Maurel & Prom : Sales for the first half of 2018: US$237m (€196m)
27 Luglio 2018 - 5:48PM
Paris, 27 July
2018
No. 08-18
Sales for the
first half of 2018: US$237m (€196m)
Sales for the
first half of 2018
|
|
|
|
|
|
|
|
|
Q1 2018 |
Q2 2018 |
|
H1 2018 |
|
H1 2017 |
H1 2018
vs H1 2017 change |
|
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|
|
|
|
|
|
| Amounts sold over the period, M&P working
interest |
|
|
|
|
|
|
|
| millions of
barrels of oil |
1.7 |
1.4 |
|
3.1 |
|
3.3 |
-6% |
| million
MMBTU |
3.4 |
3.7 |
|
7.1 |
|
3.3 |
+115% |
|
|
|
|
|
|
|
|
| Average sale price |
|
|
|
|
|
|
|
| Oil, in
US$/bbl |
66.3 |
73.0 |
|
69.2 |
|
50.7 |
+36% |
| Gas, in
US$/BTU |
3.18 |
3.17 |
|
3.17 |
|
3.19 |
-1% |
|
|
|
|
|
|
|
|
| €/US$ exchange rate |
1.23 |
1.19 |
|
1.21 |
|
1.08 |
+12% |
|
|
|
|
|
|
|
|
|
| SALES (in US$m) |
|
|
|
|
|
|
|
| Oil production |
124 |
107 |
|
231 |
|
178 |
+30% |
| Gabon |
115 |
98 |
|
213 |
|
169 |
|
|
Tanzania |
9 |
9 |
|
18 |
|
9 |
|
| Drilling activities |
4 |
2 |
|
6 |
|
8 |
-25% |
| Consolidated sales (in US$m) |
128 |
109 |
|
237 |
|
186 |
+27% |
| Consolidated sales (in €m) |
104 |
92 |
|
196 |
|
172 |
+14% |
|
|
|
|
|
|
|
|
The increase in sales compared to
H1 2017 was largely due to the substantial rise in the average sale
price of oil produced in Gabon (US$69.2/bbl, 36% higher than in H1
2017).
The entry into force of IFRS 15,
mandatory from 1 January 2018, led the Group to change the way it
recognises sales. Instead of being based on the Group's
entitlements on the production delivered to the oil terminals
("entitlement method"), they are now calculated based on liftings
during the period. In accordance with IFRS 15, this change in
accounting method was applied prospectively, without restating
comparative periods. The effect on sales in first-half 2018 in
Gabon was positive to the tune of some US$18 million, with lifted
volumes exceeding production.
Hydrocarbon
production for the first half of 2018:
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|
|
|
|
|
|
|
|
|
|
Q1 2018 |
Q2 2018 |
|
H1 2018 |
|
H1 2017 |
H1 2018
vs H1 2017 change |
|
|
|
|
|
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|
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|
| Production operated by Maurel & Prom (100%) |
|
|
|
|
|
|
|
|
|
Oil |
bopd |
23,975 |
19,173 |
|
21,561 |
|
24,705 |
-13% |
|
Gas |
MMcf/d |
77.0 |
81.6 |
|
79.3 |
|
36.9 |
+115% |
| TOTAL |
boepd |
36,804 |
32,778 |
|
34,780 |
|
30,860 |
+13% |
|
|
|
|
|
|
|
|
|
|
Maurel & Prom
working interest production |
|
|
|
|
|
|
|
|
|
Oil |
bopd |
19,180 |
15,338 |
|
17,249 |
|
19,764 |
-13% |
|
Gas |
MMcf/d |
37.0 |
39.2 |
|
38.1 |
|
17.8 |
+115% |
| TOTAL |
boepd |
25,346 |
21,877 |
|
23,602 |
|
22,723 |
+4% |
|
|
|
|
|
|
|
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|
In the first half of 2018,
operated oil production in Gabon stood at 21,561 bopd (17,249 bopd
net to M&P's working interest), down 13% compared to the same
period in 2017. Following pressure increases in the export
pipeline, the operator requested that evacuation of oil volumes be
limited from mid-May. After consultation with partners, a
progressive return to normal production levels started in early
July.
Drilling activities to support the
production profile and offset the fields' natural depletion
resumed. However, the restart the drilling rigs after a three-year
shutdown took longer than originally anticipated, and two of the
eleven wells planned for 2018 have been drilled to date. An
additional rig will soon be put into action to make up for the
delay in the initial drilling schedule in the second half of the
year. A positive impact on production is expected by the end of the
year.
In Tanzania, average operated
production was around 79.3 MMcf/d at 100%, equivalent to 38.1
MMcf/d for M&P's working interest (48.06%). Since February
2018, the monthly average operated production level has exceeded 80
MMcf/d, rising steadily to reach a level of 89 MMcf/d in June
2018.
For more information, visit
www.maureletprom.fr
Contacts
MAUREL &
PROM
Press, shareholder and investor relations
Tel: +33 (0)1 53 83 16
45
ir@maureletprom.fr
NewCap
Financial communications and investor relations
Julie Coulot/Louis-Victor Delouvrier
Tel: +33 (0)1 44 71 98
53
maureletprom@newcap.eu
Media relations
Nicolas Merigeau
Tel: +33 (0)1 44 71 94 98
maureletprom@newcap.eu
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
CAC All-Share - CAC Oil & Gas - Next 150 - PEA-PME and SRD
eligible
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
MaureletProm_CA_HYR2018_27072018
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Maurel & Prom via Globenewswire
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