Maurel & Prom : Activity for the first quarter of 2016
(Thomson Reuters ONE) -
Paris, 28 April 2016
No. 09-16
Activity for the first quarter of 2016
* increase in quantities produced
* drop in selling prices
* Q1 2016 sales: ?58 million versus ?70 million in Q1 2015
* Increase in quantities produced in Gabon: +22% to 19,910 bopd (M&P
share)
* Gas sales in Tanzania: Q1 average 22.8 MMcf/d (M&P share)
* Slightly favourable currency impact: EUR/USD exchange rate +2%
* Drop in oil prices: selling price down 33% to US$32.6/b
* Positive outlook
* Production target for Gabon maintained at 28,000 bopd
* Current gross production in Gabon of 29,700 bopd
* Gradual increase in gas deliveries in Tanzania
* Stabilisation of oil prices
Q1 2016 sales
+-------------+
| |
| |
| Q1 2016 | Q1 2015 Chg. 16/15
| |
| |
+------------------------------------------+-------------+--------------------+
|Quantities sold over the period, M&P share| | |
| | | |
|barrels of oil | 1,692,349 |1,378,825 +23%|
| | | |
|million BTUs | 2,126,535 | 95,438 n/a|
+------------------------------------------+-------------+--------------------+
| |
+------------------------------------------+-------------+--------------------+
|Average selling price | | |
| | | |
|OIL, in $ per barrel | 32.6 | 48.8 -33%|
| | | |
|GAS, in US$ per million BTUs | 3.11 | - -|
+------------------------------------------+-------------+--------------------+
| |
+------------------------------------------+-------------+--------------------+
|EUR/USD exchange rate | 0.91 | 0.89 +2%|
+------------------------------------------+-------------+--------------------+
| |
+------------------------------------------+-------------+--------------------+
|SALES | | |
| | | |
|Oil production | 55 | 60 |
| | | |
|Gabon | 50 | 59 -16%|
| | | |
|Tanzania | 5 | 0 -|
| | | |
|Drilling activity | 3 | 10 -74%|
+------------------------------------------+ | |
|Consolidated sales | 58 | 70 -18%|
+------------------------------------------+ +--------------------+
| |
+-------------+
The Group's consolidated sales for the first quarter of 2016 amounted to ?58
million versus ?70 million for the same period in 2015. This 18% decline was due
to the drop in oil prices (selling price down by 33% to US$32.6/b, versus
US$48.8/b in Q1 2015).
Oil output was up by 22% to 19,910 bopd (M&P share), plus the gas delivered to
Tanesco in Tanzania (average 22.8 MMcf/d) in the first quarter of 2016, which
makes a total M&P production of 23,717 boepd versus 16,529 boepd in Q1 2015.
+---------------------+
Maurel & Prom share| |
| |
| Q1 2016 | Q1 2015 Chg. 16/15
-------------------+ |
Oil| 19,910 bopd | 16,358 bopd +22%
| |
Gas| 22.8 MMcf/d | 1 MMcf/d -
-------------------+-------------------- +--------------------
TOTAL| 23,717 boepd | 16,529 boepd +43%
-------------------+-------------------- +--------------------
| |
+---------------------+
In Gabon, production stayed above 28,000 bopd in January and February. In mid-
March 2016, the pipeline operator carried out further reinforcement work on the
12" routing line between the Coucal station and the junction with the 18"
pipeline. Accordingly, production was limited between 13 March and 5 April
2016, but has since been gradually increasing and has now been averaging 29,700
bopd (100%), or 23,760 bopd (M&P share), over the past two weeks. On this basis,
the average annual production target of 28,000 bopd (100%) is maintained.
In Tanzania, the Group supplied an average of 47.6 million cubic feet per day
(100%). Gas deliveries depend on demand from the national company, TPDC.
The Doha conference of 17 April 2016 resulted in a stabilisation of oil prices,
leading to hopes that they have bottomed out and can only improve.
General Shareholders' Meeting
15 June 2016, 3 pm, Palais Brongniart (Paris)
Next publication
4 August 2016 after close of trading: 2016 first-half sales
English
French
--------------------------------------------------------------------------------
pieds cubes pc cf cubic feet
pieds cubes par jour pc/j cfpd cubic feet per day
milliers de pieds cubes kpc Mcf 1,000 cubic feet
millions de pieds cubes Mpc MMcf 1,000 Mcf = million cubic feet
milliards de pieds cubes Gpc Bcf billion cubic feet
--------------------------------------------------------------------------------
baril b bbl barrel
barils d'huile par jour b/j bopd barrels of oil per day
milliers de barils kb Mbbl 1,000 barrels
millions de barils Mb MMbbl 1,000 Mbbl = million barrels
--------------------------------------------------------------------------------
barils équivalent pétrole bep boe barrels of oil equivalent
barils équivalent pétrole par jour bep/j boepd barrels of oil equivalent per day
milliers de barils équivalent kbep Mboe 1,000 barrels of oil equivalent
pétrole
millions de barils équivalent Mbep MMboe 1,000 Mbbl = million barrels of
pétrole oil equivalent
For more information, visit: www.maureletprom.fr
MAUREL & PROM
Tel: 01 53 83 16 00
Press contacts, shareholder and investor relations
Tel: 01 53 83 16 45
ir(at)maureletprom.fr
This document may contain forward-looking statements regarding the financial
position, results, activities 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 forward-looking statements 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
CAC® mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share -
CAC PME - EnterNext© PEA-PME 150
ISINFR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
CAT1_MAU_28AVR16_ENG.pdf:
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Source: Maurel & Prom via GlobeNewswire
[HUG#2008061]
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Datum: 28.04.2016 - 17:34 Uhr
Sprache: Deutsch
News-ID 467335
Anzahl Zeichen: 10730
contact information:
Town:
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Kategorie:
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