Maurel et Prom : 2013 FIRST HALF RESULTS
(Thomson Reuters ONE) -
Paris, 29 August 2013
No. 18-13
2013 FIRST HALF RESULTS
Operating income up 29% to ?111 million
Cash flow from activities up 34% to ?212 million
Net income of -?8.5 million following non-recurring events
Encouraging business outlook
* Production exceeding targets
* Discovery of new structures in Gabon
* Access to new strategic territories via the SAE joint venture
The Group's principal financial aggregates at 30 June 2013
In ?M H1 2013 H1 2012 Chg
Sales 270 226 +20%
Gross operating surplus 194 164 +18%
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Operating income 111 86 +29%
Financial income (22) (6) n/a
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Tax (56) (48) +18%
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Income from equity associates (38) -
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Consolidated net income 9 32
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Cash flow from activities +212 +158 +34%
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Cash at period-end 231 38
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Financial position at 30 June 2013
The ramping up of production in Gabon (+36% compared to H1 2012) had a direct
impact on operating income and cash flow from operating activities. Operating
income was up 29% at ?111 million and cash flow increased by 34% to ?212
million. The cash generated will allow the Group to invest in a dynamic and
diversified exploration programme and to continue to increase its field of
activity by accessing new mining areas.
The repayments of the RBL (US$130 million) and the BGFI line of credit (?15
million), the establishment of a new US$350 million facility and the cost of the
OCEANE bonds led to the Group posting financial expenses of ?22 million.
As at 30 June 2013, the Group had available cash of ?231 million.
The Group's net income (-?8.5 million) was strongly affected by non-recurring
events: the relinquishment of two exploration permits in Colombia (SSJN9) and
Gabon (Etekamba) for ?19 million, the failure of two exploration wells in the
Congo at a cost of ?9 million and the recording of a provision related to the
Group's equity interest in Tuscany. The financial data published in respect of
Tuscany's position at 30 June 2013 and its share price caused the Group to
establish a provision in the amount of ?35 million, representing 50% of the
value of the equity interest entered on Maurel & Prom's balance sheet.
Promising outlook for H2 2013
1) Production exceeding targets
In Gabon, following the results of the 3D seismic survey, appraisal and
development works resumed at the Omko and Ombg fields.
These works confirmed the expansions on these two fields:
* On the Ombg field, three wells drilled into Grès de Base will be put into
production in late September. Development will continue in 2014 with the
construction of an additional platform and the implementation of a water
injection system.
* On the Omko field, drilling works confirmed the presence of further oil in
the Grès de Kissenda sandstone and revealed new accumulations of oil in the
upper Grès de Base and lower Grès de Base. Testing gave an average oil flow
rate of 1,400 bopd (35°API). Two new wells will be put into production in
early November.
Production from the Omoueyi fields currently stands at 27,000 bopd, which is
slightly above targets.
The new developments mentioned above should allow the Group to exceed its
objectives by the end of the year.
2) High quality exploration assets in Africa
In Namibia, the drilling carried out on nearby permits proved the existence of a
number of oil systems in the region. The 3D seismic survey will enable the
prospects for 2014 to be more clearly defined.
In Mozambique, following the 2D seismic survey carried out during the first half
of the year, the operator, Anadarko, identified two exploration prospects to be
drilled. The drilling work is scheduled to begin between now and the end of the
year.
In Tanzania, efforts are being focused on increasing reserves on the Mnazi Bay
permit. Also, a seismic data survey has been launched on the Bigwa Rufiji Mafia
permit in order to gain a better understanding of the oil systems in the area
rich in gas resources.
In Gabon, teams have processed the seismic lines acquired in 2012 in order to
reveal prospects to be drilled. Initial drilling operations are expected to
begin by the end of the year.
The Group has strong cash flow from its producing assets, as well as a high
quality portfolio of exploration assets located in strategic areas. The
partnership established with MPI through the Saint-Aubin Energie joint venture
gives it the means to access these high-potential areas while reducing its risk.
3) Access to strategic regions via the Saint-Aubin Energie joint venture
Maurel & Prom (1/3) and MPI (2/3) have created the Saint-Aubin Energie
investment vehicle, which will enable them to work together to develop new
projects.
12 Alberta permits
13 Gaspé Peninsula permits
M2 block
* In April 2013, MP East Asia, a wholly-owned subsidiary of Saint-Aubin
Energie, signed an agreement to acquire interests in the M2 block in
Myanmar.
* In July 2013, Saint-Aubin Energie signed two agreements in Canada. The first
relates to 13 hydrocarbon research permits in the Gaspé Peninsula in
partnership with Pétrolia. The second combines a shareholding in Deep Well
Oil & Gas with the acquisition of interests in 12 blocks in the Peace River
oil sands region of Alberta.
* Lastly, in August 2013, Saint-Aubin Energie was chosen by the Iraqi
authorities to participate in the latest allocations of permits. This
classification should provide the Group with access to oil resources which
could prove to be very substantial.
The partnership with Petrolia in Quebec will be the Group's first experience of
unconventional oils, which appear to have significant potential in this
province.
The Maurel & Prom Group's activity report, consolidated financial statements,
and the notes to the consolidated financial statements, are available on the
Company's website (www.maureletprom.fr).
For more information, go to www.maureletprom.fr
Communication:
INFLUENCES
Tel : +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 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
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Datum: 29.08.2013 - 07:12 Uhr
Sprache: Deutsch
News-ID 291938
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contact information:
Town:
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Kategorie:
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