Regulatory News:
Maurel & Prom (Paris:MAU):
- M&P’s working interest production in first-half 2023:
27,406 boepd, up 5% compared to the second half of 2022
- M&P working interest production of 15,779 bopd in Gabon, an
increase of 2% compared to the second half of 2022
- M&P working interest production of 3,763 bopd in Angola, an
increase of 5% compared to the second half of 2022
- M&P working interest gas production of 47.2 mmcfd in
Tanzania, an increase of 12% compared to the second half of
2022
- Valued production of $289 million and sales of $299 million
in the first half of 2023
- Average sale price of oil was $74.8/bbl over the period, a
decrease of 17% from the second half of 2022 ($90.5/bbl).
- Contribution of drilling activities $11 million over the six
months
- Review of asset portfolio to optimise capital allocation
- In Angola, extension to 2040 obtained for the licence of Block
3/05; validation of improved tax terms in progress
- In Namibia, decision taken not to apply for the renewal of PEL
44 and PEL 45 exploration licences which expired on 15 June
2023
- Ongoing discussions with Tanzanian authorities regarding the
approval of the acquisition of Wentworth Resources; closing of the
transaction now expected in the second half of 2023
- Strong balance sheet and of value returns to
shareholders
- Net debt of $178 million as at 30 June 2023, down $21 million
over the half year ($200 million as at 31 December 2022)
- Dividend of €0.23 per share ($49 million) paid at the start of
July
Key indicators for the first half of
2023
Q1
2023
Q2
2023
H1
2023
H1
2022
H2
2022
Change H1 2023 vs.
H1 2022
H2 2022
M&P working interest
production
Gabon (oil)
bopd
15,839
15,719
15,779
13,828
15,451
+14%
+2%
Angola (oil)
bopd
3,424
4,097
3,763
3,902
3,580
-4%
+5%
Tanzania (gas)
mmcfd
46.7
47.6
47.2
44.4
42.1
+6%
+12%
Total
boepd
27,054
27,755
27,406
25,126
26,053
+9%
+5%
Average sale price
Oil
$/bbl
75.2
74.0
74.8
105.0
90.5
-29%
-17%
Gas
$/mmBtu
3.76
3.77
3.77
3.50
3.51
+8%
+7%
Sales
Gabon
$mm
105
106
211
262
265
-20%
-20%
Angola
$mm
19
22
41
57
47
-28%
-13%
Tanzania
$mm
18
18
36
32
36
+13%
+0%
Valued production
$mm
142
147
289
352
349
-18%
-17%
Drilling activities
$mm
5
6
11
1
10
Restatement for lifting imbalances and
inventory revaluation
$mm
42
-43
-1
1
-37
Consolidated sales
$mm
190
109
299
355
322
-16%
-7%
M&P’s working interest production in the first half of 2023
was 27,406 boepd. The average sale price of oil for the period was
$74.8/bbl.
The Group’s valued production (income from production
activities, excluding lifting imbalances and inventory revaluation)
was $289 million in the first six months of 2023.
The restatement of lifting imbalances net of inventory
revaluation had a limited impact over the period (negative $1
million). After incorporating the $11 million relating to drilling
activities, consolidated sales for the first six months of 2023 are
therefore $299 million.
Production activities
M&P’s working interest oil production (80%) on the Ezanga
permit stood at 15,779 bopd for the first half of 2023, an increase
of 2% compared to the second half of 2022.
M&P’s working interest gas production (48.06%) on the Mnazi
Bay permit was 47.2 mmcfd for the first half of 2023, up 12% from
the second half of 2022.
M&P working interest production from Blocks 3/05 (20%) and
3/05A (26.7%) in the first half of 2023 was 3,763 bopd in Q1 2023,
an increase of 5% on the second half of 2022.
Following publication of the decree of approval on 10 May, the
licence of Block 3/05 has now been extended from 2025 to 2040.
Discussions between the operator of the block and the regulator
with a view to finalising the improved tax terms associated with
the extension of the licence have successfully concluded and
implementation of the terms is now pending validation by the
authorities.
Exploration activities
M&P launched a farm-out process in November 2022 with a view
to finding a partner for exploration licences PEL 44 and PEL 45,
operated by M&P with an 85% working interest. The process ended
during the first half of 2023 without resulting in any offers from
companies invited to examine technical data on the two assets.
M&P therefore decided not to apply to enter the next
exploration phase, which includes drilling obligations, and the
licences for both PEL 44 and PEL 45 expired on 15 June 2023. This
marks the end of the Group’s operations in Namibia.
After exploratory drilling operations on the COR-15 permit ended
in February 2023, M&P analysed the data collected to determine
the prospectivity remaining on the permit. This exercise did not
enable identification of any new targets, in an asset for which the
Group is now free of any obligation for works.
Drilling activities
The C18 Maghèna drilling rig newly acquired by the Group and
operated by Caroil was commissioned in March and is currently
carrying out the drilling campaign on the Ezanga permit.
As part of its drilling services for third parties, in June 2023
Caroil signed an agreement with Perenco for a five-month drilling
campaign starting in Q4 2023, for which the C3 drilling rig is
currently being upgraded. The C16 drilling rig continues to be
deployed on the drilling campaign for Assala Energy in the south of
the country.
Information on the current offer for
Wentworth Resources
On 23 February 2023, Wentworth Resources shareholders approved
M&P's offer by voting in favour of the Scheme at the Court
Meeting and in favour of its implementation at the General
Shareholders’ Meeting.
As part of the approvals process for this transaction as
detailed in Part III of the Scheme Document, M&P requires
approvals of Tanzania’s Fair Competition Commission (the “FCC”).
The FCC issued a decision notice that M&P’s application shall
not be determined at this time and will be marked closed by the
FCC. M&P is consulting with the relevant Tanzanian government
stakeholders in order to find a solution and bring the acquisition
to a successful conclusion. M&P is also consulting with
relevant Tanzanian government stakeholders about national oil and
gas company TPDC’s demand to exercise a right of first refusal to
the acquisition.
The completion of the acquisition of Wentworth Resources remains
subject to these approvals by the Tanzanian authorities, which is
expected in the second half of 2023. M&P will communicate on
this subject in due course.
Financial position
Available liquidity as at 30 June 2023 was $137 million
(compared to $138 million as at 31 December 2022) and covered only
the cash position, as the $67 million RCF tranche was fully drawn.
This excludes the sum placed in escrow as part of the offer
announced on 5 December 2022 for Wentworth Resources, which
amounted to $81 million as at 30 June 2023.
Gross debt amounted to $315 million at 31 March 2023, including
$236 million in a bank loan and $79 million in a shareholder loan.
The first quarterly maturities on both instruments since the 2022
refinancing were paid in April 2023, for a total amount of $23
million ($19 million for the bank loan and $4 million for the
shareholder loan).
Net debt therefore amounted to $178 million at 30 June 2023, a
decrease of $21 million compared to 31 December 2022 ($200
million).
Français
English
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, please visit www.maureletprom.fr/en/
This document may contain forecasts regarding
the financial position, results, business and industrial strategy
of Maurel & Prom. By nature, forecasts 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
forecasts 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
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version on businesswire.com: https://www.businesswire.com/news/home/20230719241079/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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