Maurel et Prom : H1 2013 sales: ?270 million, up 20%
(Thomson Reuters ONE) -
Paris, 8 August 2013
No. 17-13
H1 2013 sales: ?270 million, up 20%
* Steady increase in gross production:<
* uup 16% between Q1 2013 and Q2 2013 at 24,968 bopd
* up 31% between H1 2012 and H1 2013 at 23,284 bopd
* Unsold barrels in Q1 sold in Q2 2013
* H1 2013 consolidated sales of ?270 million
* up 39% between Q1 2013 and Q2 2013
* up 20% between H1 2012 and H1 2013
H1 2013 Production data for Gabon and Colombia
+----------------+
| |
| |
bopd Q12013 Q22013 | H12013 | H1 2012 Chg.
| |
| |
| |
Production at 100% 21,580 24,968 | 23,284 | 17,738 +31%
| |
Gabon 20,753 24,138 | 22,455 | 16,491
| |
Colombia 827 830 | 829 | 1,247
---------------------------------------+ ---------- +----------
M&P share 18,054 20,979 | 19,525 | 14,677 +33%
| |
Gabon 17,640 20,564 | 19,110 | 14,053
| |
Colombia 414 415 | 415 | 624
---------------------------------------+ ---------- +----------
Entitlements 17,052 19,818 | 18,443 | 13,863 +33%
| |
Gabon 16,663 19,428 | 18,053 | 13,277
| |
Colombia 389 390 | 390 | 586
---------------------------------------+ ---------- +----------
| |
| |
Production sold 15,034 22,542 | 18,809 | 14,896 +26%
---------------------------------------+ ---------- +----------
| |
+----------------+
H1 2013 SALES
+--------------+
| |
| |
barrels over the period Q1 2013 Q2 2013 | H1 2013 |
| |
| |
| |
Entitlements 1,534,684 1,803,452 | 3,338,136 |
| |
Change in inventories over the period -181,593 +247,850 | +66,260 |
-----------------------------------------------------------+ ------------ |
Production sold 1,353,094 2,051,302| 3,404,396 |
-----------------------------------------------------------+ ------------ |
| |
+--------------+
In Gabon, gross production from the fields increased by more than 16% versus Q1
2013 and by more than 36% versus H1 2012, confirming the ramping up of
production at these fields.Production at the Banio field, which was suspended in
July 2012 following a pump failure, restarted at the end of March 2013. Q3 gross
production should be slightly higher than the one in Q2, the increase in gross
production being more sensitive in Q4 2013.
In Tanzania, gas sales on the Mnazi Bay permit amounted to US$771 thousand. The
sale price is set at US$5.36/MMBtu. The Company is 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.
Gross production at the Sabanero field was between 1,000 and 1,300 boepd
(excluding interruptions) pending possible work.This field remains in test
phase, until the required production permit is obtained.
+-----------------+
| |
| |
Change in sale prices Q12013 Q22013 | H1 2013 | H1 2012
| |
| |
------------------------------------------+ ----------- +----------
Average sale price 110.8 100.6 | 104.6 | 112.5 -7%
------------------------------------------+ ----------- +----------
Gabon 110.8 100.5 | 104.6 | 113.2
| |
Colombia 109.1 101.6 | 105.3 | 97.5
------------------------------------------+ ----------- +----------
| |
+-----------------+
H1 2013 Sales: ? 270 million
+-----------------+
| |
| |
In ?M Q1 2013 Q2 2013 | H1 2013 | H1 2012 Chg
| |
Exchange rate 1.32 1.32 | 1.32 | 1.297
| |
| |
-----------------------------------------+ ----------- +----------
Oil production 129.1 137.4 | 266.5 | 219.3 +22%
-----------------------------------------+ ----------- +----------
Gabon 125.8 134.4 | 260.2 | 210.9
| |
Colombia 3.0 2.7 | 5.7 | 8.0
| |
Tanzania 0.3 0.3 | 0.6 | 0.4
-----------------------------------------+ ----------- +----------
Other -16.1 19.9 | 3.8 | 6.6 -42%
-----------------------------------------+ ----------- +----------
Impact of hedges -0.9 -0.6 | -1.5 | -9.8
| |
Inventory effect -15.2 20.5 | 5.3 | 16.4
-----------------------------------------+ ----------- +----------
Consolidated sales 113.0 157.3 | 270.3 | 225.9 +20%
-----------------------------------------+ ----------- +----------
| |
+-----------------+
Group consolidated sales in the first half of 2013 were ?270 million, up 20% on
the same period in 2012. This rise was mainly due to increased production in
Gabon. The adverse impact of the first quarter unsold barrels was fully
rectified in the second quarter of 2013.
The average sale price was US$104.6 per barrel, down 7% on the first half of
2012.
Euro/US$ exchange rate movements had little impact (approximately 2%) on euro-
denominated sales in the first half of 2013.
Oil hedges put in place by the Group had a limited effect. During the first half
of 2013, 500 barrels per day were hedged at an average price of US$87.
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 +/- inventories.
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 payable 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
Tel : 01 42 72 46 76
Mail : communication(at)agence-influences.fr
This document may contain forward looking statements about Maurel & Prom's
financial position, income, activities and industrial strategy. 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
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Source: Maurel et Prom via Thomson Reuters ONE
[HUG#1722087]
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Datum: 08.08.2013 - 18:19 Uhr
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News-ID 286148
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