Regulatory News:
Maurel & Prom (Paris:MAU):
- M&P working interest production in Q1 2021: 25,240
boepd
- M&P working interest production of 15,120 bopd on the
Ezanga permit in Gabon relatively unchanged from T4 2020, due to
the continuation of production cuts related to OPEC quotas
- Significant increase in gas production in Tanzania, with output
of 40.7 mmcfd for M&P’s working interest
- M&P working interest production of 3,333 bopd in Angola,
down sharply due to a planned shutdown for maintenance
- Valued production higher for the quarter at $96 million,
thanks to the continued rise in crude oil prices
- Average sale price of oil $57.3/bbl, up 28% from Q4 2020
($45.0/bbl)
- Sales of $85 million after taking into account an $11 million
of restatement for lifting imbalances and inventory revaluation
(including 13 M$ worth of barrels produced but not sold during the
period)
- Solid financial position and preparations for the resumption
of development
- Cash position of $154 million at 31 March 2021
- Preparations ongoing to restart development drilling on the
Ezanga licence in summer 2021, which will help restore the
production potential of the fields
Key indicators for the first half of
2021
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Change vs
Q1 2020
Q4 2020
M&P working interest
production
Gabon (oil)
bopd
19,594
16,675
16,245
15,096
15,120
-23%
0%
Angola (oil)
bopd
4,213
4,003
3,793
3,725
3,333
-21%
-11%
Tanzania (gas)
mmcfd
30.7
25.4
33.1
36.7
40.7
33%
11%
Total
boepd
28,916
24,919
25,549
24,937
25,240
-13%
1%
Average sale price
Oil
$/bbl
56.5
23.0
46.6
45.0
57.3
1%
28%
Gas
$/Btu
3.32
3.33
3.31
3.31
3.34
1%
1%
Sales
Gabon
$mm
83
37
65
57
71
-14%
24%
Angola
$mm
13
7
10
10
12
-8%
19%
Tanzania
$mm
8
9
11
16
13
65%
-19%
Valued production
$mm
103
52
85
83
96
-11%
15%
Drilling activities
$mm
5
1
0
0
0
Restatement for lifting imbalances and
inventory revaluation
$mm
-28
8
-15
34
-11
Consolidated sales
$mm
80
62
70
117
85
7%
-27%
M&P’s working interest production in Q1 2021 stood at 25,240
boepd, a 1% increase over Q4 2020 (24,937 boepd). While there was
virtually no change in activity on the Ezanga permit in Gabon
(15,120 bopd for M&P working interest) as a result of the
continuation of the implementation of OPEC quotas, the marked rise
in gas production in Tanzania of 11% (40.7 mmcfd for M&P
working interest) offset the 11% decline in production in Angola
following a maintenance shutdown in February.
The average sale price of oil was $57.3/bbl, versus $45.0/bbl in
the previous quarter, an increase of 28%.
Group valued production (revenue from production activities,
excluding lifting imbalances) stood at $96 million in Q1 2021, up
15% from Q4 2020. The restatement for lifting imbalances ($13
million produced but not lifted during the period), net of
inventory revaluation (positive impact of $2 million), resulted in
a negative impact of $11 million in the first quarter. This took
Group consolidated sales in Q1 2021 to $85 million.
Production activities
M&P’s working interest oil production (80%) on the Ezanga
permit was 15,120 bopd (gross production: 18,901 bopd) in Q1 2021,
more or less unchanged from Q4 2020 (15,096 bopd for M&P
working interest). Production from the field was limited to 19,000
bopd (or 15,200 bopd net to M&P’s working interest) due to
production cuts imposed under OPEC quotas.
With the lifting of this constraint in sight, M&P is
preparing for the development drilling campaign scheduled to begin
in the summer, which will help restore the production potential of
the fields.
M&P’s working interest gas production (48.06%) on the Mnazi
Bay permit stood at 40.7 mmcfd (gross production: 84.7 mmcfd) in Q1
2021, up 11% from Q4 2020. This increase was all the more
noteworthy given that gas demand during the first quarter is
usually low because of the rainy season, which increases the
availability of hydropower generation; the change from Q1 2020 was
therefore 33%.
A change in the accounting methodology is the reason for the
comparative sequential decline in sales from Q4 2020, despite the
increase in production. This change has no impact on operating
income.
M&P’s working interest production (20%) in Block 3/05 in
2020 was 3,333 bopd (gross production: 16,663 bopd). Production was
halted or significantly reduced for 10 days at the end of February
for long-planned maintenance. Production was also affected in March
by the moving in of a snubbing unit.
The operator Sonangol P&P, with the active support of
M&P and the other partners, continues to work on the to ramp up
of water injection, which would help increase production. An
incremental rise in production is also expected from the workover
campaign which is starting now.
Financial position
M&P’s cash position at 31 March 2021 was $154 million, down
slightly from December 2020 ($168 million) due to only one lifting
recorded during the period. M&P also repaid $22 million in debt
in Q1 2021, reducing its total debt to $601 million. Net debt stood
at $447 million at end-March 2021.
At the end of 2020, M&P had initiated a procedure to obtain
the prompt release of $43 million held on an escrow account and
corresponding to the amount owed by Gabon Oil Company (GOC) in
respect of pre-2018 carried costs. The ruling by the Paris Judicial
Court on 29 March 2021 did not authorise the release of the funds,
as requested by M&P. While it did not rule on the merits of the
case, and in particular it did not challenge the approval of the
whole amount of $43 million by the ICC expert proceedings, the
court deemed that the arbitration proceedings requested by GOC
should be completed before the escrow account could be released.
M&P remains confident on the positive outcome of this
additional step, which could take between 12 and 18 months.
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
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-Tradable – CAC Small – CAC Mid & Small –
Eligible PEA-PME and SRD Isin FR0000051070/Bloomberg MAU.FP/Reuters
MAUP.PA
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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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