Regulatory News:
Maurel & Prom (Paris:MAU):
- M&P’s working interest production in 2023: 28,057 boepd,
up 10% compared to 2022
- M&P’s working interest production of 15,354 bopd on the
Ezanga permit in Gabon, an increase of 5%
- M&P’s working interest production of 4,103 bopd in Angola,
up 10%
- M&P's working interest gas production of 51.6 mmcfd in
Tanzania, an increase of 19%
- Sales of $682 million in 2023, up 1% from 2022
- Average oil saleprice of $79.3/bbl in 2023, versus $97.8/bbl in
2022
- Valued production of $608 million in 2023
- Group development continues
- Resumption of activity in Venezuela: two liftings in December
and January, ongoing restart of interventions on the Urdaneta Oeste
field
- Acquisition of Wentworth Resources finalised in December 2023;
after TPDC exercised its call option in January 2024, M&P now
holds a 60% interest in the Mnazi Bay gas field
- Following the Gabonese government's announcement of its project
to preempt the acquisition of Assala, M&P has been able to
confirm that it will maintain its partnership proposals and remains
at disposal of Gabonese authorities
- Significant liquidity and substantial decrease in net
debt
- Available liquidity of $159 million as at 31 December 2023, of
which $97 million in cash
- Net debt of $120 million at end-2023, down $80 million from
end-2022 ($200 million), prior to the collection of $98 million of
receivables in January 2024
- 2P reserves for M&P’s working interest as at 31 December
2022: 182 mmboe
- Reserves up by 12% after restatement of 2023 production
Key indicators for 2023
Q1
2023
Q2
2023
Q3
2023
Q4
2023
2023
2022
Change 2023 v. 2022
M&P working interest
production
Gabon (oil)
bopd
15,839
15,719
15,574
14,300
15,354
14,646
+5%
Angola (oil)
bopd
3,424
4,097
4,341
4,534
4,103
3,732
+10%
Tanzania (gas)
mmcfd
46.7
47.6
54.5
57.3
51.6
43.2
+19%
Total
boepd
27,054
27,755
29,003
28,390
28,057
25,584
+10%
Average sale price
Oil
$/bbl
75.2
74.0
83.4
83.0
79.3
97.8
-19%
Gas
$/mmBtu
3.76
3.77
3.76
3.76
3.76
3.50
+7%
Sales1
Gabon
$mm
105
106
124
107
442
527
-16%
Angola
$mm
19
22
27
30
98
104
-7%
Tanzania
$mm
18
18
13
19
68
68
-1%
Valued production
$mm
142
147
164
156
608
700
-13%
Drilling activities
$mm
5
6
6
6
23
12
Trading of third-party oil
$mm
–
–
26
–
26
Restatement for lifting imbalances and
inventory revaluation
$mm
42
-43
-1
26
25
-35
Consolidated sales
$mm
190
109
196
187
682
676
+1%
In fiscal 2023, M&P’s working interest production stood at
28,057 boepd, a sharp increase of 10% over 2022 (25,584 boepd). The
average sale price of oil was $79.3/bbl for the period, a decrease
of 19% from 2022 ($97.8/bbl) due to the lower crude oil price
environment.
The Group’s valued production (income from production
activities, excluding lifting imbalances and inventory revaluation)
was $608 million for 2023, down 13% compared to the previous year.
The restatement of lifting imbalances net of inventory revaluation
resulted in a positive impact of $25 million for the fiscal year.
After incorporating income from drilling activities ($23 million)
and trading of third-party oil ($26 million), consolidated sales
for 2023 are therefore $682 million, an increase of 1% compared to
2022.
Production activities
M&P’s working interest oil production (80%) on the Ezanga
permit stood at 15,354 bopd for the year 2023, an increase of 5%
compared to 2022.
A well stimulation campaign took place at the end of 2023 with
positive results.
M&P’s working interest gas production (48.06% up to
end-December 2023) on the Mnazi Bay permit was 51.6 mmcfd for 2023,
up 19% from 2022.
After the acquisition of Wentworth Resources was finalised in
December 2023, TPDC exercised its call option as anticipated,
allowing it to acquire an additional working interest of 20% in
Mnazi Bay. M&P's working interest in the asset is therefore
60%, with the remaining 40% belonging to TPDC.
M&P’s working interest production from Blocks 3/05 (20%) and
3/05A (26.7%) was 4,103 bopd in 2023, an increase of 10% over
2022.
