Maurel & Prom :- 2017 sales: $400m (up 14%)
05 Février 2018 - 7:00AM
Paris, 5 February
2018
No. 02-18
2017 sales: $400m
(up 14%)
2017
Sales
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Q1 2017 |
Q2 2017 |
Q3 2017 |
Q4 2017 |
|
12 months 2017 |
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12 months 2016 |
Chg.17/16 |
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Total production sold over the period, M&P
share |
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|
millions of barrels of oil |
1.6 |
1.7 |
1.8 |
1.7 |
|
6.8 |
|
7.4 |
-8% |
million MMBTU |
1.9 |
1.4 |
2.7 |
2.8 |
|
8.8 |
|
7.8 |
+13% |
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Average sale price |
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OIL, in $/bbl |
52.8 |
48.6 |
50.0 |
59.7 |
|
53.0 |
|
42.7 |
24% |
GAS, in $/BTU |
3.18 |
3.22 |
3.13 |
3.12 |
|
3.15 |
|
3.13 |
1% |
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EUR/USD exchange rate |
1.06 |
1.10 |
1.17 |
1.18 |
|
1.13 |
|
1.11 |
2% |
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SALES (in $m) |
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Oil production |
91 |
87 |
97 |
109 |
|
384 |
|
337 |
14% |
Gabon |
86 |
83 |
90 |
102 |
|
361 |
|
317 |
14% |
Tanzania |
5 |
4 |
7 |
7 |
|
23 |
|
20 |
14% |
Drilling operations |
5 |
3 |
4 |
4 |
|
16 |
|
14 |
17% |
Consolidated sales (in $m) |
96 |
90 |
101 |
113 |
|
400 |
|
351 |
14% |
Consolidated sales (in €m) |
90 |
81 |
86 |
97 |
|
355 |
|
317 |
12% |
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The Group's consolidated sales for
2017 amounted to $400 million (€355 million), up 14% compared to
2016.
This increase was due to the sharp
rise in oil prices in 2017, despite a drop in oil production in
Gabon during the period.
The average sale price of oil in fiscal year 2017 rose by 24% to
$53/bbl versus $42.7/bbl in 2016.
To meet the higher demand for gas
in Tanzania, gas production significantly increased starting in the
second half of 2017. For the full year, average production stood at
49.1 MMcf/d at 100%, up 14% over the previous year.
Hydrocarbon
production in 2017
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Q1 2017 |
Q2 2017 |
Q3 2017 |
Q4 2017 |
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12 months 2017 |
|
12 months 2016 |
Chg.17/16 |
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Production operated by Maurel & Prom
(100%) |
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Oil |
bopd |
24,303 |
25,104 |
26,290 |
24,144 |
|
24,963 |
|
27,195 |
-8% |
Gas |
MMcf/d |
43.3 |
30.7 |
60.0 |
62.2 |
|
49.1 |
|
43.1 |
14% |
TOTAL |
boepd |
31,509 |
30,221 |
36,268 |
34,514 |
|
33,145 |
|
34,365 |
-4% |
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Maurel & Prom
share of production |
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Oil |
bopd |
19,442 |
20,083 |
21,032 |
19,315 |
|
19,970 |
|
21,756 |
-8% |
Gas |
MMcf/d |
20.8 |
14.8 |
28.8 |
29.9 |
|
23.6 |
|
20.7 |
14% |
TOTAL |
boepd |
22,905 |
22,542 |
25,828 |
24,299 |
|
23,903 |
|
25,202 |
-5% |
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Operated oil production in Gabon
in the fourth quarter of 2017 amounted to 24,144 bopd, down 8%
compared to the previous quarter. This was primarily due to the
installation of an autonomous power generation system designed to
reduce operating costs. Production was halted during its
commissioning, resulting in an estimated loss of 860 bopd in
Q4 2017.
To mitigate the Ezanga permit
field depletion resulting, among other things, from its development
programme being halted for close to three years on account of the
drop in oil prices, Maurel & Prom Gabon will resume all of its
drilling activities. This programme, set to begin in the first half
of 2018, involves drilling 11 development wells and three
sidetracks.
In addition, drilling of the first exploration wells on the Kari
and Nyanga-Mayomnbé permits will start in the second half of
2018.
In Tanzania, demand for gas from
the national company, TPDC, rose steadily in 2017 to reach average
production of 62.2 MMcf/d at 100% in Q4 2017.
This demand, which is linked to industrial gas consumption in
Dar Es Salam, is expected to increase further in
2018.
Group reserves in M&P share at 31 December
2017 (WI M&P)
The Group's
reserves correspond to the volumes of recoverable hydrocarbons
currently in production plus those revealed by discovery and
delineation wells that can be operated commercially. These reserves
were certified by DeGolyer and MacNaughton in Gabon and RPS Energy
in Tanzania as at 31 December 2017.
Gross
P1+P2 reserves
M&P's share |
Oil
(MMbbl) |
Gas
(Bcf) ([1]) |
|
MMboe |
|
Gabon |
Tanzania |
|
|
01/01/2017 |
178.2 |
272.3 |
|
223.6 |
production |
-7.2 |
-8.8 |
|
|
revision |
0.2 |
1.9 |
|
|
31/12/2017 |
171.3 |
265.4 |
|
215.5 |
o/w gross P1 reserves |
134.9 |
146.5 |
|
159.3 |
or |
79% |
55% |
|
74% |
P1+P2
reserves net of royalties
M&P's share |
Oil
(MMbbl) |
Gas
(Bcf) (1) |
|
MMboe |
|
Gabon |
Tanzania |
|
|
01/01/2017 |
157.7 |
272.3 |
|
203.1 |
production |
-6.8 |
-8.8 |
|
|
revision |
0.2 |
1.9 |
|
|
31/12/2017 |
151.1 |
265.4 |
|
195.3 |
o/w P1 reserves net of royalties |
119.1 |
146.5 |
|
143.5 |
or |
79% |
55% |
|
73% |
At 31 December 2017, gross P1+P2
(2P) reserves amounted to 215 MMboe, the equivalent of 195
MMboe in M&P share net of royalties.
In Gabon, 2P reserves net of
royalties and restated for 2017 production amounted to 151.1 MMbbls
at 31 December 2017, with P1 reserves accounting for 79% of
that total. This level of certified reserves reflects the value and
success of the work undertaken to optimise the Ezanga field
following the drop in oil prices.
At 31 December 2017, the Group
also had gas reserves of 265 Bcf.
These gas assets give the Group
access to fixed, stable revenues over the long term. The sale price
is $3.0441 per thousand cubic feet and rises with inflation. Maurel
& Prom thus has cash flow unaffected by oil price
fluctuations.
Français |
|
|
Anglais |
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
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
[1] Royalties
due under the Production Sharing Agreement are paid by TPDC
(Tanzanian Petroleum Development Corporation) in accordance with
the agreements in place.
MAU_2017_sales
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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