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Maurel & Prom: Q1 2023 activity

PARIS, April 20, 2023--(BUSINESS WIRE)--Regulatory News:

Maurel & Prom (Paris:MAU):

  • M&P’s working interest production in Q1 2023: 27,071 boepd, up 3% from Q4 2022

    • M&P working interest production of 15,839 bopd in Gabon, an increase of 1% compared to Q4 2022

    • M&P working interest production of 3,441 bopd in Angola, a decrease of 1% compared to Q4 2022

    • M&P working interest gas production of 46.7 mmcfd in Tanzania, an increase of 9% compared to Q4 2022

  • Sales of $180 million in Q1 2023, an increase of 6% from Q4 2022

    • Valued production of $139 million for the quarter, with an average oil price of $75.1/bbl, down 6% from Q4 2022 ($79.5/bbl)

    • Favourable impact of the restatement of lifting imbalances and inventory revaluation ($38 million) due to the two liftings in Gabon during the period, in January and March

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  • Strong balance sheet, continued growth operations, and return of value to shareholders

    • Net debt of $149 million as at 31 March 2023, down $51 million for the quarter ($200 million as at 31 December 2022)

    • Acquisition of Wentworth Resources approved by target’s shareholders; transaction expected to close by Q3 2023, subject to Tanzanian regulatory approval (transaction amount already disbursed in Q4 2022)

    • Dividend of €0.23 per share (approximately $50 million) proposed to be voted on at the M&P General Shareholders’ Meeting on 23 May 2023, for payment in July

Key indicators for the first quarter of 2023

Q1

2022

Q2

2022

Q3

2022

Q4

2022

Q1 2023

Change Q1 2023

vs.

Q1

2022

Q4

2022

M&P working interest production

Gabon (oil)

bopd

14,222

13,439

15,253

15,650

15,839

+11%

+1%

Angola (oil)

bopd

3,856

3,916

3,695

3,465

3,441

-11%

-1%

Tanzania (gas)

mmcfd

47.3

41.4

41.3

43.0

46.7

-1%

+9%

Total

boepd

25,966

24,257

25,824

26,283

27,071

+4%

+3%

Average sale price

Oil

$/bbl

94.2

112.0

106.9

79.5

75.1

-20%

-6%

Gas

$/mmBtu

3.49

3.50

3.51

3.51

3.76

+8%

+7%

Sales

Gabon

$mm

127

136

140

125

99

-22%

-20%

Angola

$mm

26

31

26

21

19

-28%

-12%

Tanzania

$mm

16

16

18

19

18

+11%

-3%

Valued production

$mm

170

182

184

165

136

-20%

-17%

Drilling activities

$mm

1

1

4

7

5

Restatement for lifting imbalances and inventory revaluation

$mm

-40

41

-36

-1

38

Consolidated sales

$mm

130

224

152

170

180

+38%

+6%

M&P’s working interest production in Q1 2023 was 27,071 boepd. The average sale price of oil was $75.1/bbl for the period, a decrease of 6% from Q4 2022 ($79.5/bbl).

The Group’s valued production (income from production activities, excluding lifting imbalances and inventory revaluation) in Q1 2023 was $136 million.

The restatement of lifting imbalances, net of inventory revaluation, had a positive impact of $38 million for the quarter due to two liftings in Gabon in the period, in January and March.

After incorporating the $5 million relating to drilling activities, consolidated sales for Q1 2023 stood at $180 million.

Production activities

  • Gabon

M&P’s working interest oil production (80%) on the Ezanga permit in Q1 2023 was 15,839 bopd (gross production: 19,799 bopd).

The well stimulation campaign carried out between Q4 2022 and Q1 2023 has resulted in a substantial increase in the field’s production potential, which is currently above 21,000 bopd. Gross production on the field was 20,608 bopd in February (M&P working interest of 16,486 bopd).

  • Tanzania

M&P’s working interest gas production (48.06%) on the Mnazi Bay permit in Tanzania was 46.7 mmcfd (gross production: 97.3 mmcfd) for Q1 2023, an increase of 9% compared to Q4 2022.

  • Angola

M&P’s working interest production (20%) from Block 3/05 was 3,441 bopd (gross production: 17,206 bopd) for Q1 2023, an increase of 1% compared to Q4 2022.

Information on the current offer for Wentworth Resources

On 23 February 2023, Wentworth Resources shareholders approved M&P's offer by voting in favour of the Scheme at the Court Meeting and in favour of its implementation at the General Shareholders’ Meeting.

The completion of the acquisition of Wentworth remains subject to the approval of the Tanzanian authorities, which is expected by Q3 2023. M&P will communicate on this subject in due course.

Financial position

The cash position at 31 March 2023 was $122 million, giving available liquidity of $189 million including the available and undrawn revolving portion (compared with $138 million at 31 December 2022). This amount excludes $76 million placed in escrow as part of the offer announced on 5 December 2022 for Wentworth Resources, which is therefore already fully disbursed.

Gross debt amounted to $270 million at 31 March 2023, including $188 million in a bank loan (excluding the $67 million undrawn revolving portion) and $82 million in a shareholder loan. The first quarterly maturities on both instruments are due on 11 April 2023, for a total amount of $23 million ($19 million in bank loans and $4 million in shareholder loans).

Net debt amounted to $149 million at 31 March 2023, a decrease of $51 million compared to 31 December 2022 ($200 million).

Français

English

pieds cubes

pc

cf

cubic feet

millions de pieds cubes par jour

Mpc/j

mmcfd

million cubic feet per day

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

millions de barils

Mb

mmbbls

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

millions de barils équivalent pétrole

Mbep

mmboe

million barrels of oil equivalent

For more information, please visit www.maureletprom.fr/en/

This document may contain forecasts regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forecasts 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 forecasts 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 All-Tradable – CAC Small – CAC Mid & Small – Eligible PEA-PME and SRD
Isin FR0000051070/Bloomberg MAU.FP/Reuters MAUP.PA

View source version on businesswire.com: https://www.businesswire.com/news/home/20230419006035/en/

Contacts

Maurel & Prom
Press, shareholder and investor relations
Tel: +33 (0)1 53 83 16 45
ir@maureletprom.fr

NewCap
Financial communications and investor relations/Media relations
Louis-Victor Delouvrier/Nicolas Merigeau
Tel: +33 (0)1 44 71 98 53/+33 (0)1 44 71 94 98
maureletprom@newcap.eu