End-of-year production saw a notable increase: production in Q4
2023 (4,103 bopd for M&P’s working interest) was indeed 21%
higher than the average level for 2022 (3,732 bopd).
M&P Iberoamerica’s working interest production (40%) in the
Urdaneta Oeste field in Q4 2023 was 5,490 bopd (gross production:
13,724 bopd).
The resumption of activity in the Urdaneta Oeste field continues
with the implementation of the new organisation from the end of
November, as well as initial well interventions and equipment
orders in January. The associated increase on the production should
be felt from Q2 2024.
The first lifting took place at the end of December on behalf of
the mixed company Petroregional del Lago, making it possible to
begin financing the resumption of activity. A second cargo, this
one being entirely deducted from the amount of the debt owed to
M&P Iberoamerica and the profits from the sale of which are
shared with PdVSA, was lifted in January. New liftings should
follow in February and March.
Information on the Assala
acquisition
Following M&P's signing on 15 August 2023 of a share
purchase agreement (“SPA”) with Carlyle for the acquisition of
Assala, the Gabonese national oil company Gabon Oil Company (“GOC”)
announced its intention to exercise its right to preempt the sale
at the end of 2023.
The option to preempt falls under the sovereign rights of the
Gabonese state and its national company GOC. Since the SPA was
signed in August 2023, M&P has made proposals to the Gabonese
authorities in order to increase their participation in Assala and
to strengthen the existing partnership between M&P and the
Gabonese Republic. These propositions remain valid and M&P is
in contact with the national authorities regarding this matter.
Group reserves as at 31 December
2023
The Group’s reserves correspond to the volumes of technically
recoverable hydrocarbons on permits where production is currently
underway—proportionate to the Group’s share of interest in those
permits—plus those revealed by discovery and delineation wells that
can be operated commercially. These reserves were certified as at
31 December 2023 by DeGolyer and MacNaughton in Gabon and Angola,
and by RPS Energy in Tanzania.
The Group’s 2P reserves stood at 182.2 mmboe at 31 December
2023, of which 111.6 mmboe are proven reserves (1P).
2P reserves for M&P’s working
interest:
Oil (mmbbls)
Oil (mmbbls)
Gas (bcf)
mmboe
Gabon
Angola
Tanzania
Group total
31/12/2022
120.8
18.0
206.2
173.2
Production
-5.6
-1.5
-18.8
-10.2
Revision
+3.8
+4.2
+67.7
+19.3
31/12/2023
118.9
20.8
255.0
182.2
O/w 1P reserves
74.9
17.9
112.7
111.6
As a % of 2P
63%
86%
44%
61%
In Tanzania, the 67.7 bcf revision includes the 50.7 bcf
increase due to the change in M&P’s working interest from
48.06% to 60% following the acquisition of Wentworth Resources and
proforma the exercise of TPDC’s call option.
These figures do not take into account M&P’s 20.46% interest
in Seplat, one of Nigeria’s main operators listed on the London and
Lagos stock markets. As a reminder, Seplat’s 2P reserves were 206
mmbbls of oil and 1,343 bcf of gas at 31 December 2022, i.e. 430
mmboe (88 mmboe for M&P’s 20.46% interest).
Following the resumption of M&P activities in Venezuela at
the end of 2023, the inaugural fiscal year for the certification of
reserves in Urdaneta Oeste is now ongoing.
Financial position
Available liquidity as at 31 December 2023 was $159 million,
including $97 million in cash and an undrawn RCF tranche of $62
million.
During the 2023 fiscal year, M&P repaid a total of $120
million in gross debt, reducing its gross debt to $217 million at
31 December 2023 (from $337 million at the end of 2022), of which
$146 million was a bank loan (including an RCF tranche of $5
million fully drawn at 31 December 2022) and $71 million was a
shareholder loan.
As a result, net debt has decreased by $80 million over the year
2022 to $120 million at 31 December 2023, compared to $200 million
at 31 December 2022.
It should also be noted that, in January 2024, M&P received
a total of $98 million covering the payment of the lifting
performed in Gabon in December 2023 and TPDC's exercise of its call
option to acquire a 20% stake in Mnazi Bay.
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
1 The process of closing and auditing the Group's 2023 financial
statements is underway and the financial data communicated at this
stage may be slightly modified in the final version of the
financial statements
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240124711599/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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