- M&P’s working interest production in first-half 2022:
25,126 boepd
- In Gabon, oil production of 13,828 bopd for M&P’s working
interest; situation back to normal in June (15,120 bopd for
M&P’s working interest) after disruptions in May following the
incident at the Cap Lopez export terminal
- Steady gas production in Tanzania, with output of 44.4 mmcfd
for M&P’s working interest
- Increase in oil production in Angola, with 3,902 bopd for
M&P’s working interest, up 19% from second-half 2021
- Valued production of $352 million in first-half 2022, driven
by strong crude oil prices
- Average sale price of oil of $105.0/bbl
- Valued production up 63% and 29% respectively versus first- and
second-half 2021
- Consolidated sales of $355 million
- Net debt of $195 million at 30 June 2022, a reduction of
$148 million from 31 December 2021 ($343 million)
- Following the refinancing announced on 12 May, new credit lines
drawn down in early July
- First quarterly repayment due in April 2023, with c.$52 million
being repaid annually for the next five years (excluding the RCF
tranche)
- Dividend of €0.14 per share (for a total amount of $28 million)
paid post closing on 5 July
Regulatory News:
Maurel & Prom (Paris:MAU):
Key indicators for the first half of
2022
Q1
2022
Q2
2022
H1
2022
H1
2021
H2
2021
Change H1 2022 vs.
H1 2021
H2 2021
M&P working interest
production
Gabon (oil)
bopd
14,222
13,439
13,828
15,189
15,886
-9%
-13%
Angola (oil)
bopd
3,856
3,947
3,902
3,561
3,273
+10%
+19%
Tanzania (gas)
mmcfd
47.3
41.5
44.4
38.6
39.8
+15%
+12%
Total
boepd
25,966
24,296
25,126
25,182
25,793
-0%
-3%
Average sale price
Oil
$/bbl
94.2
112.0
105.0
63.0
79.4
+67%
+32%
Gas
$/mmBtu
3.49
3.50
3.50
3.35
3.35
+5%
+4%
Sales
Gabon
$mm
127
136
262
164
205
+60%
+28%
Angola
$mm
26
31
57
28
40
+108%
+43%
Tanzania
$mm
16
16
32
25
27
+30%
+18%
Valued production
$mm
170
182
352
216
272
+63%
+29%
Drilling activities
$mm
1
1
1
1
1
Restatement for lifting imbalances and
inventory revaluation
$mm
-40
41
1
-29
39
Consolidated sales
$mm
130
224
355
188
313
+89%
+13%
M&P’s working interest production in the first half of 2022
was 25,126 boepd. The average sale price of oil during the period
was $105.0/bbl, up 67% from the first half of 2021 ($63.0/bbl) and
32% from the second half of 2021 ($79.4/bbl).
The Group’s valued production (income from production
activities, excluding lifting imbalances and inventory revaluation)
in H1 2022 was $352 million. The restatement for lifting imbalances
net of inventory revaluation had virtually no impact on the period
due to near-exact offsetting between the first quarter (-$40
million) and the second quarter ($40 million). Only one lifting
took place in Gabon in the first quarter, and two in the second
quarter, one in Gabon and the other one in Angola.
Consolidated sales for the first half of 2022 came in at $355
million.
Production activities
M&P’s working interest oil production (80%) on the Ezanga
permit stood at 13,828 bopd (gross production: 17,285 bopd) for the
first half of 2022.
As mentioned previously, production in Q2 2022 was affected by
the interruption to activity at the Cap Lopez terminal, which
forced M&P to reduce production for two weeks. Consequently,
average production in May was 10,701 bopd for M&P’s working
interest (gross production: 13,377 bopd). The export situation
returned to normal in June, with average production of 15,120 bopd
for M&P’s working interest (gross production: 18,900 bopd).
M&P’s working interest gas production (48.06%) on the Mnazi
Bay permit was 44.4 mmcfd (gross production: 92.3 mmcfd) for the
first half of 2022, up 15% from H1 2021 and 12% from H2 2021.
M&P’s working interest production (20%) on Block 3/05 in Q1
2022 was 3,902 bopd (gross production: 19,507 bopd). Production had
been affected by maintenance operations in 2021 but returned to a
higher level once those operations were completed.
Production in Q1 2022 was revalued to 3,947 bopd for M&P’s
working interest, rather than the 3,536 bopd initially announced
when the quarterly results were published in April. This adjustment
also resulted in a $5 million increase in Q1 2022 valued
production.
Exploration activities
M&P received approval from the National Hydrocarbons Agency
(ANH) to extend the COR-15 permit until July 2023. Drilling of the
first exploration well is expected to start by October 2022.
Financial position
The cash position as at 30 June 2022 was $250 million. Gross
debt stood at $445 million ($363 million for the term loan and $82
million for the shareholder loan), meaning net debt fell by $148
million during the period from $343 million at 31 December 2021 to
$195 million at 30 June 2022.
In early July, M&P refinanced its debt in accordance with
the terms announced on 12 May. It drew down the full amount of the
$255 million new bank loan ($67 million being the RCF tranche) and
repaid the $363 million outstanding on the former term loan,
reducing gross debt by $108 million. In view of the favourable cash
position, M&P decided to keep the shareholder loan at its
current level of $82 million and not to draw down the second
tranche of $100 million. That $100 million therefore remains
available to M&P until the shareholder loan’s final
maturity.
The refinancing completed in early July resulted in a cash
outflow of $108 million. Upon closing of the transaction, the
Group’s proforma cash position was $143 million (vs. $250 million
as at 30 June 2022), before the dividend payment of €0.14 per share
on 5 July, for a total amount of $28 million.
Drawn-debt repayment profile at 21 July
2022 ($337 million):
Object omitted.
Key terms of the debt
facilities:
Bank loan
Amortising portion
Bank loan
Revolving portion
Shareholder loan
Amount drawn
$188mm
$67mm
$82mm
(+ $100mm available)
Interest rate
SOFR + 2.00%
SOFR + 2.25%
(0.675% on the undrawn
portion)
SOFR + 2.10%
Repayments
18 quarterly instalments
At maturity
22 quarterly instalments
First instalment
Q2 2023
–
Q2 2023
Last instalment
Q3 2027
Q3 2027
Q3 2028
Français
Anglais
pieds cubes
pc
cf
cubic feet
millions de pieds cubes par
jour
Mpc/j
mmcfd
million cubic feet per day
milliards de pieds cubes
Gpc
bcf
billion cubic feet
baril
B
bbl
barrel
barils d’huile par jour
b/j
bopd
barrels of oil per day
millions de barils
Mb
mmbbls
million barrels
barils équivalent pétrole
bep
boe
barrels of oil equivalent
barils équivalent pétrole par
jour
bep/j
boepd
barrels of oil equivalent per day
millions de barils équivalent
pétrole
Mbep
mmboe
million barrels of oil equivalent
For more information, visit www.maureletprom.fr/en/
This document may contain forward-looking
statements regarding the financial position, results, business
activities 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 All-Tradable – CAC Small – CAC Mid & Small –
Eligible PEA-PME and SRD Isin FR0000051070/Bloomberg MAU.FP/Reuters
MAUP.PA
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220720005798/en/
Maurel & Prom Press, shareholder and investor
relations Tel: +33 (0)1 53 83 16 45 ir@maureletprom.fr
NewCap Financial communications and investor
relations/Media relations Louis-Victor Delouvrier/Nicolas Merigeau
Tel: +33 (0)1 44 71 98 53/+33 (0)1 44 71 94 98
maureletprom@newcap.eu
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