- M&P’s working interest production in Q1 2022: 25,646
boepd
- In Tanzania, continued strong performance, with a new quarterly
record for M&P’s working interest gas production of 47.3
mmcfd
- In Gabon, M&P’s working interest oil production on the
Ezanga permit down sharply to 14,222 bopd after various issues on
well and equipment, as announced in March during the presentation
of the 2021 annual results; situation gradually improving thanks to
remediation efforts, with M&P’s working interest production
back above 15,200 bopd by mid-April
- Valued production of $165 million in Q1 2022, up 8% from Q4
2021 due to higher crude prices
- Average sale price of oil $94.2/bbl, up 13% from Q4 2021
($83.1/bbl)
- Sales of $130 million after deduction of $35 million related to
the restatement of lifting imbalances and inventory revaluation for
the quarter (only one lifting in Gabon in January)
- Continuing deleveraging and refinancing to be completed
shortly
- M&P’s cash position at 31 March 2022 was $187 million
(versus $196 million at 31 December 2021), after a $50-million debt
repayment in Q1 2022
- The Term Loan refinancing process is nearing completion and
should be finalised by mid-May
Regulatory News:
Maurel & Prom (Paris:MAU):
Key indicators for the first quarter of
2022
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1 2022
Change Q1 2022 vs.
Q1
2021
Q4 2021
M&P working interest
production
Gabon (oil)
bopd
15,120
15,256
15,104
16,668
14,222
-6%
-15%
Angola (oil)
bopd
3,333
3,786
3,698
2,848
3,536
+6%
-24%
Tanzania (gas)
mmcfd
40.7
36.5
35.6
44.0
47.3
+16%
+8%
Total
boepd
25,240
25,124
24,738
26,847
25,646
+2%
-4%
Average sale price
Oil
$/bbl
57.3
68.5
73.5
83.1
94.2
+64%
+13%
Gas
$/mmBtu
3.34
3.35
3.36
3.35
3.49
+5%
+4%
Sales
Gabon
$mm
77
87
92
113
124
+62%
+10%
Angola
$mm
12
16
17
23
24
+101%
+6%
Tanzania
$mm
13
12
11
16
16
+27%
+3%
Valued production
$mm
96
108
113
152
165
+62%
+8%
Drilling activities
$mm
0
0
1
1
1
Restatement for lifting
imbalances and inventory revaluation
$mm
-17
-13
-8
46
-35
Consolidated sales
$mm
85
102
113
199
130
+53%
-34%
M&P’s working interest production in Q1 2022 was 25,646
boepd. The average sale price of oil was $94,2/bbl for the period,
up 13% from Q4 2021 ($83.1/bbl).
The Group’s valued production (income from production
activities, excluding lifting imbalances and inventory revaluation)
in Q1 2022 was $165 million. The restatement of lifting imbalances,
net of inventory revaluation, resulted in a negative impact for the
quarter of $35 million. This was because the Group’s lifting
schedule included only one lifting in Gabon in January.
Consolidated sales for Q1 2022 therefore totalled $130
million.
Production activities
M&P’s working interest oil production (80%) on the Ezanga
permit in Q1 2022 was 14,222 bopd (gross production: 17,777
bopd).
As announced on 18 March during the presentation of the Group’s
2021 results, there were a number of equipment issues in the first
quarter, causing extended interruptions to production on certain
wells. Work to restart production is now well under way, and by
mid-April M&P’s working interest production was back to over
15,200 bopd (gross production: 19,000 bopd). Efforts to further
increase production are continuing, with the ongoing development
drilling campaign, well intervention and optimised water injection
on the various fields.
M&P’s working interest gas production (48.06%) on the Mnazi
Bay permit in Tanzania in Q1 2022 was 47.3 mmcfd (gross production:
98.5 mmcfd), up 16% from Q1 2021 and up 8% from Q4 2021. It was a
new quarterly production record for Mnazi Bay.
M&P’s working interest production (20%) on Block 3/05 in Q1
2022 was 3,536 bopd (gross production: 17,680 bopd).
Unfortunately, the workover carried out on Block 3/05A between
the end of 2021 and beginning of 2022 was not successful and
production on the permit was unable to resume.
Drilling activities
In March 2022, M&P acquired a new drilling rig, the C18,
which will be operated by its drilling subsidiary, Caroil. The
acquisition, for a consideration of $11 million (of which $2.5
million was paid in March), should give the Group the ability to
ramp up its activity in Gabon. The technical specifications of the
C18 will provide clients with improved drilling performances upon
arrival in Gabon, which is expected by the end of 2022. The rig is
currently in Canada where it is in the final stages of construction
and adaptation before shipping.
As a reminder, Caroil currently operates the C3, which is being
used in M&P’s development drilling campaign on the Ezanga
permit. The C16 is also expected to resume operations in Gabon this
summer.
Financial position
The cash position as of 31 March 2022 was $187 million, versus
$196 million at 31 December 2021, after a $50-million debt
repayment in Q1 2022 ($44 million for the Term Loan and $6 million
for the Shareholder Loan). Gross debt now stands at $489 million,
with net debt amounting to $302 million (versus $343 million at 31
December 2021).
The Term Loan and Shareholder Loan refinancing process is
nearing completion. The banking pool is now in place and the
transaction is expected to be completed by mid-May 2022. As
announced previously, and subject to the refinancing agreements
being signed before the ex-dividend date of 1 July 2022, the
dividend will be doubled from €0.07 to €0.14 per share, taking the
total amount paid out to $30 million.
Français
Anglais
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, visit www.maureletprom.fr/en/
This document may contain forward-looking
statements regarding the financial position, results, business
activities 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 CAC All-Tradable – CAC Small – CAC Mid & Small –
Eligible PEA-PME and SRD Isin FR0000051070/Bloomberg MAU.FP/Reuters
MAUP.PA
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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
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