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2016-01-28

Maurel & Prom: Maurel & Prom :2015 activity and sales

Paris, 28 January 2016

No.03-16

2015 activity and sales

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* A depressed oil market: sales down 50%

* Consolidated sales: €276m

* Drop in the oil price: -51% to $47.1/bbl
* Oil sales down 51% to €248 million
* Gas sales up 426% to €7 million
* 50% reduction in drilling operations to €21 million

* M&P's total production (oil + gas) averaged 18,367 boepd in 2015

* Technical constraints evacuating oil in Gabon regarding the pipeline
operated by a third party: oil production curbed to 17,078 bopd in 2015
(M&P working interest)
* Increase in the share of gas: 15% in Q4 2015 versus 1% in 2014
* Total M&P working interest production in Q4 2015 of 24,730 boepd, up 83%
versus Q3 2015

* Favourable currency effect: USD/EUR parity + 20%

* Group's flexibility to current prices * Continued refocusing of the
business on existing fields in Gabon and Tanzania * Oil in Gabon: average
of 28,000 bopd (100%) expected in 2016, up 30% * Gas in Tanzania:
production stabilised at 70/80 MMcf/d (100%), the first stage of
anticipated production * Shutdown or closure of operations in Congo, Peru,
Mozambique and Syria * Winding up of operations in Canada

* Drastic reduction in the work programme in 2016 and 2017

* 2016 investments: $45m, down 70% from 2015
* 2016 exploration expenses: $23m, down 63% from 2015
* Postponement of exploration works in Myanmar, Colombia, and Tanzania

* Launch of CB 2021 for €115m

* Merger with MPI at the end of December 2015

* $295m in cash at 31/12/2015

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| 2015 ACTIVITY |
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|Sales |
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| Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 2014 Chg. |
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| 15/14 |
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| Total production sold over the period |
| barrels of oil 1,378,825 1,569,899 1,077,793 1,810,293 5,836,810 6,918,181 -16% |
| millions of BTUs - Tanesco 95,438 102,420 102,890 104,929 405,677 325,486 +25% |
| millions of BTUs - TPDC/Gasco 0 0 471,526 1,946,457 2,417,984 0 n/a |
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| Average sales price |
| OIL, in $ per barrel 48.8 57.6 43.8 38.7 47.1 96.7 -51% |
| GAS, in $ per million BTU - Tanesco 5.36 5.36 5.36 5.36 5.36 5.36 - |
| GAS, in $ per million BTU - TPDC/Gasco 3.00 3.00 3.00 3.00 3.00 - n/a |
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| EUR-USD exchange rate 0.89 0.91 0.90 0.92 0.90 0.75 +20% |
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| SALES in €m |
| Oil production 60 82 44 69 255 505 |
| Gabon 59 82 43 64 248 504 -51% |
| Tanzania 0 1 2 5 7 1 +426% |
| Drilling activity 10 6 3 3 21 45 -53% |
| Consolidated sales (in: €m) 70 88 47 71 276 550 -50% |
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The Group's consolidated sales for 2015 fell 50% to €276m. Sales were hit by
the drop in oil prices with a 51% drop in the average price of a barrel of
oil during fiscal year 2015 ($47.1 per barrel versus $96.7 for 2014).
Moreover, oil production in Gabon was mainly limited to causes that were
external to the Group:

* complete shutdown of oil production in September 2015 following
notification of a force majeure situation by the operator of the pipeline,
Association Coucal;
* technical restriction on the oil pipeline's capacity to evacuate oil in
Gabon; and
* temporary interruptions in production to increase the capacity of surface
facilities: the interruptions were initiated by Maurel&Prom to prepare for
the connection of additional facilities (electricity generation, oil /
water treatment, etc.) with a view to increasing oil production capacity
levels for the various producing fields.

Improvement in the USD/EUR parity (+20%) partially offsets the combined effect
of the fall in volumes sold and the drop in oil prices.

The share of gas in the Group's revenue in Q4 2015 increased to 7% of
consolidated sales. It was less than 1% in 2014.

Maurel&Prom working interest daily production data

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| in barrels of oil equivalent per day Q1 2015 Q2 2015 Q3 2015 Q4 2015 2015 |
| Gas 177 188 1,041 3,716 1,289 |
| Oil 16,358 18,439 12,500 21,014 17,078 |
| TOTAL 16,535 18,627 13,541 24,730 18,367 |
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In 2015, the Group produced the equivalent of 18,367 barrels per day, working
interest, broken down between conventional oil in Gabon (93%) and dry gas
production in Tanzania (7%).

In Gabon, the Group, in 2015, had to deal with internal and external technical
constraints. As a result, Maurel&Prom's average production in 2015 stood at
17,078 bopd (21,347 bopd at 100%) versus 20,014 bopd in 2014. In Q4 2015,
production stood at 21,014 bopd (26,267 bopd at 100%), up +68 % versus Q3
2015.

In Tanzania, gas production from the Mnazi Bay field which started on 20
August 2015 stood at 43 MMcf/d in Q4 2015. This production level is expected
to increase gradually to 70-80 MMcf/d in 2016, depending on local demand for
gas.

Merger with MPI

On 17 December 2015, the general meetings of MPI and Maurel&Prom voted in
favour of merging the two companies. This has retroactive effect to 1 January
2015. In the Group's consolidated accounts, the SEPLAT stake of 21.37% will
be consolidated using the equity method as from the date on which control was
actually taken, i.e. 17 December 2015.

SEPLAT'S 2015 production[1]stood at 43,372 barrels of oil equivalent per day
(67% oil, 33% gas), up 41% from 2014. SEPLAT'S management is forecasting
annual sales of between $550m and $600m. In addition net debt at the end of
2015 stood at $537m.

FINANCIAL STRUCTURE

The Maurel&Prom Group's liquidity position was $295m at 31 December 2015.

The Group to-date has two fully-drawn lines of credit:

* a line in the form of RCF amounting to $400m; and
* a $33m line from Crédit Suisse.

Under the $400m loan, the Group must specifically comply with a minimum
production ratio. In Q4 2015, this could not be less than 19,000 bopd on
average in Gabon (Maurel&Prom working interest). The corresponding daily
production for Q4 2015 was 21,014 bopd.

Also, the RCF banking consortium accepted a deferral of the period for the
calculation of a minimum production level liable to represent a case for the
accelerated reimbursement of the RCF that would lead to the amortisation of
the loan from 1 April 2016 instead of 1 January 2017; this level must not be
below 27,500 bopd, or 22,000 bopd on average for Maurel&Prom working
interest, for the period from
1 December 2015 to 29 February 2016.

Under the terms of these bank loans, the Group must, at 31 December 2015,
comply with the net debt/EBITDAX[2]ratio, which must not fall below 4.2 over
a 12-month period preceding

31 December 2015 (arrangement granted by the RCF banking consortium and Crédit
Suisse for the calculation of the ratio at 31/12/2015). As at 30 June 2016,
this ratio must not fall below 3, without taking account new terms according
to the special market situation.

The Group also has two convertible bonds worth €253m and €115m maturing
respectively in July 2019 and July 2021.

OUTLOOK FOR 2016

For 2016, the Group's oil production is expected to increase markedly versus
2015. The Group plans to stabilise production from producing oil fields to
28,000 bopd (22,400 bopd for M&P share), for investments valued at $42m
(M&P's share). This amount also includes connection to the Addax-Shell
network to southern Gabon in the first half of 2016.

Maurel&Prom will continue efforts to cut costs by renegotiating contracts and
reducing the work programme. Based on this production level and a Brent price
of $45 throughout 2016, expected operating costs and taxes[3]should be around
$17.5/bbl, 45% of which is fixed direct co...

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