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2014-04-29

Maurel & Prom : Q1 2014 sales : €148.7 million up 15% on Q1 2013

Paris, 29 April 2014
No. 10-14

Q1 2014 sales: €148.7 million
up 15% on Q1 2013

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|Production in barrels of oil equivalent per day (bopd) for Q1 2014 |
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|boepd Q1 2014 Q1 2013 Chg. |
| |
|Production at 100% 25,261 21,580 +17% |
|Gabon 25,261 20,753 |
|Colombia 0 827 |
|M&P share (80% in Q1 2014) 20,209 18,054 +12% |
|Gabon 20,209 17,640 |
|Colombia 0 414 |
|Entitlements 18,908 17,052 +11% |
|Gabon 18,908 16,663 |
|Colombia 0 389 |
| |
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As announced during the publication of the annual results for 2013 on 27 March
2014, the level of production in the first quarter of 2014 was just over
25,000 bopd in Gabon. This has no impact on the objective of reaching 35,000
bopd in the second half of 2014.

The Group used the opportunity of the pipeline routing work to begin a
standard but mandatory work programme. This programme is linked with the
servicing and maintenance of wells and facilities. Begun in early 2014, it
will continue throughout the first half of 2014 and will allow the Group to
improve production compared to previous quarters and to participate in
achieving the stated targets. Despite this temporary limitation, production
in the first quarter was 17% higher than in the same period the previous
year, and 4% higher than in the fourth quarter of 2013.

With effect from 1 January 2014, the Group is applying the terms of the Ezanga
exploration and production sharing contract. The 12% increase in
Maurel&Prom's share of production and 11% increase in entitlements compared
to the first quarter of 2013, include the change in the Group's stake in the
production permit in Gabon from 85% to 80%.

Total production sold

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|total barrels over the period Q1 2014 Q1 2013* |
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| 1,730,977 1,550,687 +12% |
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|* Restated to reflect the change in accounting method |
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Change in sale prices

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| Q1 2014 Q1 2013 |
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|Average sale price |
|Gabon 107.0 110.7 |
|Colombia - 112.6 |
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Consolidated sales

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|in €M Q1 2014 Q1 2013* Chg. |
|Exchange rate 1.37 1.32 |
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|Oil production 135.5 129.9 +4% |
|Gabon 135.2 126.6 |
|Colombia 0.0 3.0 |
|Tanzania 0.3 0.3 |
|Oil services 13.2 0.0 |
|Other 0.0 -0.9 |
|Impact of hedges 0.0 -0.9 |
|Consolidated sales 148.7 129.0 +15% |
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|* Restated to reflect the change in accounting method |
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Consolidated sales in the first quarter of 2014 totalled €148.7 million, up
15% on the same period in 2013. This change was due to the increased
production in Gabon as mentioned previously and the consolidation of
non-Group sales made by Caroil.

This wholly owned subsidiary operates in Uganda, the Congo and Gabon for
customers other than Maurel&Prom. It achieves 62% of its sales with
third-party customers.

At 31 March 2014, the Group had no hedges in place on oil sale prices. In the
first quarter of 2013, those hedges impacted sales by -€0.9 million.

Change in accounting method

From 1 January 2013, in the event of under-collection of volumes produced
attributable to the Group, it can recognise an entitlement under "Other
receivables" against income.

Accordingly, the production sold and sales data for the first quarter of 2013
have been restated to reflect this change in accounting method, increasing
the figures for the number of barrels sold by 197,627 and for sales by €16
million.

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For more information: www.maureletprom.fr

Communication:
MAUREL&PROM

Tel.: 01 53 83 16 45

ir@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.

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Maurel&Prom is listed for trading on Euronext Paris - Compartment A
CAC® mid 60 - SBF120® - CAC® Mid&Small - CAC® All-Tradable - CAC® All-Share -
CAC PME
ISINFR0000051070
/ BloombergMAU.FP
/ ReutersMAUP.PA
Eligible for the French "PEA PME" investment scheme

CAQ1_MAU-29AVRIL14_EN.pdf
http://hugin.info/155421/R/1781139/609234.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1781139

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