Maurel & Prom: 2025 Annual Results

Regulatory News:

Maurel Prom (Paris:MAU):

• Solid operational and financial performance
  • M&P working interest production in 2025: 37,096 boepd, up 2%
  • Scope 1 and 2 emissions: 14.4 kg of CO2 equivalent per barrel of oil equivalent
  • Lower oil price environment: oil sale price of $69.4/bbl vs. $80.3/bbl in 2024
  • Sales of $578 million, EBITDA of $249 million, consolidated net income of $428 million and Group share of net income of $410 million; free cash flow of $236 million
    
    
• Confirmation of the asset potential in Venezuela, and new regulatory framework following the issue of General License 50A by OFAC
  • Production up sharply by 34% in 2025, or 8,194 bopd for the M&P Iberoamerica working interest
  • Significant increase in 2P reserves, standing at 148 mmbbls vs. 80 mmbbls at the end of 2024
  • Resumption of liftings expected soon following the issuance of General License 50A; intensive work programme to deliver the asset's full potential
    
    
• High level of development and exploration activity across an expanding portfolio
  • Development capex: $169 million in 2025; $240 million budgeted for 2026
  • Exploration capex: $15 million in 2025; $42 million budgeted for 2026
  • 6-well campaign in Colombia: drilling of first well Hechicero-1X in progress
  • 3-well campaign in Tanzania: MB-5 drilling completed, field potential at 130 mmcfd (gross)
  • In Gabon, the Mouletsi-2 well on Etekamba demonstrated a production potential of 25 mmcfd
    
    
• Expanding portfolio through external growth
  • Acquisition of a 61% interest in the Sinu-9 gas licence in Colombia and takeover of operatorship
  • Entry into Block 3/24 in Angola, adjacent to Blocks 3/05 and 3/05A
    
    
• Considerably strengthened financial structure, notably thanks to the sale of the 20.07% stake in Seplat Energy
  • Cash of $460 million and a positive net cash position of $179 million at 31 December 2025
  • Position before the impact of M&A in January 2026: $170 million of additional net cash ($248 million from the sale of Seplat Energy, less $78 million for completion of Sinu-9)
    
    
• Growth combined with increased shareholder returns
  • Dividend of $77 million (€0.33 per share) paid in 2025
  • Dividend of €0.38 per share (approximately $90 million) proposed to the General Meeting for payment in August 2026, an increase of 15%
    
    

Audio conference for analysts and investors

M&P will hold an analyst/investor conference today at 10 a.m. via a webcast in French and English, followed by a question and answer session.

To take part in the live or recorded webcast, please click on the following link:

https://maureletprom.engagestream.euronext.com/2026-03-12-resultats-annuels

Main financial aggregates for FY 2025

In million	2025	2024	Change
Income statement:
Sales	578	808	-29%
Operating and administrative expenses	-212	-202
Royalties and production taxes	-64	-72
Change in overlift/underlift position	50	-45
Purchases of oil from third parties	-102	-121
EBITDA	249	368	-32%
Depreciation, amortisation and provisions and impairment	-108	-112
Exploration expenses	-15	-3
Other	277	5
Operating income	403	258	+56%
Net financial expenses	-14	-23
Income tax	-117	-97
Share of income/loss of associates	156	108
Consolidated net income	428	246	+74%
o/w net income before non-recurring items	166	256	-35%
o/w Group share of net income	410	233	+72%
o/w non-controlling interests	18	13
Cash flows
Cash flow before income tax	241	348
Income tax paid	-107	-63
Operating cash flow before change in working capital	135	285	-53%
Change in working capital requirement	28	-12
Operating cash flow	162	272	-40%
Development capex	-169	-123
Exploration capex	-15	-17
M&A	197	44
Dividends received	61	66
Free cash flow	236	241	-2%
Net debt service	109	-74
Dividends paid	-77	-65
Other	-2	-6
Change in cash position	267	96	+178%
Cash and debt
	31/12/2025	31/12/2024
Closing cash position	460	193
Gross debt at closing	282	160
Net debt at closing	-179	-34

The Board of Directors of the Maurel Prom Group ("M&P", "the Group"), meeting on 11 March 2026, chaired by Wisnu Santoso, approved the financial statements¹ for the year ended 31 December 2025 for publication.

