Regulatory News:
Maurel & Prom (Paris:MAU):
- M&P working interest production in Q1 2024: 38,305
boepd, an increase of 13% from Q4 2023
- M&P working interest oil production of 15,499 bopd in
Gabon, up 8% from Q4 2023.
- M&P working interest oil production of 4,634 bopd in
Angola, an increase of 2% from Q4 2023.
- M&P working interest gas production of 76.9 MMcf/d in
Tanzania, up 34% from Q4 2023.
- M&P working interest oil production of 5,353 bopd in
Venezuela, stable compared to Q4 2023
- Sales of $212 million in Q1 2024, an increase of 13% from Q4
2023
- Valued production of $153 million for the quarter, with an
average oil sale price of $84.3/bbl, an increase of 2% from Q4 2023
($83.0/bbl)
- Favourable impact of third-party oil trading ($39 million) and
restatement of lifting imbalances and inventory revaluation ($11
million)
- With a positive net cash position for the first time since
2007, M&P is ideally positioned to grow and return the value
created to shareholders
- Positive net cash position of $11 million at 31 March 2024, an
improvement of $131 million over the quarter (net debt of $120
million at 31 December 2023)
- Dividend of €0.23 per share (approximately $50 million)
proposed to be voted on at the M&P General Shareholders’
Meeting on 28 May 2024, for payment in July
Key indicators for the first quarter of
2024
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Change Q1 2024 vs.
Q1 2023
Q4 2023
M&P working interest
production
Gabon (oil)
bopd
15,839
15,719
15,574
14,300
15,499
-2%
+8%
Angola (oil)
bopd
3,424
4,097
4,341
4,534
4,634
+35%
+2%
Tanzania (gas)
mmcfd
46.7
47.6
54.5
57.3
76.9
+65%
+34%
Total consolidated interests
boepd
27,054
27,755
29,003
28,390
32,953
+22%
+16%
Venezuela (oil)1
bopd
–
–
–
5,367
5,353
N/A
-0%
Group total
boepd
27,054
27,755
29,003
33,757
38,305
+42%
+13%
Average sale price
Oil
$/bbl
75.2
74.0
83.4
83.0
84.3
+12%
+2%
Gas
$/mmBtu
3.76
3.77
3.76
3.76
3.91
+4%
+4%
Sales
Gabon
$mm
105
106
124
107
109
+2%
+2%
Angola
$mm
19
22
27
30
30
+58%
+0%
Tanzania
$mm
18
18
13
19
14
-24%
-26%
Valued production
$mm
142
147
164
156
153
+7%
-2%
Drilling activities
$mm
5
6
6
6
9
Third-party oil trading
$mm
–
–
26
–
39
Restatement of lifting imbalances and
inventory revaluation
$mm
42
-43
-1
26
11
Consolidated sales
$mm
190
109
196
187
212
+12%
+13%
M&P’s working interest production in Q1 2024 was 38,305
boepd. The average oil sale price was $84.3/bbl for the period, an
increase of 2% from Q4 2023 ($83.0/bbl).
The Group’s valued production (income from production
activities, excluding lifting imbalances and inventory revaluation)
in Q1 2024 was $153 million.
The restatement of lifting imbalances, net of inventory
revaluation, had a positive impact of $11 million for the quarter.
In addition, the Group recorded $39 million in sales from
third-party oil trading.
After incorporating the $9 million relating to drilling
activities, consolidated sales for Q1 2024 stood at $212
million.
Production activities
M&P’s working interest oil production (80%) on the Ezanga
permit stood at 15,499 bopd for Q1 2024, an increase of 8% from Q4
2023.
M&P’s working interest gas production (60%) on the Mnazi Bay
permit was 76.9 mmcfd for Q1 2024, an increase of 34% from Q4 2023.
This increase reflects the increase in M&P’s share from 48.06%
to 60%; it should be also noted that the Group temporarily retained
an 80% share in January 2024, i.e. in the period between the
completion of the acquisition of Wentworth Resources at the end of
December 2023 and TPDC’s exercising its call option at 20% at the
end of January 2024.
M&P’s working interest production from Blocks 3/05 (20%) and
3/05A (26.7%) was 4,634 bopd for Q1 2024, an increase of 2% from Q4
2023.
M&P’s consolidated working interest oil production (40%) in
the Urdaneta Oeste field stood at 5,353 bopd in Q1 2024, stable
compared to Q4 2023. M&P marketed two cargoes on behalf of the
mixed company during Q1 2024, generating $33 million in cash
inflows (of which $17 million was received at 31 March 2024). Two
more liftings are expected between April and May.
Regardless of the status of General License 44 (“GL 44”) of the
Office of Foreign Assets Control (“OFAC”), which governs the
temporary lifting of US sanctions on Venezuela and expires today,
18 April 2024, M&P hopes and expects to be able to continue its
activities in the country in accordance with the agreements signed
with PdVSA in November 2023, under a new license, either general or
specific; this situation should be clarified shortly.
Financial position
For the first time since 2007 and the completion of the sale of
the M’Boundi field in Congo, the Group had a positive net cash
position of $11 million at 31 March 2024, compared to a net debt
position of $120 million at 31 December 2023.
The cash position stood at $210 million at the end of March
2024. Available liquidity at 31 March 2024 was $277 million,
including $210 million in cash and $67 million in undrawn RCF
tranche.
Gross debt amounted to $199 million at 31 March 2024, including
$132 million of bank loan (excluding the $67 million in undrawn RCF
tranche) and $68 million of shareholder loan. M&P repaid a
total of $18 million in gross debt during the quarter ($14 million
of bank loan and $4 million of shareholder loan).
Français
English
pieds cubes
pc
cu ft
cubic feet
millions de pieds cubes par
jour
Mpc/j
MMcf/d
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, please visit www.maureletprom.fr/en/
This document may contain forecasts regarding
the financial position, results, business and industrial strategy
of Maurel & Prom. By nature, forecasts 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
forecasts 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 SBF 120 – CAC Mid 60 – CAC Mid & Small – CAC
All-Tradable – Eligible PEA-PME and SRD Isin FR0000051070 /
Bloomberg MAU.FP / Reuters MAUP.PA
_________________________ 1 The Group’s
Venezuelan operations in the Petroregional del Lago mixed company
(40% stake) are subject to joint control and are accounted for via
the equity method under IFRS (sales are not consolidated, nor
included in the average oil sale price)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240417796670/en/
Maurel & Prom Press, shareholder and investor
relations Tel: +33 (0)1 53 83 16 45 ir@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 98 maureletprom@newcap.eu
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