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GlobeNewswire (Europe)
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Maurel & Prom: Maurel & Prom :H1 2017 sales: €172 million

Paris, 25 July 2017
No. 16-17

H1 2017 sales: €172 million

  • Same as H2 2016: a favourable price effect, but an adverse quantity effect in Gabon
  • Up compared to H1 2016 thanks to a favourable price effect
  • Seplat: Reopening of the Forcados export terminal in Nigeria
 
  


The Group's consolidated sales for the first half of 2017 were up 21% at €172 million compared to the first half of the previous year, broken down as follows:

Sales for the first half of 2017     
             
 Q1 2017Q2 2017 H1 2017 H1 201617/16 change
        
Total production sold in the period (M&P share)       
million barrels of oil1.61.7 3.3 3.6-7%
million MMBtu1.92.9 4.8 4.4+8%
        
Average selling price       
OIL, in US$/bbl52.848.6 50.7 39.2+29%
GAS, in US$/BTU3.183.22   3.19   3.11+3%
            
EUR/USD exchange rate1.06 1.10  1.08  1.12 -3%
        
SALES (in € millions)         
Oil production8679 164 136+21%
Gabon8175 156 126 
Tanzania53 8 10 
Drilling operations53 7 6+17%
Consolidated sales (in € millions)9081 172   142+21%
              

The sales trend reflected a sharp rise in the average selling price of oil produced in Gabon (up 29% compared to H1 2016) while volumes sold were down 7% compared to Q1 2016.

The average selling price of oil followed the rise in the market reference price, i.e. Brent. It also benefited from higher prices for Rabi Light crude oil, which is discounted compared to Brent and averaged US$2.17/bbl in fiscal 2016 and US$1.35/bbl in H1 2017.

Hydrocarbon production in H1 2017 (M&P share)

             
  UnitsQ1 2017Q2 2017 H1 2017 H1 201617/16 change
Oilbopd 19,442 20,083   19,764   21,053 -6%
GasMcf/d 20.8 14.8   17.8   23.7 -25%
TOTAL boepd 22,90522,542 22,723 24,998-9%
               

Oil production in H1 2017 stood at 19,764 bopd for M&P's share (80%), or a total of 24,705 bopd operated by Maurel & Prom in Gabon. This level was below the fields' production capacity, which had been impacted by a strike that disrupted operations in Q1 2017. The consequences of the strike continued into Q2 2017.

In Tanzania, gas output was 17.8 MMcf/d for M&P's share (48.06%). Gas production capacity on the Mnazi Bay permit is currently around 80 MMcf/d for average operated production of around 37 MMcf/d at 100% in H1 2017. This production level is dependent on industrial gas consumption in Dar Es Salam, which is routed through TPDC buying from the operator. In July 2017, demand from TPDC increased substantially, with production currently hovering at around 70 MMcf/d at 100%.

Drilling operations

One of the two management contracts run by Caroil in Congo was suspended by the operator in the second quarter of 2017.

Seplat

In June 2017, Seplat - in which Maurel & Prom has a 21.37% stake - resumed routing its oil production through the Forcados export terminal, which had been shut down since mid-February 2016.
As a result, Seplat will be able to return to the hydrocarbon production levels it had achieved before force majeure was declared at the export terminal.

 
  

       

French
  English
pieds cubes pc cf cubic feet
pieds cubes par jour pc/j cfpd cubic feet per day
milliers de pieds cubes kpc Mcf 1,000 cubic feet
millions de pieds cubes Mpc MMcf 1,000 Mcf = million cubic feet
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
milliers de barils kb Mbbl 1,000 barrels
millions de barils Mb MMbbl 1,000 Mbbl = 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
milliers de barils équivalent pétrole kbep Mboe 1,000 barrels of oil equivalent
millions de barils équivalent pétrole Mbep MMboe 1,000 Mbbl = million barrels of oil equivalent

 
  


For more information, visit www.maureletprom.fr
MAUREL & PROM
Tel: +33 (0)1 53 83 16 00                                                                 

Press, shareholder and investor relations
Tel: +33 (0)1 53 83 16 45                                                                 
ir@maureletprom.fr (mailto:ir@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
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

CAS1_MAU_250717_EN.pdf (http://hugin.info/155421/R/2122950/809605.pdf)



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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