Maurel & Prom: Activity for the First Nine Months of 2024

In This Article:

PARIS, October 17, 2024--(BUSINESS WIRE)--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).