Maurel & Prom : Q1 2014 sales : €148.7 million up 15% on Q1 2013

Paris, 29 April 2014
 No. 10-14

Q1 2014 sales: €148.7 million
 up 15% on Q1 2013

   

Production in barrels of oil equivalent per day (bopd) for Q1 2014   boepdQ1 2014Q1 2013Chg.    Production at 100%25,261 21,580+17%Gabon25,261 20,753 Colombia0 827 M&P share (80% in Q1 2014)20,209 18,054+12%Gabon20,209 17,640 Colombia0 414 Entitlements18,908 17,052+11%Gabon18,908 16,663 Colombia0389    

As announced during the publication of the annual results for 2013 on 27 March 2014, the level of production in the first quarter of 2014 was just over 25,000 bopd in Gabon. This has no impact on the objective of reaching 35,000 bopd in the second half of 2014.

The Group used the opportunity of the pipeline routing work to begin a standard but mandatory work programme. This programme is linked with the servicing and maintenance of wells and facilities. Begun in early 2014, it will continue throughout the first half of 2014 and will allow the Group to improve production compared to previous quarters and to participate in achieving the stated targets. Despite this temporary limitation, production in the first quarter was 17% higher than in the same period the previous year, and 4% higher than in the fourth quarter of 2013.

With effect from 1 January 2014, the Group is applying the terms of the Ezanga exploration and production sharing contract. The 12% increase in Maurel & Prom's share of production and 11% increase in entitlements compared to the first quarter of 2013, include the change in the Group's stake in the production permit in Gabon from 85% to 80%.

Total production sold

   total barrels over the periodQ1 2014Q1 2013*   1,730,9771,550,687+12%   * Restated to reflect the change in accounting method   

Change in sale prices

   Q1 2014Q1 2013   Average sale priceGabon107.0110.7Colombia - 112.6  

Consolidated sales

  in €MQ1 2014Q1 2013*Chg.Exchange rate1.371.32     Oil production135.5129.9+4%Gabon135.2126.6 Colombia0.03.0 Tanzania0.30.3 Oil services13.20.0 Other0.0-0.9 Impact of hedges0.0-0.9 Consolidated sales148.7129.0+15%  * Restated to reflect the change in accounting method   

Consolidated sales in the first quarter of 2014 totalled €148.7 million, up 15% on the same period in 2013. This change was due to the increased production in Gabon as mentioned previously and the consolidation of non-Group sales made by Caroil.

This wholly owned subsidiary operates in Uganda, the Congo and Gabon for customers other than Maurel & Prom. It achieves 62% of its sales with third-party customers.

At 31 March 2014, the Group had no hedges in place on oil sale prices. In the first quarter of 2013, those hedges impacted sales by -€0.9 million.

Change in accounting method

From 1 January 2013, in the event of under-collection of volumes produced attributable to the Group, it can recognise an entitlement under "Other receivables" against income.

Accordingly, the production sold and sales data for the first quarter of 2013 have been restated to reflect this change in accounting method, increasing the figures for the number of barrels sold by 197,627 and for sales by €16 million.

   

For more information: www.maureletprom.fr

Communication:
MAUREL & PROM                                                                                                 
Tel.: 01 53 83 16 45                                                                         
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
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
Eligible for the French "PEA PME" investment scheme

CAQ1_MAU-29AVRIL14_EN.pdf


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