Maurel et Prom : Nine-month sales 2013: ?437 million, +36%
(Thomson Reuters ONE) -
Paris, 29 October 2013
No. 20-13
Nine-month sales 2013: ?437 million, +36%
* Continuous increase in production:
* up 9% between Q2 2013 and Q3 2013 at 27,437 bopd
* up 37% between the first nine months of 2013 and the same period in
2012 at 24,684 bopd
* Consolidated sales of ?437 million for the first nine months of 2013
* up 6% between Q2 2013 and Q3 2013
* up 36% between the first nine months of 2013 and the same period in
2012
Production data for Gabon and Colombia
+--------------+
| |
| |
Q1 2013 Q2 2013 Q3 2013| 9 months | 9 months Chg. 13/12
bopd | 2013 | 2012
| |
| |
| |
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 | 9 months | 9 months
over the Q1 2013 Q2 2013 Q3 2013| 2013 | 2012
period | |
| |
| |
| |
Entitlements 1,544,670 1,816,081 1,990,186 | 5,350,937 |3,847,022
| |
Change in | |
inventories -191,576 235,221 55,098 | 98,743 | 6,615
over the | |
period | |
--------------------------------------------------+ ------------- +-----------
Production 1,353,094 2,051,302 2,045,284 | 5,449,680 |3,853,637
sold | |
--------------------------------------------------+ ------------- +-----------
| |
+-----------------+
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.
+--------------+
| |
| |
Q1 2013 Q2 2013 Q3 2013| 9 months | 9 months
Change in sale prices | 2013 | 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 |9 months Chg.
| 2013 | 2012
| |
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(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
Q313_MAU-29OCT13_FR_EN.pdf:
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Source: Maurel et Prom via Thomson Reuters ONE
[HUG#1738962]
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Datum: 29.10.2013 - 17:32 Uhr
Sprache: Deutsch
News-ID 310522
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contact information:
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