Maurel et Prom : Reserves and resources
(Thomson Reuters ONE) -
Paris, 7 March 2013
No. 05-13
Reserves and Resources
-
Oil
P1+P2 reserves net of royalties: 198 million barrels, +7%
P3 reserves net of royalties: 98 million barrels
Gas
C1+C2 resources net of royalties: 294 Bscf
C3 resources net of royalties: 433 Bscf
Additional resources linked to discoveries:
Oil: 41 million barrels
Gas: 1.8 Tscf
-
Disclaimer:
The Group's reserves correspond to hydrocarbon volumes revealed by discovery and
delineation wells that can be operated commercially. P1 (proven), P2 (probable)
and P3 (possible) oil reserves net of royalties were evaluated by DeGolyer and
MacNaughton on 1 January 2013 for Gabon and by GLJ for Colombia.
Gas resources on the Mnazi Bay permit in Tanzania were evaluated by RPS-APA on
30 September 2007.
Included in our "Additional hydrocarbon resources" classification are resources
corresponding to hydrocarbon volumes that have been revealed but which have not
been made the subject of a development plan and for which the development
economics are still to be proven. These resources were evaluated by DeGolyer and
MacNaughton on 1 January 2008 for Sicily, and by GLJ on 1 January 2013 for
Colombia.
In line with the Group's historical policy, reserves and resources are presented
as Maurel & Prom's share, net of royalties and before taxes specific to each
type of contract (production sharing, concession, etc.).
Oil reserves (M&P share net of royalties)
As at 1 January 2013, the Group's P1+P2 oil reserves were 198 MMbbl or a +7%
increase compare to 1 January 2012. These amounts are recognized as Group share,
net of royalties.
+------+ +-------+ +-------+ +------+
unit | P1 | | P2 | | P1+P2 | | P3 |
+------+ +-------+ +-------+ +------+
+------------------+ +------+ +-------+ +-------+ +------+
| OMOUEYI 85% | Mboe | 53.8 | | 140.5 | | 194.4 | | 94.5 |
| | | | | | | | | |
| BANIO 100% | Mboe | 0.3 | | 0.1 | | 0.4 | | 0.2 |
+------------------+ +------+ +-------+ +-------+ +------+
| GABON | Mboe | 54.2 | | 140.6 | | 194.8 | | 94.7 |
+------------------+ +------+ +-------+ +-------+ +------+
+------------------+ +------+ +-------+ +-------+ +------+
| SABANERO 50% | Mboe | 2.1 | | 1.3 | | 3.4 | | 3.6 |
+------------------+ +------+ +-------+ +-------+ +------+
| COLOMBIA | Mboe | 2.1 | | 1.3 | | 3.4 | | 3.6 |
+------------------+ +------+ +-------+ +-------+ +------+
+------------------+ +------+ +-------+ +-------+ +------+
| TOTAL Oil | Mboe | 56.3 | | 141.9 | | 198.2 | | 98.4 |
+------------------+ +------+ +-------+ +-------+ +------+
Changes from the corresponding previous year:
* Annual production, mainly in Gabon, -6 MMbbl;
* Upward revaluation of P1+P2 reserves in Gabon, + 23.1 MMbbl;
* Downward revaluation of Sabanero P1+P2 reserves in Colombia, -4.2 MMbbl.
In Gabon, the results of drilling carried out in 2012 and an improvement in
water injection management increased Group reserves. In Gabon, in addition to
its P1 and P2 reserves, the Group also has 95 MMbbl of P3 reserves net of
royalties.
In Colombia, the Sabanero field reserves were evaluated by GLJ, an independent
auditor based in Canada. It showed that Maurel & Prom's share of reserves net of
royalties were 2.1 MMbbl (P1) and 1.3 MMbbl (P2). The downward revision is the
result of flooding observed on this field's production wells in 2012. The
reserves published by Pacific Rubiales Energy are higher, as their auditor uses
historical data provided by the operator for similar fields in Quifa and
Rubiales to which GLJ does not have access. The P3 reserves in this field total
3.6 MMbbl.
Gas reserves (M&P share net of royalties)
While awaiting the finalisation of a gas sales agreement, the Group has
published the resource valuation by RPS-APA for the Mnazi Bay permit in
Tanzania. This report, dated 30 September 2007, remains valid.
During the first half of 2012, the Group exercised its preemption right on Cove
Energy's interest in the Mnazi Bay concession. Following this operation, Maurel
& Prom's interest in this permit increased to 48.06%. Consequently, the Group's
C1+C2 resources total 294 Bscf, or 52.5 Mboe.
C3 resources on the Mnazi Bay permit are 433 Bscf, or 77 Mboe. A 3D seismic
campaign is under way on the possible extension of this offshore field to gain
more precise knowledge of this area which is prolific in gas.
The potential linked to the drilling of the Mafia Deep well must be added to
this figure. The volume of local natural gas for this well was evaluated by
Schlumberger to be between 1.97 and 4.15 Tscf (the Group's share net of
royalties would be between 1.0 and 2.2 Tscf).
Additional resources (M&P share net of royalties)
The hydrocarbon volumes presented in the table below correspond to an evaluation
of resources (net of royalties) linked to discoveries, or to wells that have
revealed the presence of hydrocarbons, but which have not yet been assessed.
+---------------------+-------------------+
| Type of hydrocarbon | 2013 |
+---------------------+-------------------+
COLOMBIA CPO 17 25.00% | Oil | 41 MMbbl |
| | |
SICILY Fiume Tellaro 100.00% | Gas | 1.8 Tscf |
+---------------------+-------------------+
In Colombia, the resources have been evaluated by GLJ, they amount to 41 MMbbl
on the CPO 17 field. It should be noted that the Godric field discovery in
December 2012 alone allows the Group to increase its resources by 13.3 MMbbl
(net of royalties). The operator Hocol (MP Colombia 50%, or M&P 25%) is
scheduled to drill additional exploration wells at this prospect during Q2.
Additional exploration potential
The resources mentioned above do not take into account the potential linked to
the intensive exploration which began this year with seismic campaigns and
drilling.
Glossary:
Tscf: trillion cubic feet
Bscf: billion cubic feet
Mboe: million barrels of oil equivalent
MMbbls: millions of barrels
The energy conversion factor adopted is: 1 barrel of oil equivalent = 5,610
cubic feet of gas.
For more information, go to www.maureletprom.fr
Communication:
INFLUENCES
Tél: +33 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
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Source: Maurel et Prom via Thomson Reuters ONE
[HUG#1683857]
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Datum: 07.03.2013 - 17:42 Uhr
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