Paris, 29 October 2013
No. 20-13
Nine-month sales 2013: €437 million, +36%
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Continuous increase in production:
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up 9% between Q2 2013 and Q3 2013 at 27,437 bopd
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up 37% between the first nine months of 2013 and the same period in 2012 at 24,684 bopd
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Consolidated sales of €437 million for the first nine months of 2013
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up 6% between Q2 2013 and Q3 2013
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up 36% between the first nine months of 2013 and the same period in 2012
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Production data for Gabon and Colombia
| bopd | Q1 2013 | Q2 2013 | Q3 2013 | 9 months 2013 | 9 months 2012 | Chg. 13/12 | ||
| Production at 100% | 21,806 | 25,264 | 27,437 | 24,777 | 18,062 | +37% | ||
| Gabon | 20,753 | 24,138 | 26,466 | 23,807 | 16,767 | |||
| Colombia* | 1,063 | 1,126 | 725* | 970 | 1,295 | |||
| M&P share | 18,172 | 21,127 | 23,023 | 20,750 | 14,924 | +39% | ||
| Gabon | 17,640 | 20,564 | 22,537 | 20,265 | 14,276 | |||
| Colombia* | 532 | 563 | 363* | 485 | 648 | |||
| Entitlements | 17,163 | 19,957 | 21,749 | 19,601 | 14,041 | +40% | ||
| Gabon | 16,663 | 19,428 | 21,292 | 19,145 | 13,487 | |||
| Colombia* | 500 | 529 | 341* | 456 | 554 | |||
| Production sold | 15,034 | 22,542 | 21,101 | 19,962 | 14,064 | +42% | ||
*: Production at the Sabanero field has been taken into account up to 31 August 2013, when the field was sold to PRE
SALES
| total barrels over the period | Q1 2013 | Q2 2013 | Q3 2013 | 9 months 2013 | 9 months 2012 | ||
| Entitlements | 1,544,670 | 1,816,081 | 1,990,186 | 5,350,937 | 3,847,022 | ||
| Change in inventories over the period | -191,576 | 235,221 | 55,098 | 98,743 | 6,615 | ||
| Production sold | 1,353,094 | 2,051,302 | 2,045,284 | 5,449,680 | 3,853,637 | ||
In Gabon, gross production from the fields increased by more than 10% versus Q2 2013 and by more than 37% compared with the first nine months of 2012, thereby confirming the ramping up of production at these fields. Year-end production targets are confirmed at 27,500 boepd for all of the Omoueyi fields.
In Tanzania, gas sales on the Mnazi Bay permit amounted to US$898,000. The sale price is set at US$5.36/MMBtu. The Company is still in the process of negotiating a gas sales contract with the Tanzanian authorities with a view to increasing the volumes of gas produced and sold.
Following the sale of its interest in the Sabanero field in Colombia, the Group has not taken production from this field into account since 1 September 2013.
| Change in sale prices | Q1 2013 | Q2 2013 | Q3 2013 | 9 months 2013 | 9 months 2012 | |||
| Average sale price | 110.8 | 100.6 | 109.3 | 106.2 | 111.2 | -5% | ||
| Gabon | 110.8 | 100.5 | 109.4 | 106.2 | 111.8 | |||
| Colombia | 109.1 | 101.6 | 106.5 | 105.7 | 97.1 | |||
Sales for the first nine months of 2013: €437 million
| in €M | Q1 2013 | Q2 2013 | Q3 2013 | 9 months 2013 | 9 months 2012 | Chg. | ||
| Exchange rate | 1.32 | 1.32 | 1.32 | 1.32 | 1.28 | |||
| Oil production | 129.1 | 137.4 | 164.6 | 431.1 | 334.6 | +29% | ||
| Gabon | 125.8 | 134.4 | 160.3 | 420.5 | 322.5 | |||
| Colombia | 3.0 | 2.7 | 4.0 | 9.7 | 11.5 | |||
| Tanzania | 0.3 | 0.3 | 0.3 | 0.9 | 0.7 | |||
| Other | -16.1 | 19.9 | 2.2 | 6.0 | -12.5 | -148% | ||
| Impact of hedges | -0.9 | -0.6 | -0.8 | -2.3 | -13.1 | |||
| Inventory effect | -15.2 | 20.5 | 2.9 | 8.2 | 0.6 | |||
| Consolidated sales | 113.0 | 157.3 | 166.8 | 437.1 | 322.1 | +36% | ||
Group consolidated sales in the first nine months of 2013 were €437 million, up 36% on the same period in 2012. This rise was mainly due to increased production in Gabon.
Furthermore, the average sale price was US$106.2 per barrel, down 5% on the same period in 2012.
Oil hedges put in place by the Group had a limited effect. During the first nine months of 2013, 500 barrels were hedged per day at an average price of US$87.
GLOSSARY
Gross production: production at 100%.
Maurel & Prom production share: gross production - partners' share.
Mining royalties in Gabon: royalties are paid in foreign currencies in Gabon
Entitlements: production share - in-kind royalties - in-kind State share of profit oil + corporation tax if the State's profit oil is paid in kind.
Production sold: entitlements -/+ stock.
Sale price: in Gabon, prices are set by the State based on the oil quality and benchmark prices. The mutually agreed costs to achieve commercial viability must then be deducted from these prices.
Sales: entitlements x sale price. Sales are recognised on the production extraction date.
Tax and duties: profit oil due to the Gabonese State is paid in foreign currencies for the Banio field and in kind for the Onal, Omko, Omgw and Ombg fields. Corporation tax in Gabon is included in the State's profit oil and systematically recognised as sales.
Q2 sales: sales for the second quarter are calculated by deducting sales for the first quarter from the figure for half-year sales.
Q3 sales: sales for the third quarter are calculated by deducting sales for the first half of the year from sales for the first nine months.
Q4 sales: sales for the fourth quarter are calculated by deducting sales for the first nine months of the year from the total sales for the full 12 months.
For more information, go to www.maureletprom.fr
Communication:
INFLUENCES
Phone : 01 42 72 46 76
Email : communication@agence-influences.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 on Euronext Paris - Compartment A - CAC Mid 100 Index
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
