Maurel & Prom : Activity for the first quarter of 2016

Paris, 28 April 2016
 No. 09-16

Activity for the first quarter of 2016

• increase in quantities produced
• drop in selling prices

• Q1 2016 sales: €58 million versus €70 million in Q1 2015
  • Increase in quantities produced in Gabon: +22% to 19,910 bopd (M&P share)
  • Gas sales in Tanzania: Q1 average 22.8 MMcf/d (M&P share)
  • Slightly favourable currency impact: EUR/USD exchange rate +2%
  • Drop in oil prices: selling price down 33% to US$32.6/b
     
• Positive outlook
  • Production target for Gabon maintained at 28,000 bopd
  • Current gross production in Gabon of 29,700 bopd
  • Gradual increase in gas deliveries in Tanzania
  • Stabilisation of oil prices

The Group's consolidated sales for the first quarter of 2016 amounted to €58 million versus €70 million for the same period in 2015. This 18% decline was due to the drop in oil prices (selling price down by 33% to US$32.6/b, versus US$48.8/b in Q1 2015).

Oil output was up by 22% to 19,910 bopd (M&P share), plus the gas delivered to Tanesco in Tanzania (average 22.8 MMcf/d) in the first quarter of 2016, which makes a total M&P production of 23,717 boepd versus 16,529 boepd in Q1 2015.

In Gabon, production stayed above 28,000 bopd in January and February. In mid-March 2016, the pipeline operator carried out further reinforcement work on the 12" routing line between the Coucal station and the junction with the 18" pipeline. Accordingly, production was limited between 13 March and 5 April 2016, but has since been gradually increasing and has now been averaging 29,700 bopd (100%), or 23,760 bopd (M&P share), over the past two weeks. On this basis, the average annual production target of 28,000 bopd (100%) is maintained.

In Tanzania, the Group supplied an average of 47.6 million cubic feet per day (100%). Gas deliveries depend on demand from the national company, TPDC.

The Doha conference of 17 April 2016 resulted in a stabilisation of oil prices, leading to hopes that they have bottomed out and can only improve.

General Shareholders' Meeting

15 June 2016, 3 pm, Palais Brongniart (Paris)