Olivier de Langavant, Chief Executive Officer of M&P, declared: "2026 opens a particularly exciting chapter in M&P's history. The sale of our stake in Seplat Energy has significantly strengthened our balance sheet, with a cash position giving us considerable means to accelerate our development. The potential of Venezuela continues to be confirmed with a strong increase in production and a significant increase in reserves, which we had no doubt about for this high-quality asset. In this context, the issuance of General License GL 50A by OFAC provides a stable framework to undertake a real phase of growth and development in a changing Venezuela, broadening opportunities for engagement in its energy sector. In Colombia, Sinu-9 marks our return as operator of a high-quality gas asset, for which we are very confident about future development and on which we have begun our exploration drilling campaign with the Hechicero-1X well. We do not forget our other assets, with development and exploration drilling underway in Gabon and Tanzania. We also have significant ambitions in terms of external growth, in order to materially increase the Group's production. Given our very strong financial position, we are pleased to propose a dividend of €0.38 per share, up 15% compared with last year. This clearly illustrates our intention to combine ambitious growth with attractive returns for shareholders. M&P is entering a new phase of growth and value creation, and we look to the future with confidence and determination."

Financial position

Comments on FY25

Consolidated sales for 2025 amounted to $578 million. The fall in the average oil selling price ($69.4/bbl compared with $80.3/bbl in 2024), as well as the effect of restatement for lifting imbalances and inventory revaluation (negative impact of $42 million in 2025 compared with a positive impact of $51 million in 2024), explain the marked decline of 29% compared with 2024 ($808 million).

Operating and administrative expenses were $212 million, compared with $202 million in 2024. Royalties and production taxes decreased to $64 million, compared with $72 million in 2024, due to their proportionality to the selling price. The change in the over/underlift position was positive at $50 million. Purchases of oil from third parties as part of the Group's trading activities amounted to $102 million in 2025.

EBITDA amounted to $249 million. Depreciation and amortisation charges amounted to $108 million, compared with $112 million in 2024. The Group recorded $15 million in exploration expenses during the year. Other income and expenses include in particular a $287 million gain recognised on the sale of the 20.07% stake in Seplat Energy. Operating income therefore amounted to $403 million.

Net financial expenses amounted to $14 million. Income tax totalled $117 million for the 2025 financial year.

The share of income from equity-accounted entities amounted to $156 million, including $24 million from the 20.07% stake held in Seplat Energy until the end of December 2025, and $132 million corresponding to the 40% stake in Petroregional del Lago ("PRDL") in Venezuela.

Consolidated net income and net income attributable to the Group amounted respectively to $428 million and $410 million, up 74% and 72% compared with their record levels in 2024 ($246 million and $233 million).

Operating cash flow before changes in working capital amounted to $135 million (compared with $285 million in 2024). The change in working capital had a positive impact of $28 million. Operating cash flow therefore amounted to $162 million.

Development investments amounted to $169 million, compared with $123 million in the previous year. These include $115 million related to development activities in Gabon, $40 million in Angola, $12 million in Tanzania, and $2 million for the drilling subsidiary Caroil. Exploration investments amounted to $15 million, including $12 million in Gabon and $2 million in Tanzania.

Acquisitions and disposals generated a net cash inflow of $197 million, corresponding to the $248 million received in 2025 from the sale of the 20.07% stake in Seplat Energy, less deposits paid in connection with announced acquisitions in Colombia ($43 million) and Angola ($8 million).

In 2025, M&P received a total of $61 million in dividends, including $32 million from its 40% stake in PRDL (net of the 20% paid to the minority shareholder of M&P Iberoamerica) and $28 million from its 20.07% stake in Seplat Energy.

Free cash flow therefore amounted to $236 million, stable compared with the previous year ($241 million).

