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Maurel & Prom : Consolidated income at 30 June 2015

Paris, 27 August 2015

No. 16-15

Consolidated income at 30 June 2015

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* Negative impact of low oil price environment and restructuring charges *
low price environment * EBITDA: €68m * results at break-even, excluding
non-recurring items * €43.7 million net loss when these items are included
* restructuration of the portfolio * relinquishment of Mozambique asset:
-€22m * drilling rig activity on hold: -€20m * provision for P&A of
Peruvian well: -€6m
* Positive financial outlook from the second half of 2015 * geographically
diversified cash-flow (Tanzania) * cash-flow generation expected from the
second half of 2015 * no major loan repayments falling due before end of
* Ongoing cost saving initiatives and adjustments to the business plan in
response to the expected prolonged period of low prices: * cost of debt
reduced and debt maturity extended * operating costs reduced * selective
programme of investment for production and appraisal * exploration
programme reduced to minimum contractual requirements
* Proposed merger with MPI: creation of a leader among junior oil companies *
cost and tax savings * boost to equity and cash * streamlined
organisational structure

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Key financial aggregates as at 30 June 2015:

| €m H1 2015 H1 2014 |
| Sales 157.8 295.5 |
| EBITDA 68.2 239.5 |
| EBIT -32.8 156.2 |
| Financial income 7.4 -28.1 |
| Tax -17.2 -62.1 |
| Net income from equity affiliates -1.1 -6.8 |
| Consolidated net income -43.7 59.3 |
| Cash-flow from business activities -21.2 198.4 |
| Cash and cash equivalents at end of period 101.6 174.0 |

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Income for the first half reflects the current environment

Income for the first half-year reflects the challenging economic environment
in which the Group is operating and incorporates the initial impacts of the
policy introduced to make drastic reductions in expenditure and investment.

Group sales were down in the first half of 2015 compared with the first half
of 2014, primarily because of the drop in the oil price, but also because of
curbs on production to allow for various technical operations to address
transport problems.

As a result of this reduced level of output, production costs (mainly fixed)
and transportation costs (variable) in Gabon were US$ 14.5/barrel. EBITDA was
€68 million or 43% of sales for the first half of 2015, versus 71% of sales
for the first half of 2014.

Following results of exploration in Mozambique, the Group wrote off the
first-half expenditure of €22 million associated with this license. It should
be noted that third-party-operated exploration in 2014 and 2015 recorded
budget overruns generated by these operators. This context of a lack of
positive results and budget overruns by these operators has led the Group to
decide to discontinue its exploration activity in Peru and Mozambique.

The economic environment also weighed heavily on drilling activity. Caroil's
failure in the first half of the year to renew long-term drilling agreements
with some of its historical clients because of a freeze on investments by
these clients led the Group to revise the value of the subsidiary's assets
downwards. An impairment of €20 million was recorded as at 30 June 2015,
reducing the balance sheet value of drilling activity to €35.5 million.

As a result of the fall in oil prices, curbs on production and the impairments
recorded in the first half of 2015, Group EBIT was -€33 million, compared
with a figure of €156 million for the first half of 2014.

Since the start of fiscal year 2014, the Group has been restructuring its
debt, to reduce cost and extend maturity. As a result, interest on bank debt
and bonds issued by the Group has been substantially reduced. The result was
an improvement in financial income for the first half of 2015, standing at €7
million compared with a figure of -€28 million for the first half of 2014. It
should also be noted that the positive trend in the EUR/USD exchange rate
helped the Group to record net exchange gains of €16 million.

Group consolidated net income after tax for the first half of 2015 was -€44

The Group is adjusting to an expected prolonged period of low prices

To prepare the Group for a period of low prices and position it as an industry
leader among the European E&Ps, we have embarked on a stringent policy of
budgetary discipline beginning in the second half of 2014. The key
initiatives are as follows:

* restructuring of debt via the introduction of a new line of bank credit in
December 2014 and an ORNANE issuance in May 2015: * decreased cost of debt:
* RCF of US$400 million: LIBOR + 3.40% to end 2018 then 3.65% versus LIBOR
+ 4% for the former RCF of US$350 million (used in full); * ORNANE 2021:
2.75% versus 7.125% for the reimbursed OCEANE 2015; * extended debt
maturity: * 31 December 2020 for the existing RCF with a two-year period
with no repayment of the nominal amount, versus 31 December 2017 for the
former RCF; * July 2021 for the ORNANE 2021 bonds;
* reduced investment in production: * in Gabon: * introduction of a selective
programme to grow production and reserves under current economic
conditions; * postponement of operations to install equipment; * review of
current and future purchase orders; * in Tanzania: * cost control for the
MB4 well;
* curtailment of the exploration programme as a result of the Group's
flexibility in meeting its obligations: * no exploration well drilling in
the second half of this year; * postponement of expenditure on surveys and
seismic acquisition; * continuation of the ongoing production test in
Alberta, Canada, with no additional drilling;
* reduced operating costs: * reductions negotiated on all supplier contracts;
* improved cost tracking within subsidiaries.

Investment in the first half of 2015 totalled €137 million, broken down as

| in millions € Gabon Tanzania Mozambique Other TOTAL |
| Development 75.8 15.9 91.7 |
| Exploration 14.6 5.0 22.3 2.2 44.1 |
| Drilling activities 0.8 0.5 1.2 |
| Investments 91.3 20.9 22.3 2.6 137.1 |

The Group enjoys a stable financial position

At 30 June 2015, the Group had cash on hand of €102 million and held a strong
position in a turbulent environment. Maurel&Prom has restated its costs and
investments to adjust them to current oil price levels and provide its
shareholders and the financial community with visibility of its assets and
their potential in current climate:

* attractive, complementary assets located in geographic basins that are
familiar to the Group: * a strong presence in onshore operations, where
production costs are relatively low; * a stable tax situation as a result
of production-sharing agreements; * potential for increased output in
association with improved performance in Gabon and the implementation of
the gas sales agreement in Tanzania; * recent discoveries in Gabon, close
to the fields in production and the production centre; * a driver for
medium-term growth in Canada in case of an increase in benchmark prices;
* a stable financial position: * projections based on a selling price of
US$50 over the second half of 2015 and US$60 over 2016, with any
improvement on these price levels providing an upside for the Group; * no
major loan repayments falling due;
* increased visibility of investments: * end of an intensive programme of
investment in Gabon; * as operator we retain control of the investment
programme and the associated costs; * no minimum work commitments between
now and the end of the year; * managed production ramp-up following
positive results from the MB-4 well in Tanzania.

Group debt repayments falling due over the next three fiscal years:

| €m 30-June-2015 H2 2015 2016 2017 2018 |
| RCF US$400 million 357 - - 67 67 |
| Loan from CS 45 - - - 45 |
| OCEANE 2015 9 1 - - - |
| ORNANE 2019 253 - - - - |
| ORNANE 2021 115 - - - - |
| TOTAL in € millions 779 1 - 67 112 |
Positive Outlook

As a result of continuing with its policy, the Group is expected to show
positive earnings and operating cash-flow from the second half of 2015, based
on the assumptions adopted.

The Group's projections assume a price of US$50 for Brent crude for the
remainder of fiscal year 2015 and US$60 for fiscal year 2016. A negative
variation of US$5 in our assumptions would result in a €12 million reduction
in cash for the second half of 2015, and a reduction of around €28 million
over fiscal year 2016.

Based on these benchmark prices and aside from any petroleum transport issues,
the Group expects production capacity at the end of the year to exceed 30,000
boepd, corresponding to a share of 24,000 bopd for Maurel&Prom in Gabon
(equating to gross operated production of 30,000 bopd) and the equivalent of
6,400 boepd in Tanzania for the share of gas production attribuable to the

Based on this assumption and as a result of the policy in place, production
and transportation costs, which were US$14.5/barrel in the first half, are
expected to fall significantly to around US$12/barrel in the second half of
2015. Similarly, investment in development is expected to be cut by two
during the second six months of the year in comparison with the first half.

In Tanzania, the Group is expected to achieve production capacity of 80 Mcfd
by the end of the year, or 13,333 boepd at full capacity (6,400 boepd for the
Maurel&Prom share). Over the next few months, Maurel&Prom will examine how
reservoirs and output are behaving and...

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