Maurel & Prom : Nine-month sales 2016
(Thomson Reuters ONE) -
Paris, 27 October 2016
No. 17-16
Nine-month sales 2016
Nine-month sales 2016: ?226 million vs ?205 million, up 10%
* Q3 2016 production in line with initial objective, averaging 28,333 bopd
* Q3 Tanzania gas sales show M&P share averaging 21.3 MMcf/d
* Oil price down 19%, at US$41 a barrel
* Updated estimate for Gabonese oil production: 27,000 bopd (vs FY16
objective: 28,000 bopd)
Sales in the first nine months of
2016
+--------------+
| |
| |
Q1 2016 Q2 2016 Q3 2016 | 9 months | 9 months Chg.
| 2016 | 2015 16/15
| |
| |
+----------------------------------------------+--------------+----------------+
|Total production sold in | | |
|the period | | |
| | | |
| barrels of 1,692,349 1,886,151 1,947,980| 5,526,480 |4,026,517 +37%|
|oil | | |
| | | |
|BTU 2,126,535 2,280,973 1,551,492| 5,959,000 | 772,274 |
+----------------------------------------------+--------------+----------------+
| |
+----------------------------------------------+--------------+----------------+
|Average sale | | |
|price | | |
| | | |
|OIL, in 32.6 45.1 44.2 | 41.0 | 50.9 -19%|
|US$/barrel | | |
| | | |
|GAS, in 3.11 3.11 3.11 | 3.12 | 3.92 |
|US$/BTU | | |
+----------------------------------------------+--------------+----------------+
| |
+----------------------------------------------+--------------+----------------+
|EUR/USD 0.91 0.89 0.90 | 0.90 | 0.90 -|
|exchange rate | | |
+----------------------------------------------+--------------+----------------+
| |
+----------------------------------------------+--------------+----------------+
|SALES in ? | | |
|millions | | |
| | | |
|Oil production 55 81 81 | 217 | 186 +16%|
| | | |
|Gabon 50 76 77 | 203 | 184 +10%|
| | | |
|Tanzania 5 5 4 | 14 | 2 |
| | | |
|Drilling 3 4 3 | 9 | 19 -52%|
|activities | | |
+--------------+ | | |
|Consolidated | 58 84 83 | 226 | 205 +10%|
|sales | | | |
+--------------+-------------------------------+ +----------------+
| |
+--------------+
Group consolidated sales in the first nine months of 2016 were up 10%, at ?226
million.
This increase was mainly the result of strong oil production in Gabon in the
third quarter of 2016, averaging 28,333 bopd at 100% (22,666 bopd M&P share),
whereas the third quarter of 2015 was marked by the production shutdown in
September 2015 following Association Coucal's notification of force majeure
affecting the pipeline.
Over the first nine months of the year, the increased production in Gabon (+37%)
was due to the operating performance from water injection and the securing of
the oil pipeline, which enabled the operator (M&P) to produce an average 26,993
bopd at 100% over the period, versus 19,689 bopd over the same period in 2015.
During the first nine months of 2016, the average sale price was US$41/barrel,
versus US$51/barrel for the same period in 2015, down 19%.
In Tanzania, gas production was down quarter-on-quarter, at 34 MMcf/day at
100%, reflecting the low demand for gas from the Tanzanian Petroleum Development
Corporation (TPDC). Gas production capacity under the Mnazi Bay license is
currently about 80 MMcf/d.
Working interest production
+-----------------+
| |
| |
unit Q1 2016 Q2 2016 Q3 2016| 9 months 2016 |9 months 2015 Chg.
| | 16/15
| |
Oil bopd 19,910 22,195 22,666 | 21,594 | 15,751 +37%
| |
Gas MMcf/d 22.8 24.5 16.5 | 21.3 | 2.8
--------------------------------------+-----------------+--------------
TOTAL boepd 23,717 26,279 25,413 | 25,137 | 16,212 +55%
--------------------------------------+-----------------+--------------
| |
+-----------------+
As a result of the strike organised by the national oil workers' union, the
Organisation nationale des employés du pétrole (Onep), which started on 17
October 2016, the Group had to reduce production at the Ezanga fields in Gabon
(operator Maurel & Prom, 80%) for three days to ensure the safety of non-
striking staff and of the facility itself.
Negotiations resulted in the strike being lifted on 25 October 2016. Operations
were back to normal by the morning of 26 October 2016.
In Gabon, based on the production during the first nine months of 2016, on the
latest events in Gabon and on the current level of production, the estimated
full-year production for 2016 is expected to be 27,000 bopd at 100% (21,600 bopd
M&P share), compared with an initial objective of 28,000 bopd at 100% (22,400
bopd M&P share).
In Tanzania, gas production depends on industrial consumption in Dar Es Salam,
as reflected in requests by TPDC to the operator (Maurel & Prom, 48.06 %).
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 bbl bbl Barrel
barils d'huile par jour b/j bopd barrels of oil per day
milliers de barils kb Mbo 1,000 barrels
millions de barils Mb MMbbl 1,000 Mbbl = million barrels
-------------------------------------------------------------------------------
barils équivalent pétrole bep Boe barrels of oil equivalent
barrels of oil equivalent per day bep/j boepd barrels of oil equivalent per
day
milliers de barils équivalent kbep Mboe 1,000 barrels of oil equivalent
pétrole
Mboe: million barrels of oil Mbep MMboe 1,000 Mbbl = million barrels of
equivalent oil equivalent
For more information, visit: 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
{0>ir(at)maureletprom.fr<}100{>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
CAT3_MAU_27OCT16_EN.pdf:
http://hugin.info/155421/R/2052322/768075.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maurel & Prom via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2016 - 17:49 Uhr
Sprache: Deutsch
News-ID 503351
Anzahl Zeichen: 12251
contact information:
Town:
Paris
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 328 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Maurel & Prom : Nine-month sales 2016"
steht unter der journalistisch-redaktionellen Verantwortung von
Maurel & Prom (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