In terms of financing flows, net debt service was positive at $109 million, and includes:

• $180 million of debt drawn, including $50 million corresponding to the amortising accordion tranche drawn in the second half of 2025, and $130 million drawn under the RCF as at 31 December 2025
• $58 million repaid in respect of amortising debt maturities
• $13 million net cost of debt for the year

M&P also distributed $77 million in dividends during the 2025 financial year, corresponding to €0.33 per share paid in August 2025.

The change in cash during the year was therefore positive at $267 million.

Borrowings and financing

The Group posted a positive net cash position of $179 million as at 31 December 2025, compared with $34 million at the end of December 2024, reflecting a significant strengthening of its financial structure.

Cash amounted to $460 million at the end of December. Gross debt reached $282 million, including $240 million of bank debt, comprising $110 million in term loans and $130 million drawn under the revolving credit facility (RCF), as well as $42 million in shareholder loans.

This cash position is explained in particular by the receipt on 31 December 2025 of a first payment of $248 million relating to the sale by M&P of its stake in Seplat Energy. It should be noted however that this position does not include:

• The $78 million payment made in early January in connection with the completion of the acquisition of the 61% interest in Sinu-9; and
• The receipt of a second payment of $248 million in early February, corresponding to the balance of the sale of the stake in Seplat Energy.

Discussions regarding the refinancing of the bank loan are at an advanced stage, with the objective of increasing the amount and extending its maturity beyond the current maturity in July 2027.

Operating and financial forecasts for 2026

The Group expects production (M&P share) to reach 42,700 boepd in 2026, of which:

• 14,800 bopd in Gabon (equivalent to 18,500 bopd of 100% production on Ezanga)
• 4,300 bopd in Angola (equivalent to 21,000 bopd of 100% production on Block 3/05 and 500 bopd of 100% production on Block 3/05A)
• 10,000 bopd in Venezuela (equivalent to 25,000 bopd of 100% production at Urdaneta Oeste)
• 66.0 mmcfd in Tanzania (equivalent to 110.0 mmcfd of 100% production on Mnazi Bay)
• 15.3 mmcfd in Colombia (equivalent to 25.0 mmcfd of 100% production on Sinu-9)

With these production assumptions, operating cash flow forecasts for 2026 under various Brent price assumptions are as follows:

• At $50/bbl: $190 million
• At $60/bbl: $240 million
• At $70/bbl: $290 million
• At $80/bbl: $340 million

M&P also expects to receive $100 million in dividends in 2026 from its 40% stake in PRDL in Venezuela (net of the 20% paid to M&P Iberoamerica's minority shareholder), subject to the resumption of liftings.

Other significant cash movements budgeted for the year:

• Development investments: $240 million, broken down as follows:
  • $130 million in Gabon
  • $30 million in Angola
  • $40 million in Tanzania
  • $40 million in Colombia
• Exploration investments: $42 million, broken down as follows:
  • $20 million in Gabon for exploration drilling and a seismic campaign on the Ezanga permit
  • $10 million in Colombia
  • $12 million in Italy for possible exploration drilling on the Fiume Tellaro permit in the second half of 2026 (contingent)
• Acquisitions and disposal: Positive impact of $31 million, broken down as follows:
  • $190 million for the completion of the acquisition of the 61% interest in Sinu-9, of which $78 million was already paid at completion in early January
  • $258 million inflow, corresponding to the balance of the sale of the stake in Seplat Energy, of which $248 million had already been received in early February 2026
  • Reimbursement of a $6 million deposit in Angola in the event of the exercise of a pre-emption right on the announced acquisition of an interest in Blocks 14 14K
• Financing: 308 million, split as follows:
  • $208 million in debt repayments (excluding refinancing), including $130 million of RCF repaid in January 2026
  • $10 million net cost of debt
  • $90 million in dividends

Proposed dividend

After reviewing the Group's financial position and performance in 2025, the Board of Directors proposes the payment of a dividend of €0.38 per share in August 2026, corresponding to a total amount of approximately $90 million.

2025 activity

Environmental, health, safety and security performance (EHS-S)²

In 2025, safety performance improved significantly, reflecting the effectiveness of the corrective measures implemented following the incidents that occurred in 2024. The Group recorded no lost-time incidents, bringing the Lost Time Injury Frequency Rate (LTIR) to 0.

