Maurel & Prom : Activity for the first half of 2016
(Thomson Reuters ONE) -
Paris, 27 July 2016
No. 12-16
Activity for the first half of 2016
* Increase in quantities produced
* Decline in the sale price
* H1 2016 sales: ?142 million versus ?158 million in H1 2015
* Increase in quantities produced in Gabon: +22% to 21,169 bopd for M&P's
share
* Gas sales in Tanzania: average of 23.7 MMcf/d in H1 for M&P's share
* Falling oil prices: sale price down by 27% at $39.2/bbl
* Production averaging over 29,000 bopd at 100% since 1/7/2016
Sales for the first half of 2016
+-------------+
| |
| |
Q1 2016 Q2 2016 | H1 2016 | H1 2015 Chg. 16/15
| |
| |
+-------------------------------------------+-------------+--------------------+
|Quantities sold over | | |
|the period, M&P's share | | |
| | | |
|barrels of oil 1,692,349 1,886,151| 3,578,500 |2,948,724 +21%|
| | | |
|BTU 2,126,535 2,280,973| 4,407,508 | 197,857 N/A|
+-------------------------------------------+-------------+--------------------+
| |
+-------------------------------------------+-------------+--------------------+
|Average sale price | | |
| | | |
|OIL in $ per barrel 32.6 45.1 | 39.2 | 53.5 -27%|
| | | |
|GAS in $ per million 3.11 3.11 | 3.11 | - -|
|BTU | | |
+-------------------------------------------+-------------+--------------------+
| |
+-------------------------------------------+-------------+--------------------+
|EUR/USD exchange rate 0.91 0.89 | 0.90 | 0.90 0%|
+-------------------------------------------+-------------+--------------------+
| |
+-------------------------------------------+-------------+--------------------+
|SALES (in ? millions) | | |
| | | |
|Oil production 55 81 | 136 | 142 -4%|
| | | |
|Gabon 50 76 | 126 | 141 |
| | | |
|Tanzania 5 5 | 10 | 1 |
| | | |
|Drilling operations 3 3 | 6 | 16 -60%|
+-----------------------+ | | |
|Consolidated sales | 58 84 | 142 | 158 -10%|
+-----------------------+-------------------+ +--------------------+
| |
+-------------+
The Group's consolidated sales for the first half of 2016 amounted to ?142
million, compared to ?158 million for the same period in 2015. This 10% decline
was due to the drop in oil prices (sale price down by 27% at $39.2/bbl versus
$53.5/bbl in the first half of 2015). The quality discount between Brent and
Rabi Light was $2.21/bbl in Q2 2016 versus $3.45/bbl in Q1 2016 and $4.45/bbl in
Q4 2015. This improvement is part of a perspective of balancing supply and
demand in the global oil industry and promises an oil price rise in the coming
months.
Oil output rose by 22% to 21,169 bopd for Maurel & Prom's share, while gas
delivered in Tanzania averaged 23.7 MMcf/d in the first half of 2016, taking
Maurel & Prom's share of total production to 25,144 boepd versus 17,581 boepd in
the first half of 2015.
Maurel & Prom's share
of production
+----------------+
| |
| |
Q1 2016 Q2 2016 | H1 2016 | H1 2015 Chg. 16/15
| |
Oil 19,910 bopd 22,195 bopd | 21,169 bopd | 17,404 bopd +22%
| |
Gas 22.8 MMcf/d 24.5 MMcf/d | 23.7 MMcf/d | 1.1 MMcf/d -
-------------------------------------+----------------+--------------
TOTAL 23,717 boepd 26,279 boepd| 25,144 boepd | 17,581 boepd +43%
-------------------------------------+----------------+--------------
| |
+----------------+
In Gabon, the pipeline operator carried out further reinforcement work in March
on the 12" routing line between the Coucal station and the junction with the
18" pipeline. As a result, production was limited between 13 March and 5 April
2016. It gradually picked up to average 27,744 bopd (at 100%) in the second
quarter of 2016, or 22,195 bopd for M&P's share, versus 19,910 bopd in the first
quarter of 2016, a quarter-on-quarter rise of 11%.
In Tanzania, Maurel & Prom, as operator, supplied an average of 49 million cubic
feet per day (100%). Gas deliveries depend on demand from the national company,
TPDC.
Next publication
31 August 2016 before markets open: 2016 first-half results
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 bep/j boepd barrels of oil equivalent per
jour 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, 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
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
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Source: Maurel & Prom via GlobeNewswire
[HUG#2031158]
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Datum: 27.07.2016 - 17:36 Uhr
Sprache: Deutsch
News-ID 485763
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Town:
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