Paris, 21 April 2022

No. 09-22

Q1 2022 activity

  • M&P's working interest production in Q1 2022: 25,646 boepd

    • o In Tanzania, continued strong performance, with a new quarterly record for M&P's working interest gas production of 47.3 mmcfd

    • o In Gabon, M&P's working interest oil production on the Ezanga permit down sharply to 14,222 bopd after various issues on well and equipment, as announced in March during the presentation of the 2021 annual results; situation gradually improving thanks to remediation efforts, with M&P's working interest production back above 15,200 bopd by mid-April

  • Valued production of $165 million in Q1 2022, up 8% from Q4 2021 due to higher crude prices

    • o Average sale price of oil $94.2/bbl, up 13% from Q4 2021 ($83.1/bbl)

    • o Sales of $130 million after deduction of $35 million related to the restatement of lifting imbalances and inventory revaluation for the quarter (only one lifting in Gabon in January)

  • Continuing deleveraging and refinancing to be completed shortly

    • o M&P's cash position at 31 March 2022 was $187 million (versus $196 million at 31

      December 2021), after a $50-million debt repayment in Q1 2022

    • o The Term Loan refinancing process is nearing completion and should be finalised by mid-May

Key indicators for the first quarter of 2022

M&P working interest production

Gabon (oil)

Angola (oil)

Tanzania (gas)

Total

boepd

Average sale price

Oil

Gas

Sales

Gabon $mm 77

Angola $mm 12

Tanzania $mm 13

Valued production Drilling activities

Restatement for lifting imbalances and inventory revaluation

Consolidated sales

$mm

68.5

73.5

83.1

94.2

$/mmBtu 3.34

3.35

3.36

3.35

3.49

87

92

113

124

16

17

23

24

12

11

16

16

108

113

152

165

0

1

1

1

-13

-8

46

-35

102

113

199

130

Q1

Q4

2021

2021

-6%

-15%

+6%

-24%

+16%

+8%

25,240 25,124 24,738 26,84725,646

+2%

-4%

+64%

+13%

+5%

+4%

+62%

+10%

+101%

+6%

+27%

+3%

+8%

-34%

14,222 3,536 47.3

bopd bopd mmcfd

15,120 15,256 15,104 16,668 3,333 3,786 3,698 2,848 40.7 36.5 35.6 44.0

$/bbl

57.3

$mm $mm $mm

96 0 -17

+62%

85

+53%

M&P's working interest production in Q1 2022 was 25,646 boepd. The average sale price of oil was $94,2/bbl for the period, up 13% from Q4 2021 ($83.1/bbl).

The Group's valued production (income from production activities, excluding lifting imbalances and inventory revaluation) in Q1 2022 was $165 million. The restatement of lifting imbalances, net of inventory revaluation, resulted in a negative impact for the quarter of $35 million. This was because the

Group's lifting schedule included only one lifting in Gabon in January.

Consolidated sales for Q1 2022 therefore totalled $130 million.

Production activities

  • Gabon

M&P's working interest oil production (80%) on the Ezanga permit in Q1 2022 was 14,222 bopd (gross production: 17,777 bopd).

As announced on 18 March during the presentation of the Group's 2021 results, there were a number of equipment issues in the first quarter, causing extended interruptions to production on certain wells. Work to restart production is now well under way, and by mid-April M&P's working interest production was back to over 15,200 bopd (gross production: 19,000 bopd). Efforts to further increase production arecontinuing, with the ongoing development drilling campaign, well intervention and optimised water injection on the various fields.

  • Tanzania

M&P's working interest gas production (48.06%) on the Mnazi Bay permit in Tanzania in Q1 2022 was 47.3

mmcfd (gross production: 98.5 mmcfd), up 16% from Q1 2021 and up 8% from Q4 2021. It was a new quarterly production record for Mnazi Bay.

  • Angola

M&P's working interest production (20%) on Block 3/05 in Q1 2022 was 3,536 bopd (gross production: 17,680 bopd).

Unfortunately, the workover carried out on Block 3/05A between the end of 2021 and beginning of 2022 was not successful and production on the permit was unable to resume.

Drilling activities

In March 2022, M&P acquired a new drilling rig, the C18, which will be operated by its drilling subsidiary, Caroil. The acquisition, for a consideration of $11 million (of which $2.5 million was paid in March), should give the Group the ability to ramp up its activity in Gabon. The technical specifications of the C18 will provide clients with improved drilling performances upon arrival in Gabon, which is expected by the end of 2022. The rig is currently in Canada where it is in the final stages of construction and adaptation before shipping.

As a reminder, Caroil currently operates the C3, which is being used in M&P's development drilling campaign on the Ezanga permit. The C16 is also expected to resume operations in Gabon this summer.

Financial position

The cash position as of 31 March 2022 was $187 million, versus $196 million at 31 December 2021, after a $50-million debt repayment in Q1 2022 ($44 million for the Term Loan and $6 million for the Shareholder

Loan). Gross debt now stands at $489 million, with net debt amounting to $302 million (versus $343 million at 31 December 2021).

The Term Loan and Shareholder Loan refinancing process is nearing completion. The banking pool is now in place and the transaction is expected to be completed by mid-May 2022. As announced previously, and subject to the refinancing agreements being signed before the ex-dividend date of 1 July 2022, the dividend will be doubled from €0.07 to €0.14 per share, taking the total amount paid out to $30 million.

Français

Anglais

pieds cubes

pc

cf

cubic feet

millions de pieds cubes par jour

Mpc/j

mmcfd

million cubic feet per day

milliards de pieds cubes

Gpc

bcf

billion cubic feet

baril

B

bbl

barrel

barils d'huile par jour

b/j

bopd

barrels of oil per day

millions de barils

Mb

mmbbls

million barrels

barils équivalent pétrole

bep

boe

barrels of oil equivalent

barils équivalent pétrole par jour

bep/j

boepd

barrels of oil equivalent per day

millions de barils équivalent pétrole

Mbep

mmboe

million barrels of oil equivalent

For more information, visitwww.maureletprom.fr/en/

Contacts

Maurel & Prom

Press, shareholder and investor relations Tel: +33 (0)1 53 83 16 45ir@maureletprom.fr

NewCap

Financial communications and investor relations/Media relations Louis-Victor Delouvrier/Nicolas Merigeau

Tel: +33 (0)1 44 71 98 53/+33 (0)1 44 71 94 98maureletprom@newcap.eu

This document may contain forward-looking statements regarding the financial position, results, business activities 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

CAC All-Tradable - CAC Small - CAC Mid & Small - Eligible PEA-PME and SRD

Isin FR0000051070/Bloomberg MAU.FP/Reuters MAUP.PA

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Établissements Maurel & Prom SA published this content on 21 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2022 05:44:04 UTC.