Regulatory News:
Maurel & Prom (Paris:MAU):
- M&P working interest production for the first nine
months of 2024: 36,288 boepd, up 30% compared with the first nine
months of 2023
- M&P working interest production of 15,832 bopd in Gabon, up
1% from 2023
- M&P working interest production of 4,280 bopd in Angola, up
8% compared from 2023
- M&P working interest gas production of 62.5 mmcfd in
Tanzania, up 26% from 2023
- M&P group working interest oil production of 5,753 bopd in
Venezuela
- Valued production of $461 million and sales of $559
million
- Sale price of oil was $83.2/bbl for the period, up 7% compared
with 2023
- Service activities contributed $30 million to sales, and $78
million for trading of third-party oil
- Substantial available liquidity ($238 million)
- Available liquidity of $238 million, including $171 million in
cash and $67 million in undrawn RCF
- Net debt position of $2 million at 30 September 2024, down $118
million over the year (net debt stood at $120 million at 31
December 2023), after payment of the dividend in July
- Award of the Etekamba permit and signature of a
comprehensive agreement with the Gabonese Republic
- Social investment programme for the town of Lambaréné,
particularly in the areas of housing and access to electricity
- Award of the Etekamba permit (EF-9), which encompasses several
existing gas discoveries
- Adjustment of certain terms of the PSC for the Ezanga permit
and extension of the associated exploration licence from 2026 to
2029
- Settlement concluding various issues under discussion with the
tax authorities
- Acquisition of stake in the Quilemba Solar power plant
project in Angola
- Opportunity for M&P to diversify as part of an 80 MWp solar
power generation project in Angola operated by TotalEnergies
- 19% stake in the project in partnership with TotalEnergies
(51%) and Sonangol (30%)
- Phase 1 (35 MWp) is due to come on stream at the end of 2025;
M&P's share of the construction costs for this phase is
estimated at $7 million
- Announcement on 1 October by the Nigerian President of the
imminent approval of the acquisition by Seplat Energy (20.46%
M&P) of ExxonMobil's conventional offshore assets in
Nigeria
- Closing of the transaction expected by year-end 2024
Key indicators for the first nine
months of 2024
Q1 2024
Q2 2024
Q3 2024
9 months 2024
9 months 2023
Change
2024 vs.
2023
M&P working interest
production
Gabon (oil)
bopd
15,499
15,553
16,437
15,832
15,710
+1%
Angola (oil)
bopd
4,634
4,621
3,592
4,280
3,957
+8%
Tanzania (gas)
mmcfd
76.9
61.7
49.2
62.5
49.7
+26%
Total interests in consolidated
entities
boepd
32,953
30,450
28,226
30,534
27,944
+9%
Venezuela (oil)
bopd
5,353
5,472
6,428
5,753
N/A
N/A
Total production
boepd
38,305
35,922
34,655
36,288
27,944
+30%
Average sale price
Oil
$/bbl
84.3
83.6
81.7
83.2
77.8
+7%
Gas
$/mmBtu
3.91
3.89
3.91
3.90
3.76
+4%
Sales
Gabon
$mm
109
115
118
341
332
+3%
Angola
$mm
30
30
23
83
68
+23%
Tanzania
$mm
14
12
11
36
49
-26%
Valued production
$mm
153
157
151
461
449
+3%
Service activities
$mm
9
10
10
30
17
Trading of third-party oil
$mm
39
38
1
78
26
Restatement for lifting imbalances
& inventory revaluation
$mm
11
-6
-15
-9
2
Consolidated sales
$mm
212
200
147
559
495
+13%
M&P’s working interest production in the first nine months
of 2024 amounted to 36,288 boepd. The average sale price of oil was
$83.2/bbl for the period, up 7% compared with the first nine months
of 2023 ($77.8/bbl).
The Group's valued production (income from production
activities, excluding lifting imbalances and inventory revaluation)
was $461 million in the first nine months of 2024.
The restatement of lifting imbalances, net of inventory
revaluation, had a negative impact of $9 million in the first nine
months of 2024. The Group also recorded $78 million in sales from
the trading of third-party oil.
After incorporating the $30 million in income relating to
service activities (drilling activities in Gabon and support for
the operations of the mixed company PRDL in Venezuela),
consolidated sales for the first nine months of 2024 stood at $559
million.
Production activities
Gabon
M&P’s working interest oil production (80%) on the Ezanga
permit amounted to 15,832 bopd in the first nine months of 2024, up
1% on the same period in 2023.
M&P’s working interest production came to 16,437 bopd in the
third quarter, up 6% on the second quarter (15,553 bopd).
Tanzania
M&P’s working interest gas production (60%) on the Mnazi Bay
permit amounted to 62.5 mmcfd in the first nine months of 2024, up
26% compared with the same period in 2023.
However, gas demand fell sharply in the third quarter (to 49.2
mmcfd on an M&P working interest basis) due to the ramp-up of
hydroelectric power generation in the country. Gas nominations are
expected to increase again. In any event, the take-or-pay clause in
the gas sale contract protects sales from falling below a level
that is predefined annually.
Angola
M&P’s working interest production from Blocks 3/05 (20%) and
3/05A (26.7%) amounted to 4,280 bopd in the first nine months of
2024, up 8% compared with the same period in 2023.
Production was down quarter-on-quarter in the third quarter (to
3,592 bopd on an M&P working interest basis) due to a
long-scheduled maintenance shutdown, which required operations to
be suspended for three weeks from September. Production has since
resumed and returned to normal levels in early October.
Venezuela
M&P Iberoamerica’s working interest oil production (40%) at
the Urdaneta Oeste field stood at 5,753 bopd for the first nine
months of 2024.
The rehabilitation of the compression facilities over the summer
and the well interventions carried out since July have already led
to a significant increase in production, with M&P
Iberoamerica’s working interest production amounting to 6,428 bopd
in the third quarter, up 17% on the second quarter (5,472 bopd). At
the end of September, production stood at around 7,600 bopd on an
M&P Iberoamerica working interest basis (19,000 bopd for 100%).
The target is still to bring production up to 10,000 bopd on an
M&P Iberoamerica working interest basis (gross production of
25,000 bopd) by the end of 2024.
The frequency of liftings is expected to increase to one cargo
(around one million barrels) per month from November 2024, and will
continue to rise in 2025 in line with production growth.
Award of the Etekamba permit and
signature of a comprehensive agreement with the Gabonese
Republic
On 17 September 2024, M&P signed a comprehensive agreement
with the Gabonese Republic that includes a number of provisions,
namely:
- An ambitious social investment programme for the people of
Lambaréné in the areas of housing and access to electricity;
- The adjustment of certain terms of the Production Sharing
Contract (“PSC”) relating to the Ezanga permit and the extension of
the associated exploration licence from 2026 to 2029;
- A settlement concluding various issues under discussion with
the Gabonese tax authorities.
In addition, M&P applied for and obtained the Etekamba
permit (EF-9) in the centre of the country, for which a PSC has
been signed with an initial exploration period running until 2026.
The Etekamba permit, which was part of M&P's exploration
portfolio until 2013, contains several gas discoveries and
prospects. With domestic demand and gas infrastructure having
expanded significantly over the last decade, this permit is an
attractive opportunity for M&P to contribute to the development
of gas production and increase access to electricity for the
Gabonese population.
Olivier de Langavant, Chief Executive Officer of Maurel &
Prom, said: “This agreement will enable M&P to continue to
expand our operations in Gabon, particularly in the gas sector.
Going forward, it reflects our confidence in the Group’s
development prospects in the country, in close partnership with the
Gabonese authorities.”
Acquisition of a stake in the Quilemba
Solar power plant project in Angola
On 9 October 2024, M&P signed a sale and purchase agreement
(“SPA”) to acquire 19% of the Angolan company Quilemba Solar Lda
(“Quilemba Solar”), with TotalEnergies (51%) and Sonangol (30%) as
partners. Quilemba Solar has a concession and a fixed-price power
purchase agreement (“PPA”) for the construction of the 35 MWp
Quilemba solar plant, which is due to come on stream at the end of
2025, with the possibility of adding 45 MWp in a second phase.
M&P's share of the construction costs for the first phase is
estimated at $7 million.
Ideally located near Lubango in the south of the country, in one
of the sunniest regions on the planet, the plant will help to
decarbonise Angola's energy mix. From phase one (35 MWp), it will
eliminate around 55,000 tonnes of CO2 equivalent in annual
emissions (at 100%), and will enable Angola to make substantial
savings when compared with the cost of the fuel needed to run the
existing thermal power stations.
The deal will be completed once various administrative approvals
have been secured and is expected to be finalised by the end of
2024.
Olivier de Langavant, Chief Executive Officer of Maurel &
Prom, said: “Our entry into the Quilemba Solar project in Angola
marks a move by M&P into new types of projects as part of the
energy transition, in an opportunistic and measured way, in our
areas of activity. In addition to its double-digit returns, this
project will eliminate around 11,000 tonnes of CO2 emissions per
year on an M&P working interest basis, which equates to 7% of
the Group's scope 1 and 2 emissions.”
Acquisition by Seplat Energy (20.46%
M&P) of ExxonMobil’s offshore assets in Nigeria
During his Independence Day speech on 1 October, Nigerian
President Bola Tinubu announced that the acquisition by Seplat
Energy (in which M&P holds a 20.46% stake) of the conventional
offshore assets of ExxonMobil in Nigeria would receive ministerial
approvals very soon, in line with the recommendations of the
Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”). As a
result, the transaction is now expected to close by year-end
2024.
This acquisition, announced in February 2022, represents a major
step in the development of Seplat Energy: it marks its entry into
the Nigerian offshore sector, and will very substantially increase
its production and reserves.
Financial position
The Group had a net debt position of $2 million at 30 September
2024, compared with $120 million at 31 December 2023. After posting
a positive net cash position of $27 million at 30 June 2024, the
momentary return to a net debt position was mainly attributable to
the payment of the dividend in early July (for a total of $65
million) and variations in working capital requirement (negative
impact of $20 million in the third quarter of 2024).
The cash position stood at $171 million at the end of September
2024. Available liquidity at 30 September 2024 was $238 million,
including the $67 million undrawn RCF tranche.
Gross debt amounted to $173 million at 30 September 2024,
including $113 million in a bank loan (excluding the $67 million
undrawn RCF tranche) and $60 million in a shareholder loan. M&P
repaid a total of $39 million of gross debt in the first nine
months of 2024 ($28 million bank loan and $11 million shareholder
loan).
Glossary
French
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 their very nature, forecasts involve risk and uncertainty
insofar as they are based on events or circumstances which may or
may not occur 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 rates and the related costs, operational
problems, political stability, legislative or regulatory reforms,
or even wars, terrorism and sabotage.
Maurel & Prom is listed on Euronext Paris
SBF 120 – CAC Mid 60 – CAC Mid & Small – CAC All-Tradable –
PEA-PME and SRD eligible Isin FR0000051070 / Bloomberg MAU.FP /
Reuters MAUP.PA
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Maurel & Prom Shareholder relations Tel.: +33 (0)1 53
83 16 45 ir@maureletprom.fr
NewCap Investor/media relations Tel.: +33 (0)1 44 71 98
53 maureletprom@newcap.eu
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