27.07.2016 17:36:21
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Maurel & Prom : Activity for the first half of 2016
Paris, 27 July 2016
No. 12-16
Activity for the first half of 2016
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Increase in quantities produced
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Decline in the sale price
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H1 2016 sales: €142 million versus €158 million in H1 2015
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Increase in quantities produced in Gabon: +22% to 21,169 bopd for M&P's share
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Gas sales in Tanzania: average of 23.7 MMcf/d in H1 for M&P's share
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Falling oil prices: sale price down by 27% at $39.2/bbl
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Production averaging over 29,000 bopd at 100% since 1/7/2016
Sales for the first half of 2016 | |||||||
Q1 2016 | Q2 2016 | H1 2016 | H1 2015 | Chg. 16/15 | |||
Quantities sold over the period, M&P's share | |||||||
barrels of oil | 1,692,349 | 1,886,151 | 3,578,500 | 2,948,724 | +21% | ||
BTU | 2,126,535 | 2,280,973 | 4,407,508 | 197,857 | N/A | ||
Average sale price | |||||||
OIL in $ per barrel | 32.6 | 45.1 | 39.2 | 53.5 | -27% | ||
GAS in $ per million BTU | 3.11 | 3.11 | 3.11 | - | - | ||
EUR/USD exchange rate | 0.91 | 0.89 | 0.90 | 0.90 | 0% | ||
SALES (in € millions) | |||||||
Oil production | 55 | 81 | 136 | 142 | -4% | ||
Gabon | 50 | 76 | 126 | 141 | |||
Tanzania | 5 | 5 | 10 | 1 | |||
Drilling operations | 3 | 3 | 6 | 16 | -60% | ||
Consolidated sales | 58 | 84 | 142 | 158 | -10% | ||
Oil output rose by 22% to 21,169 bopd for Maurel & Prom's share, while gas delivered in Tanzania averaged 23.7 MMcf/d in the first half of 2016, taking Maurel & Prom's share of total production to 25,144 boepd versus 17,581 boepd in the first half of 2015.
Maurel & Prom's share of production | |||||||
Q1 2016 | Q2 2016 | H1 2016 | H1 2015 | