20,753 16,575
Colombia 827 918
M&P share boepd 18,054 14,587 +24%
Gabon 17,640 14,128
Colombia 414 459
Entitlements boepd 17,052 13,779 +24%
Gabon 16,663 13,348
Colombia 389 431
*90 days in Q1 2013 versus 91 days in Q1 2012
Data in accumulated barrels (bbl):
Production sold bbl 1,353,060 1,564,108 -13%
Inventory effect during the period bbl 181,593 -309,974
Entitlements bbl 1,534,680 1,254,134 22%
Movement in sale prices
Average sale price US$/bbl 110.7 117.7 -6%
Gabon 110.7 118.1
Colombia 112.6 104.7
Movement in exchange rate
€/$ 1.32 1.311 1%
In Gabon, production at the Banio field, which was suspended in July 2012
following a pump failure, restarted at the end of March 2013. The Group was
not affected by the strikes but was forced to reduce production for a few days
in order to adapt to the reductions imposed by the evacuation methods.
In Tanzania, gas sales on the Mnazi Bay permit amounted to US$369,000. The
sale price is set at US$5.36/MMBtu. The Company is in the process of
negotiating a gas sales contract with the Tanzanian authorities with a view to
increasing the volumes of gas produced and sold. The sale price would range
between US$3.20 and $3.50/MMscf.
Production at the Sabanero field stabilised between 900 and 1,000 boepd
pending possible work. This field remains in a test phase, until the
production permit is obtained.
Q1 2013 Sales:€113million
in €M Q1 2013 Q1 2012
Exchange rate 1.32 1.311
Entitlements valued 129.1 112.7
Gabon 125.8 109.4
Colombia 3.0 3.1
Tanzania 0.3 0.2
Others -16.1 +20.0
Impact of hedges -0.9 -7.9
Inventory effect -15.2 +27.9
Consolidated sales 113.0 132.8
Group consolidated sales were €113million, down 15% on the same period in
2012. This decrease is primarily the result of major shifts in entitlements.
During the first quarter of 2013, the increase in unsold production stock
amounted to 181,000 barrels for Maurel & Prom's share. During the first
quarter of 2012, the change in inventories reflected a stock consumption of
Furthermore, the average sale price was $110.70 per barrel, down 6% on the
first quarter of 2012.
Finally, the movement in the euro/dollar rate had a negative impact to the
tune of 1% of euro sales in the first trimester of 2013.
Oil hedges put in place by the Group had a limited effect. In the first
quarter of 2013, 500 barrels per day were hedged at an average price of US$87.
At the General Shareholders' Meeting on 13 June 2013, the Group will propose
the distribution of a dividend of €0.40 per share.
RESULTS OF EXPLORATION
The Kola-1 well, located on the La Noumbi permit in the Congo (M&P operator,
49%) was drilled to a depth of 1,363 metres. The expected objectives in the
Chela and Vandji formations were not met. Samples of oil traces were taken
during the drilling and should provide a better understanding of the region's
oil system. The drilling equipment is in the process of being moved in order
to drill the prospective Kola-2 well, which is independent of Kola-1.
Gross production: production at 100%.
Maurel & Prom production share: gross production - partners' share.
Mining royalties in Gabon: royalties are paid in foreign currencies in Gabon
Entitlements: production share - in-kind royalties - 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 the 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
Tax and duties: profit oil due to the Gabonese State 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 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
Phone: +33 1 42 72 46 76
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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applicable laws; and
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information contained therein.
Source: Maurel et Prom via Thomson Reuters ONE
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