The Total Recordable Incident Rate (TRIR) per million hours worked was 0.34 in 2025, a sharp decrease compared with 2.41 in 2024.

This significant improvement reflects strengthened prevention policies, increased training initiatives and strong mobilisation of teams, particularly in Gabon. The Group continues its efforts to maintain the highest standards in health and safety and to ensure that this performance is sustained over time.

The carbon intensity (Scope 1 and 2) of the Group's operated production amounted to 14.4 kg of CO2 equivalent per barrel of oil equivalent, an increase of 14% compared with 2024 (12.7 kg). This increase is mainly explained by higher carbon intensity in Gabon (27.2 kg CO2e/boe vs. 23.2 kg in 2024) due to higher volumes of flared gas. Gas production in Tanzania remains very low-carbon (0.3 kg CO2e/boe in 2025).

Production activities

		Q1 2025	Q2 2025	Q3 2025	Q4 2025			2025			2024	Change 2025 vs. 2024
M&P working interest production
Gabon (oil)	bopd	15,684	15,350	14,910	12,735			14,662			15,582	-6%
Angola (oil)	bopd	4,478	4,151	4,427	4,102			4,289			4,302	-0%
Tanzania (gas)	mmcfd	60.8	56.7	62.0	59.3			59.7			61.4	-3%
Total interests in consolidated entities	boepd	30,298	28,945	29,669	26,728			28,902			30,125	-4%
Venezuela (oil)	bopd	8,236	7,801	8,304	8,430			8,194			6,098	+34%
Total production	boepd	38,534	36,746	37,973	35,158			37,096			36,222	+2%

The Group's total M&P working interest production (including Venezuela) amounted to 37,096 boepd for 2025, up 2% compared with 2024. The Group's consolidated M&P working interest production (excluding Venezuela, not consolidated in sales) was 28,902 boepd, down 4% compared with 2024.

In Gabon, M&P's working interest oil production (80%) on the Ezanga permit was 14,662 bopd in 2025, down 6% from 2024 due to challenges on the oil export line during the second half of the year.

In Tanzania, M&P's working interest gas production (60%) on the Mnazi Bay permit amounted to 59.7 mmcfd in 2025, down 3% from 2024.

In Angola, M&P's working interest production from Blocks 3/05 (20%) and 3/05A (26.7%) amounted to 4,289 bopd in 2025, virtually unchanged from 2024.

In Venezuela, M&P Iberoamerica's working interest oil production (40%) at the Urdaneta Oeste field was 8,194 bopd in 2025, up 34%.

Service activities

Caroil, M&P's wholly owned drilling services subsidiary, operated in Gabon with the C3, C16 and C18 Maghèna drilling rigs. The subsidiary generated $9 million in external revenues (excluding intra-group services) in 2025.

The C18 Maghèna rig drilled 12 wells on Ezanga in 2025. The C16 rig was mobilised on the Etekamba permit, where drilling began in December. The C3 rig had no activity during the year.

In Venezuela, the technical assistance subsidiary M&P SIUW supported the joint venture PRDL throughout the year, generating $4 million in revenues.

Other highlights of the year

Sale of the 20.07% stake in Seplat Energy

On 30 December 2025, M&P entered into a definitive agreement to sell its entire holding of 120.4 million shares, representing 20.07% of the share capital, in Seplat Energy Plc ("Seplat"), one of Nigeria's leading independent energy producers, listed on the London Stock Exchange and the Nigerian Exchange, to Heirs Energies Ltd ("Heirs Energies").

The sale was completed at a price of 305 pence per share, corresponding to a total consideration of $496 million, including an initial payment of $248 million received on 31 December 2025, with a second payment of $248 million received in early February 2026. An additional payment of $10 million also became due in mid-February 2026.

M&P is one of the three founders of Seplat and has been its largest shareholder since its creation in 2010. The Group has supported Seplat throughout its development, helping to make it a leading player in the Nigerian energy sector, with a diversified portfolio in oil and gas, and playing a key role in Nigeria's energy security.

