- M&P's working interest production for the first nine
months of 2023: 27,944 boepd
- M&P working interest production of 15,710 bopd in Gabon, an
increase of 10% compared to the first nine months of 2022
- M&P working interest production of 3,957 bopd in Angola, up
3% compared to the first nine months of 2022
- M&P working interest gas production of 49.7 mmcfd in
Tanzania, up 15% compared to the first nine months of 2022
- Sales of $495 million for the first nine months of 2023
- The average sale price of oil was $77.8/bbl for the period,
down 26% on the first nine months of 2022 ($105.5/bbl)
- Valued production of $449 million for the first nine months of
2023
- Drilling activities contributed $17 million over the period,
while third-party oil marketing contributed $26 million
- Update on completion of ongoing M&A transactions
- In Gabon, discussions are underway with the authorities to
obtain the necessary approvals for the acquisition of Assala;
completion of the transaction is still expected between the end of
Q4 2023 and Q1 2024
- In Tanzania, discussions are continuing with TPDC for the
acquisition of Wentworth Resources
- Further reduction in net debt and redistribution to
shareholders
- Net debt of $181 million at 30 September 2023, down $19 million
over the first nine months of 2023 ($200 million at 31 December
2022)
- Dividend of €0.23 per share ($49 million) paid in early
July
M&P notes the release last night of General License 44
issued by the United States' Office of Foreign Assets Control
(OFAC) on Venezuela's oil and gas sector as a result of the
agreement reached between the Venezuelan government and the
Venezuelan opposition. Due to the timing of this publication, it
has not been possible to include this piece of information in this
press release. M&P is reviewing implications for its activities
in Venezuela and will publish a specific announcement on this
matter shortly.
Regulatory News:
Maurel & Prom (Paris:MAU):
Key indicators for the first nine
months of 2023
Q1
2023
Q2
2023
Q3
2023
9 months
2023
9 months
2022
Change 2023 vs. 2022
M&P working interest
production
Gabon (oil)
bopd
15,839
15,719
15,574
15,710
14,308
+10%
Angola (oil)
bopd
3,424
4,097
4,341
3,957
3,832
+3%
Tanzania (gas)
mmcfd
46.7
47.6
54.5
49.7
43.3
+15%
Total
boepd
27,054
27,755
29,003
27,944
25,359
+10%
Average sale price
Oil
$/bbl
75.2
74.0
83.3
77.8
105.5
-26%
Gas
$/mmBtu
3.76
3.77
3.76
3.76
3.50
+8%
Sales
Gabon
$ million
105
106
121
332
403
-18%
Angola
$ million
19
22
27
68
83
-19%
Tanzania
$ million
18
18
13
49
50
-0%
Valued production
$ million
142
147
160
449
536
-16%
Drilling activities
$ million
5
6
6
17
5
Third-party oil marketing
$ million
–
–
26
26
–
Restatement for lifting imbalances and
inventory revaluation
$ million
42
-43
3
2
-34
Consolidated sales
$ million
190
109
196
495
506
-2%
M&P’s working interest production in the first nine months
of 2023 was 27,944 boepd. The average sale price of oil was
$77.8/bbl for the period, a decrease of 26% from 2022.
The Group’s valued production (income from production
activities, excluding lifting imbalances and inventory revaluation)
was $449 million in the first nine months of 2023. It should be
noted that the change in valued production in Tanzania has
decoupled from the change in production due to the desaturation of
recoverable costs.
After taking into account income from drilling activities ($17
million), third-party oil marketing ($26 million in sales,
corresponding to 300,000 barrels sold in Angola), and the
restatement of lifting imbalances, net of inventory revaluation ($2
million), consolidated sales for the first nine months of 2023
totaled $495 million.
Production activities
M&P working interest oil production (80%) on the Ezanga
permit amounted to 15,710 bopd for the first nine months of 2023,
up 10% on 2022.
A small discovery was made on the Ezal structure. It was
immediately connected and put into production. An injector well was
drilled in sequence to complete the development.
The political changes that have taken place in Gabon since the
end of August have not caused any disruption to the Group’s
operations in the country. Neither production at the Ezanga site
nor operations at the Port-Gentil head office have been
affected.
M&P’s working interest gas production (48.06%) on the Mnazi
Bay permit in Tanzania was 49.7 mmcfd for the first nine months of
2023, up 15% compared to 2022.
M&P working interest production rose to 54.5 mmcfd in the
third quarter (gross production of 113.5 mmcfd for the Mnazi Bay
asset) thanks to the significant increase in production potential
resulting in particular from well interventions carried out in
2023.
The desaturation of recoverable costs took place as expected in
June 2023, with a notable impact on production sharing. As the
Group has now recovered its past costs, the majority of production
is now recognised as “profit gas”, with the State taking around 70%
of this portion.
M&P working interest production from Blocks 3/05 (20%) and
3/05A (26.7%) amounted to 3,957 bopd for the first nine months of
2023, up 15% compared to 2022.
The new, improved tax terms obtained as part of the extension of
the Block 3/05 license until 2040 came into force on 1 October
2023.
Information on the ongoing acquisition
of Assala
Discussions with the Gabonese authorities are currently underway
to obtain the necessary approvals to finalise the acquisition of
Assala announced on 15 August. Several constructive meetings have
been held with the relevant ministries and administrations since
the appointment of the transition government in early
September.
The administrative procedures required to obtain the approval of
CEMAC (the Economic and Monetary Community of Central Africa) are
being carried out in parallel.
Completion of the transaction is expected between the end of Q4
2023 and Q1 2024.
Information on the current offer for
Wentworth Resources
Discussions are ongoing with the Tanzanian authorities, notably
with TPDC, to reach an agreement in order to complete the
acquisition of Wentworth Resources by M&P.
The completion of the transaction is now expected during Q4
2023. It is worth noting that the current offer for Wentworth
Resources has a longstop date as at 31 December 2023.
Financial position
Available liquidity at 30 September 2023 stood at $112 million,
covering only the cash position, as the $67 million RCF tranche was
fully drawn down. This excludes the amount placed in escrow under
the offer for Wentworth Resources announced on 5 December 2022,
which amounted to $79 million at 30 September 2023.
Gross debt stood at $292 million at 30 September 2023 (versus
$337 million at 31 December 2022), including $217 million in bank
loans and $75 million in shareholder loans. In total, the Group
repaid $45 million in gross debt in the first nine months of
2023.
The $183 million increase in M&P’s existing bank loan,
announced in connection with the acquisition of Assala and
originally scheduled to be drawn down at the end of August 2023,
has been postponed. Finalisation of this increase is underway, and
should take place by the end of 2023.
Net debt therefore stood at $181 million at 30 September 2023,
down $19 million on 31 December 2022 ($200 million), after the
payment of $49 million in dividends in July (€0.23 per share) and
the payment of a $20 million deposit in August in connection with
the pending acquisition of Assala.
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
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version on businesswire.com: https://www.businesswire.com/news/home/20231019435765/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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