Maurel & Prom : Activity in the first quarter of 2015
(Thomson Reuters ONE) -
Paris, 29 April 2015
No.10-15
Activity in the first quarter of 2015
* Impact of falling oil prices
* Oil prices are down 54%: US$48.8 per barrel compared with US$107.0 per
barrel
* Sales down by 53% to ?69.9 million
* Commercialisation agreement obtained for the Mabounda discovery in Gabon
Q1 2015 Sales
+-------------+
| |
| |
| Q1 2015 | Q1 2014 Chg.Q1 15/Q1 14
| |
| |
+-----------------------------------+-------------+-------------------------+
|Total production sold in the period| | |
| | | |
|barrels of oil | 1,378,825 |1,730,977 -20 % |
| | | |
|million BTUs | 95,438 | 82,960 +15 % |
+-----------------------------------+-------------+-------------------------+
| |
+-----------------------------------+-------------+-------------------------+
|Average sale price | | |
| | | |
|in US$ per barrel | 48.8 | 107.0 -54 % |
| | | |
|in US$ per million BTUs | 5.36 | 5.36 - |
+-----------------------------------+-------------+-------------------------+
| |
+-----------------------------------+-------------+-------------------------+
|USD/EUR exchange rate | 0.89 | 0.73 +22 % |
+-----------------------------------+-------------+-------------------------+
| |
+-----------------------------------+-------------+-------------------------+
|SALES | | |
| | | |
|Oil production | 59.8 | 135.5 -56 % |
| | | |
|Gabon | 59.4 |135.2 |
| | | |
|Tanzania | 0.4 |0.3 |
| | | |
|Drilling activities | 10.1 | 13.2 |
| | | |
|Consolidated sales | 69.9 | 148.7 -53 % |
+-----------------------------------+-------------+-------------------------+
| |
+-------------+
As the average sale price of a barrel of oil was US$48.8 versus US$107.0 in the
same period the previous year, a drop of 54%, consolidated sales in the first
quarter of 2015 amounted to ?69.9 million, down 53% versus the same period the
previous year.
The average discount between the Brent price and the official sales price over
the quarter was US$3.26 per barrel. The average sale price during the first
quarter of 2015 (48.8 US$ per barrel) was due in particular to the significant
lifting (55% of volumes sold during the quarter) in January, when the official
sales price was in the order of US$44.
At the same time, as the Company has announced in the publication of its 2014
annual results on 26 March 2015, production in the first quarter of 2015 has
been strongly impacted by development work and technical problems affecting the
pipeline linking Coucal to Cap Lopez and operated by a third party. These
evacuation problems are now being resolved.
Temporary production shutdowns were also necessary to allow new facilities to be
connected.
Overall average shipments of crude oil from the Gabon fields were thus limited,
so an average of 20,447 boep were lifted in the first quarter of 2015, 19% less
than in the same period of the previous year.
Improvement in the dollar/euro rate (+22%) partially offsets the joint effect of
the fall in quantities sold (-20%) and the fall of oil prices (-54%), resulting
in total in a fall in sales of 53% in the first quarter of 2015.
Production data in barrels per day (boepd)
+-----------------+
| |
| |
barrels of oil equivalent per day | Q1 2015 | Q1 2014* Chg.15/14
| |
| |
| |
Production at 100% | 20,447 | 25,261 -19%
| |
Gabon | 20,447 | 25,261
| |
M&P share | 16,358 | 20,209 -19%
| |
Gabon | 16,358 | 20,209
| |
Entitlements | 15,320 | 18,908 -19%
| |
Gabon | 15,320 | 18,908
+-----------------+
Outlook
The gradual start-up of additional electricity generating capacity will boost
water injection, and therefore increase production at the Ezanga fields in
Gabon, which will be spread over 18 months and which will be modulated depending
on the adjustments to the investment programme.
At the same time, the Commercialisation Agreement for the Mabounda discovery
(EZMA-1 well) was obtained on 30 March 2015. The corresponding Development Plan,
which includes two additional wells and connection to the Onal production
network, should be approved by the Gabonese authorities by summer, to start
production from September 2015.
Revision of the investment programme
The Company is continuing its efforts to reduce costs and has carried out a
revision of the investment programme. The full effect of these efforts will
become completely clear from the second half of 2015, once the work that is
currently underway has been completed.
For more information: www.maureletprom.fr
MAUREL & PROM
Tel: +33 (0)1 53 83 16 00
Press contacts, shareholder and investor relations
Tel: +33 (0)1 53 83 16 45
ir(at)maureletprom.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. Such forward looking statements are based on assumptions that we believe
to be reasonable but which may prove to be inaccurate and are subject to various
risks such as fluctuations in the price of crude oil, exchange rate movements,
uncertainties over the valuation of our oil reserves, the actual rate of oil
production and associated costs, operational problems, political instability,
legislative or regulatory changes, war, 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 -
CAC PME - EnterNext(© )PEA-PME 150
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
CAQ1_MAU_29AVRIL15_EN.pdf:
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Source: Maurel & Prom via GlobeNewswire
[HUG#1916827]
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2015 - 17:40 Uhr
Sprache: Deutsch
News-ID 389551
Anzahl Zeichen: 10025
contact information:
Town:
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Kategorie:
Business News
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