This transaction comes at a time that M&P considers particularly opportune to monetise this stake and reallocate resources towards direct investments in oil and gas assets, in line with the growth strategy that the Group is determined to step up. M&P also welcomes the transfer of its stake to Heirs Energies, a subsidiary of leading pan-African investment group Heirs Holdings, and expresses its confidence in Seplat's ability to continue its development with the support of a strong and committed long-term shareholder.

Acquisition of a 61% interest in the Sinu-9 gas licence in Colombia

The acquisition by M&P of a total 61% working interest and operatorship in the Sinu-9 gas licence in Colombia was successfully completed on 5 January 2026.

The transactions comprise two acquisitions, for a total consideration of $229 million:

• A 40% working interest acquired from MKMS Enerji Anonim Sirketi S.A. (a subsidiary of NG Energy International Corp). The agreement was signed on 9 February 2025, with effective economic date of 1 February 2025;
• An additional 21% working interest acquired from Desarrolladora Oleum S.A. de C.V. and Clean Energy Resources S.A.S, which includes the transfer of operatorship. The agreements were signed on 2 July 2025, with effective economic date at closing.

Taking into account the advance payments already made by M&P, the total outstanding consideration amounted to $185 million. Of this amount, $78 million was paid at completion, with the balance of $108 million payable in instalments during 2026.

M&P now holds a 61% working interest in the Sinu-9 licence and assumes operatorship of the asset. M&P also retains an option to acquire an additional 5% working interest in Sinu-9 from NG Energy for a consideration of $18.75 million within 12 months, subject to adjustments for cash flows from the effective date on 1 February 2025.

Sinu-9 started production in November 2024 as part of the ongoing long-term test of the Magico-1X and Brujo-1X wells. Evacuation infrastructure is in place today for gross production of 30 mmcfd, which will be increased to 40 mmcfd by Q2 2026. Current production (January 2026) stands at around 14 mmcfd (gross). The six-well exploration campaign began in late February 2026.

Entry into Block 3/24 in Angola

In early September 2025, M&P signed heads of terms with Angola's National Oil, Gas and Biofuels Agency ("ANPG") for the risk service contract ("RSC") covering offshore Block 3/24. The RSC was formally approved by presidential decree on 8 October 2025. Under the agreed terms, Maurel Prom Angola S.A.S. will hold a 40% interest in Block 3/24, alongside Afentra Plc (operator, 40%) and Sonangol P&P (20%).

The heads of terms for Block 3/24 set out an initial five-year period to review the development potential of existing discoveries and exploration prospects, followed by a 25-year production period that would subsequently be awarded when a discovery is developed.

Information on SPA for the acquisition of Azule Energy's interests in Blocks 14 14K offshore Angola

On 10 December 2025, M&P signed, together in a consortium with BW Energy Limited ("BW Energy"), a Sale and Purchase Agreement ("SPA") with Azule Energy Angola B.V. ("Azule Energy") for the joint acquisition of a 20% interest in Block 14 (10% net to M&P) and a 10% interest in Block 14K (5% net to M&P), both located offshore Angola.

Completion of these joint transactions is subject to receipt of the requisite regulatory approvals, the fulfilment of a number of customary conditions precedent and the possible exercise of applicable pre-emption rights. In this context, one of the existing partners in Blocks 14 and 14K in Angola gave notice at the beginning of February 2026 of its intention to exercise its right of pre-emption.

It is specified that the SPA entered into between M&P, BW Energy, and Azule Energy remains effective until the definitive execution of a new sale and purchase agreement between the holder of the pre-emption right and the seller.

Information on activities in Venezuela and the Group's inclusion in OFAC's General License 50A

On 18 February 2026, the Office of Foreign Assets Control ("OFAC") of the United States Department of the Treasury issued General License 50A ("GL 50A") authorising certain international operators to resume oil and gas operations in Venezuela and specifically mentioning M&P among the authorised entities.

