Maurel & Prom : H1 2014 Sales: €295.5 million up 11% on H1 2013

Paris, 5 August 2014
 No. 18-14

H1 2014 Sales: €295.5 million
up 11% on H1 2013

   

Consolidated sales

     in € M Q1 2014Q2 2014H1 2014H1 2013*Chg.Exchange rate 1.371.371.371.32        Oil production 135.5136.4271.9267.9+1%Gabon 135.2136.1271.3261.7 Colombia 0.00.00.05.7 Tanzania 0.30.30.60.6 Oil services 13.210.423.60.0 Other 0.00.00.0-1.5 Impact of hedges 0.00.00.0-1.5 Consolidated sales 148.7146.8295.5266.4+11%  * restated to reflect the change in accounting method 

Consolidated sales in the first half of 2014 were €295.5 million, up 11% on the first half of 2013. This change was mainly due to the consolidation of non-Group Caroil sales.

For the first half, this wholly-owned subsidiary operated in Uganda, the Congo and Gabon. Approximately 66% of its sales are with third-party customers.

At 30 June 2014, the Group no longer had hedges on oil prices. This impacted first-half 2013 sales by -€1.5 million.

From 1 January 2013, in the event of undercollection the Group recognises entitlements in "Other receivables" against income.  

The figures for production sold and sales in the first half of 2013 have been restated to reflect this change in accounting method with an impact of -€4 million on sales.

Production data in barrels of oil equivalent per day (bopd) for H1 2014

bopd Q1 2014Q2 2014H1 2014H1 2013*Chg.       Production at 100% 25,26125,009 25,134 23,284+7%Gabon 25,26125,009 25,134 22,455 Colombia -- - 829 M&P share (80%) 20,20920,007 20,107 19,525+2%Gabon 20,20920,007 20,107 19,110 Colombia -- - 415 Entitlements 18,90818,719 18,813 18,443+1%Gabon 18,90818,719 18,813 18,053 Colombia ---390       

* restated to reflect the change in accounting method

Gross field production in the first half of 2014 rose by 7% compared to the first half of 2013. On a quarterly basis, production is stable. This stability is explained by the launch of works on water injection wells and oil producer wells to improve their performance. These works, still in progress, should result in the restart of the production increase in the second half to reach the targeted production plateau of 35,000 bopd.

From 1 January 2014, the Group is applying the terms of the new Ezanga Exploration and Production Sharing Contract (EPSC), which gives Maurel & Prom an 80% working interest in producing fields, versus 85% previously.

total barrels over the period Q1 2014Q2 2014 H1 2014 H1 2013*   Total production sold 1,730,977   1,737,184    3,468,161    3,464,125        * Restated to reflect the change in accounting method     
Change in sale prices               Average sale price Q1 2014Q2 2014 H1 2014 H1 2013Gabon 107.0108.6 107.8 104.6Colombia   105.3
   

For more information: www.maureletprom.fr

Communication:
MAUREL&PROM                                                                                                 
Tel :0153831645                                                                          
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.

   

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 - PME
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

CAHY_MAU-5AOU14_EN.pdf


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