Maurel & Prom :H1 2017 sales: ?172 million
(Thomson Reuters ONE) -
Paris, 25 July 2017
No. 16-17
H1 2017 sales: ?172 million
* Same as H2 2016: a favourable price effect, but an adverse quantity effect
in Gabon
* Up compared to H1 2016 thanks to a favourable price effect
* Seplat: Reopening of the Forcados export terminal in Nigeria
The Group's consolidated sales for the first half of 2017 were up 21% at ?172
million compared to the first half of the previous year, broken down as follows:
Sales for the first half of 2017
+-----------+
| |
| |
Q1 2017 Q2 2017| H1 2017 |H1 2016 17/16 change
| |
| |
+---------------------------------------------+-----------+--------------------+
|Total production sold in the | | |
|period (M&P share) | | |
| | | |
|million barrels of oil 1.6 1.7 | 3.3 | 3.6 -7%|
| | | |
|million MMBtu 1.9 2.9 | 4.8 | 4.4 +8%|
+---------------------------------------------+-----------+--------------------+
| |
+---------------------------------------------+-----------+--------------------+
|Average selling price | | |
| | | |
|OIL, in US$/bbl 52.8 48.6 | 50.7 | 39.2 +29%|
| | | |
|GAS, in US$/BTU 3.18 3.22 | 3.19 | 3.11 +3%|
+---------------------------------------------+-----------+--------------------+
| |
+---------------------------------------------+-----------+--------------------+
|EUR/USD exchange rate 1.06 1.10 | 1.08 | 1.12 -3%|
+---------------------------------------------+-----------+--------------------+
| |
+---------------------------------------------+-----------+--------------------+
|SALES (in ? millions) | | |
| | | |
|Oil production 86 79 | 164 | 136 +21%|
| | | |
|Gabon 81 75 | 156 | 126 |
| | | |
|Tanzania 5 3 | 8 | 10 |
| | | |
|Drilling operations 5 3 | 7 | 6 +17%|
+-----------------------------+ | | |
|Consolidated sales (in ? | 90 81 | 172 | 142 +21%|
|millions) | | | |
+-----------------------------+---------------+ +--------------------+
| |
+-----------+
The sales trend reflected a sharp rise in the average selling price of oil
produced in Gabon (up 29% compared to H1 2016) while volumes sold were down 7%
compared to Q1 2016.
The average selling price of oil followed the rise in the market reference
price, i.e. Brent. It also benefited from higher prices for Rabi Light crude
oil, which is discounted compared to Brent and averaged US$2.17/bbl in fiscal
2016 and US$1.35/bbl in H1 2017.
Hydrocarbon production in H1 2017 (M&P share)
+-----------------+
| |
| |
Units Q1 2017 Q2 2017 | H1 2017 | H1 2016 17/16 change
| |
Oil bopd 19,442 20,083 | 19,764 | 21,053 -6%
| |
Gas Mcf/d 20.8 14.8 | 17.8 | 23.7 -25%
------------------------------------+-----------------+----------
TOTAL boepd 22,905 22,542 | 22,723 | 24,998 -9%
------------------------------------+-----------------+----------
| |
+-----------------+
Oil production in H1 2017 stood at 19,764 bopd for M&P's share (80%), or a total
of 24,705 bopd operated by Maurel & Prom in Gabon. This level was below the
fields' production capacity, which had been impacted by a strike that disrupted
operations in Q1 2017. The consequences of the strike continued into Q2 2017.
In Tanzania, gas output was 17.8 MMcf/d for M&P's share (48.06%). Gas production
capacity on the Mnazi Bay permit is currently around 80 MMcf/d for average
operated production of around 37 MMcf/d at 100% in H1 2017. This production
level is dependent on industrial gas consumption in Dar Es Salam, which is
routed through TPDC buying from the operator. In July 2017, demand from TPDC
increased substantially, with production currently hovering at around 70 MMcf/d
at 100%.
Drilling operations
One of the two management contracts run by Caroil in Congo was suspended by the
operator in the second quarter of 2017.
Seplat
In June 2017, Seplat - in which Maurel & Prom has a 21.37% stake - resumed
routing its oil production through the Forcados export terminal, which had been
shut down since mid-February 2016.
As a result, Seplat will be able to return to the hydrocarbon production levels
it had achieved before force majeure was declared at the export terminal.
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, visit www.maureletprom.fr
MAUREL & PROM
Tel: +33 (0)1 53 83 16 00
Press, 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
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
CAS1_MAU_250717_EN.pdf:
http://hugin.info/155421/R/2122950/809605.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: 25.07.2017 - 17:40 Uhr
Sprache: Deutsch
News-ID 553837
Anzahl Zeichen: 10831
contact information:
Town:
Paris
Kategorie:
Business News
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