Maurel & Prom : Tanzania - First gas delivery
(Thomson Reuters ONE) -
Paris, 20 August 2015
No. 15-15
TANZANIA
First gas delivery
Maurel & Prom (operator, 48.06% interest) has today opened the first two wells
of the Mnazi Bay gas field that will deliver the Madimba processing centre
(operated by GASCO, a subsidiary of TPDC), the entry point of the gas pipeline
linking Mtwara to Dar es Salaam.
This production output will initially be used solely for commissioning
operations for the new TPDC/GASCO facilities, but is then expected to ramp up
rapidly to 70 million cubic feet per day with the connection of two additional
wells in October 2015. A production capacity of 80 million cubic feet per day is
expected by the end of the year.
In the next few months, Maurel & Prom will analyse how the production output and
reservoirs are behaving, and given the encouraging results from the MB4 well
drilled in the first half of 2015 would define an additional production
capacity.
Under the Gas Sales Agreement signed on 12 September 2014, for which financial
guarantees are now in place, the sale price has been set at US$3.00 per million
BTU, or around US$3.07 per thousand cubic feet, rising in line with the US CPI
industrial index.
Maurel & Prom went into Tanzania in July 2004 with the Bigwa-Rufiji-Mafia permit
in which it holds a 60% interest. In 2009, it strengthened its position with the
acquisition from Artumas of the Mnazi Bay permit, in which its operated interest
is 48.06%.
The Mnazi Bay permit is governed by a production sharing contract dating from
18 May 2004. The development licence was granted on 26 October 2006 for a 25-
year term, renewable once for a further period of 20 years. Royalties are 12.5%
and are covered by TPDC under the terms of the agreements in place. Cost Gas,
the share of production output allocated to the recovery of past costs, is 60%.
Unrecovered past costs for Maurel & Prom amounted to US$152 million as at 30
June 2015. Profit Gas payable to Maurel & Prom is 30% (% for a production over
10 MMcf/day).
In 10 years, Maurel & Prom has built a strong reputation as an onshore oil
operator with the Tanzanian authorities and local players. The Group is known
for being a forerunner in an area that is thought to have very significant gas
potential.
This new contribution to the Group's cash flow, a stable long-term addition to
its income from Gabon, is a step in the implementation of Maurel & Prom's growth
strategy and cash flow source diversification.
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pieds cubes spc cf cubic feet
pieds cubes par jour spc/j cfpd cubic feet per day
milliers de pieds cubes kspc Mcf 1,000 cubic feet
millions de pieds cubes Mspc MMcf 1,000 Mcf = million cubic feet
For more information, go to 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 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 -
CAC PME - EnterNext(©) PEA-PME 150
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
MB_MAU_20AOU15_EN.pdf:
http://hugin.info/155421/R/1946826/706663.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Maurel & Prom via GlobeNewswire
[HUG#1946826]
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