Maurel et Prom : 12-Month sales 2012: ?472 million
(Thomson Reuters ONE) -
Paris, 7 February 2013
No 03-13
12-month sales 2012: ?472 million (+26% vs 2011, +118% vs 2010)
-
Sales for FY 2012 up 26% over 2011
+--------------+
| |
--------------------------------+ ------------ +-----------
| 12 |12 months Chg.
in ? M Q1 2012 Q2 2012 Q3 2012 Q4 2012| months | 2011 12/11
| 2012 |
| |
Exchange rate 1.311 1.284 1.250 1.298 | 1.286 | 1.392 -8%
| |
$/? | |
| |
Gabon 137.3 90.1 95.5 147.8 | 470.7 | 414.9 13%
| |
Colombia 3.1 4.9 3.5 5.3 | 16.8 | 0.0
| |
Congo 0.0 0.0 0.0 0.0 | 0.0 | 0.2
| |
Tanzania 0.2 0.2 0.3 0.3 | 1.0 | 0.7
------------------------------------------------+--------------+-----------
Oil production 140.6 95.2 99.4 153.5 | 488.5 | 415.8 17%
------------------------------------------------+--------------+-----------
Impact of hedges -7.9 -1.9 -3.3 -3.3 | -16.4 | -42.3
| |
| |
------------------------------------------------+ ------------ +-----------
Consolidated 132.8 93.2 95.9 150.1 | 472.0 | 373.5 26%
sales | |
------------------------------------------------+ ------------ +-----------
| |
+--------------+
The Group's consolidated sales totalled ?472 million, a 26% increase on the
previous year.
This increase was mainly due to higher volumes being sold in Gabon, in an
environment of steady selling prices (US$110.6/bbl in 2012 versus US$110.9/bbl
on average in 2011).
Oil hedges had a limited negative impact over the year due to the reduction in
hedged volumes compared to the previous year. For 2013, hedged volumes, as of
today, are significantly lower. Impact on consolidated sales in 2013 is only on
500 boepd with an average price of US$87 per barrel. It should also be noted
that there was a favourable movement in the US$/? exchange rate (-8%) in 2012.
In addition, the Group saw oil sales from the Sabanero field in Colombia total
US$16.8 million (M&P share 50.01%) for the 2012 financial year.
Note that the Group's consolidated sales have more than doubled in two years
(see table below). This upward trend should continue in the coming financial
years with the increases in oil production in Gabon and Colombia, and gas
production in Tanzania.
------------------------------- ----------------
in ? M 12 months 2012 12 months 2011 Chg. 12 months 2010 Chg.
12/11 12/10
Exchange rate 1.286 1.392 -8% 1.392 -8%
Gabon 470.7 414.9 13% 253.9 85%
Colombia 16.8 0.0 0.0
Congo 0.0 0.2 0.0
Tanzania 1.0 0.7 0.6
------------------------------------------------- ----------------
Oil production 488.5 415.8 17% 254.5 92%
------------------------------------------------- ----------------
Impact of hedges -16.4 -42.3 -37.9
------------------------------------------------- ----------------
Consolidated sales 472.0 373.5 26% 216.6 118%
------------------------------------------------- ----------------
-
2012 production data for Gabon and Colombia
+------------+
| |
| |
| 12 | 12
Q1 2012 Q2 2012 Q3 2012 Q4 2012 | months |months
| 2012 | 2011
| |
| |
| |
| |
Production at 17,982 18,704 21,615| 18,955 | 18,140
100% bopd 17,493 | |
| |
| |
16,575 16,407 17,313 20,451 | 17,693 | 18,140
Gabon | |
| |
| |
1,575 1,391 1,164| 1,262 | -
Colombia 918 | |
-----------------------------------------------------------+ ---------- +-------
| |
14,765 15,413 17,966| 15,688 |15,461
M&P share bopd 14,587 | |
| |
| |
14,128 13,978 14,717 17,384 | 15,057 | 15,461
Gabon | |
| |
| |
| 631 | -
Colombia 459 788 696 582 | |
-----------------------------------------------------------+ ---------- +-------
| |
13,946 14,391 16,968| 14,776 |14,607
Entitlements bopd 13,780 | |
| |
| |
13,348 13,206 13,902 16,421 | 14,224 | 14,607
Gabon | |
| |
| |
| 552 | -
Colombia 432 741 489 547 | |
-----------------------------------------------------------+ ---------- +-------
| |
Production 10,006 12,420 19,939| 15,541 | 14,269
sold bopd 19,785 | |
-----------------------------------------------------------+ ---------- +-------
| |
---------------------- ------------------------------------+ ---------- +-------
Average sale | |
price US$/bbl | |
---------------------- ------------------------------------+ ---------- +-------
| |
101.5 108.4 108.1| 110.6 |110.9
Gabon 118.9 | |
| |
| |
105.0| 99.5 | -
Colombia 104.7 93.3 96.2 | |
-----------------------------------------------------------+ ---------- +-------
| |
+------------+
In Gabon, gross production from fields was 22,000 boepd in December 2012.
The connection of new wells and the development of production processes,
combined with the improved performance of water injection, should allow the
Group to increase its production to over 27,000 bopd by the end of 2013.
In Colombia, the level of production remains relatively consistent. It is
restricted by the still limited number and capacity of water treatment
infrastructures (16,450 barrels of fluid) while awaiting production permit
approval, expected for June 2013.
Up until 31 August 2012, oil deliveries to the Barranquilla and Guaduas sites
were made by truck. In September, Hocol took over the marketing and routing of
oil with entitlements at the Guaduas site, thereby reducing the selling price
discount compared to Brent (down US$13.6/bbl on average from January to
September, and down US$3.9/bbl on average from September to December 2012).
-
GLOSSARY
Gross production: production at 100%.
Working interest production: gross production - partners' share.
Mining royalties in Gabon: royalties are paid in foreign currencies in Gabon.
Entitlements: working interest production - royalties paid in-kind - 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 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.
Taxes and duties: profit oil due to the Gabonese Government 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 the total 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: www.maureletprom.fr
Communication:
INFLUENCES
Phone: +33 (0)1 42 72 46 76
Mail: communication(at)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 for trading on Euronext Paris - Compartment A - CAC® mid
60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
FY12_MAU-7FEV13_EN.pdf:
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Source: Maurel et Prom via Thomson Reuters ONE
[HUG#1676521]
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Datum: 07.02.2013 - 17:44 Uhr
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News-ID 227483
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