Maurel & Prom :9-month sales 2017: €258 million (+14%)

Paris, 24 October 2017
 No. 21-17

9-month sales 2017: €258 million (+14%)

• Group Q3 production (25,828 boepd, M&P share) up:
  • Quantities of oil sold in Gabon up 5%
  • Significant increase in gas sales in Tanzania to 28.8 MMcf/d, M&P share
     
• Oil prices: sale price up by 23% to $50.5/bbl

Sales for the first nine months of 2017

The Group's consolidated sales for the first nine months of 2017 totalled €258 million, up 14% compared to the same period in 2016.

This change is mainly due to the sharp increase in the average sale price of oil produced in Gabon (+23% compared to the first nine months of 2016).

Hydrocarbon production over the first nine months of 2017

In Gabon, oil production continued to rise with an increase of 5% in Q3 2017 compared to Q2 2017, representing an average production of 26,290 bopd, i.e. 21,032 bopd as M&P's share (80%). Oil production over the first nine months of 2017 stood at 25,239 bopd, equating to 20,191 bopd as M&P's share (80%).

Over the first nine months of 2017, the average sale price was $50.5/bbl compared to $41.0/bbl over the same period in 2016, an increase of 23%. It should also be noted that the discount on the sale price of Rabi Light compared to that of Brent decreased significantly over the last three months.

In Tanzania, the quantities of gas produced are linked to industrial gas consumption in Dar es Salaam via the national company TPDC's demand for gas.

Gas production varied significantly from one quarter to the next owing to the seasonal nature of the activity. As such, the rainy season during Q2 2017 led to more intense hydroelectric activity and a subsequent decline in the demand for gas. Following the latter's significant increase in Q3 2017, average gas production reached a level of 60 MMcf/d, or 28.8 MMcf/d as M&P's share (48.06%).
Over the first nine months of 2017, average production stood at 45 MMcf/d, or 21.5 MMcf/d as M&P's share (48.08%).

On the basis of these various factors, industrial gas consumption in Tanzania should continue to rise to allow the national company TPDC to increase its demand for gas on the Mnazi Bay permit operated by Maurel & Prom to achieve the contractual target of 80 MMcf/d.

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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.

Maurel & Prom is listed for trading on Euronext Paris
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Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA