Maurel et Prom : Maurel et Prom : Q1 2013 sales

               Maurel et Prom : Maurel et Prom : Q1 2013 sales


                                                          Paris, 15 April 2013
                                                                     No 08-13

  *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 
310,000 barrels.

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.


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 
extraction date.

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:

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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Source: Maurel et Prom via Thomson Reuters ONE
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