Maurel & Prom said on Thursday that it was in a net cash position for the first time since 2007, a position that ideally positions it to return value to shareholders.

The independent oil company had a net cash position of $11 million at March 31, compared with a net debt of $120 million at the end of 2023.

In a press release, M&P states that a dividend of 0.23 euros per share, representing a total amount of around 50 million dollars, will be proposed, as planned, to shareholders for approval at its Annual General Meeting on May 28.

This announcement comes as the company saw its production share rise by 13% to 38.305 barrels of oil equivalent per day in the first quarter compared with the fourth quarter of 2023.

In detail, oil production rose by 8% in Gabon, 2% in Angola and 34% in Tanzania, while remaining stable in Venezuela.

Based on an average oil selling price of $84.3 per barrel, sales were also up 13% to $212 million in the first quarter compared with the fourth quarter.

M&P shares - which joined the SBF 120 index last month - were up 0.2% on Thursday morning on the Paris Bourse following this trading update.

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