GL 50A authorises the entities listed in its annex, including M&P, to engage in transactions otherwise prohibited under the Venezuela Sanctions Regulations relating to oil and gas operations. In practical terms, GL 50A:

• Allows M&P to resume and conduct oil and gas operations in Venezuela, including transactions involving the Government of Venezuela and Petróleos de Venezuela S.A. ("PdVSA") entities;
• Requires M&P to amend its agreements with PdVSA to be governed by U.S. law and dispute resolution within the U.S.;
• Requires payments (including taxes and royalties) to the Government of Venezuela or PdVSA to be made in accordance with the mechanisms specified by U.S. authorities.

This development provides a stable regulatory framework for M&P's activities in Venezuela. The Group will continue to work closely with its partners and the relevant authorities to advance operations in the Urdaneta Oeste field, operated by PRDL, in which M&P Iberoamerica (an 80% subsidiary of M&P) holds a 40% interest.

M&P also welcomes the recent reform of the hydrocarbon sector voted by the Venezuelan authorities and the associated tax provisions, enabling accelerated development aimed at maximising production, while strengthening operational autonomy and supporting investment in the sector.

Update on ongoing development and exploration activities

Gabon

Drilling of the Mouletsi-2 well on the Etekamba gas permit was completed at the end of February 2026. The well encountered 43 metres of net gas pay in the Gamba and Dentale formations; it was tested and demonstrated a production capacity of 25 mmcfd. Start-up of production is expected by the end of 2026.

Tanzania

On the Mnazi Bay permit, drilling of the MB-5 well, the first well drilled on the licence since 2014, began on 6 February 2026. The well encountered the expected reservoir. It is currently being completed and will increase the field's production potential from 100 to 130 mmcfd (100%). The drilling campaign will continue with the MS-2X development well, which will be followed by the KASA-1X exploration well.

Colombia

On the Sinu-9 permit, the six-well exploration campaign began on 24 February 2026. Drilling of the Hechicero-1X well is progressing well. The well has successfully drilled through the CDO formation, confirming its gas potential and fully in line with expectations. The results are now pending evaluation.

Italy

M&P expects to obtain the environmental licence very shortly, which will allow the drilling of an exploration well on the Fiume Tellaro permit.

Group reserves at 31 December 2025

The Group's reserves correspond to technically recoverable hydrocarbon volumes representing the Group's share of interests in permits already in production and those revealed by discovery and delineation wells that can be commercially exploited. These reserves at 31 December 2025 were certified by DeGolyer and MacNaughton.

The Group's 2P reserves amounted to 294.8 mmboe at 31 December 2025, including 167.3 mmboe of proven reserves (1P).

M&P working interest 2P reserves:
	Gabon	Angola	Tanzania	Total consolidated assets	Venezuela	Total Group
	Oil (mmbbls)	Oil (mmbbls)	Gas (bcf)	Oil eq. (mmboe)	Oil (mmbbls)	Oil eq. (mmboe)
2P reserves at 31/12/2024	115.0	21.5	165.8	164.1	80.0	244.1
Production	-5.4	-1.6	-21.8	-10.5	-3.0	-13.5
Revision	-8.2	+0.9	+2.2	-6.9	+71.1	+64.2
2P reserves at 31/12/2025	101.4	20.8	146.2	146.6	148.1	294.8
o/w 1P reserves	72.2	15.5	137.9	110.7	56.7	167.3
1P reserves as a of 2P	71%	75%	94%	75%	38%	57%
Note: Gas-oil conversion rate of 6 bcf/mmboe

The significant increase in reserves in Venezuela is due to geoscience studies carried out during 2025, which largely confirm the potential of zones previously considered unproven.

These reserves do not include reserves for the Sinu-9 asset in Colombia, as the acquisition was completed in early January.

Glossary

French			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 their very nature, forecasts involve risk and uncertainty insofar as they are based on events or circumstances which may or may not occur 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 on Euronext Paris
CAC Mid Small CAC All-Tradable PEA-PME and SRD eligible
Isin FR0000051070 Bloomberg MAU.FP Reuters MAUP.PA

1 Audit procedures on the consolidated accounts have been carried out, and the audit report relating to the certification is currently being issued
2 The verification of sustainability disclosures is ongoing and the report on these disclosures will be issued at a later date

View source version on businesswire.com: https://www.businesswire.com/news/home/20260311258609/en/

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