In the first quarter, Maurel & Prom benefited from increased hydrocarbon production and high oil prices to post higher sales.

The independent energy group, which operates mainly in Gabon and Angola, reports in a press release that it posted quarterly sales of $180 million, up 6% on the fourth quarter of 2022.

Its production in the first three months of the year reached 27,071 barrels of oil equivalent per day, up 3% on the previous quarter.

This production was valued at $139 million over the quarter, based on an average oil selling price of $75.1 per barrel, versus $79.5 in Q4 2022.

The company took advantage of this good performance to reduce its net debt to $149 million at the end of March, a decrease of $51 million over the quarter (versus $200 million at the end of December 2022).

Maurel & Prom, which is expected to complete the acquisition of Wentworth Resources by the third quarter, plans to pay a dividend of 0.23 euros per share, with payment scheduled for July

Following the publication of its quarterly sales figures, Maurel & Prom's share price gained 1.2%, although it has still lost 8% since the start of the year, for a capitalization of around 750 million euros.

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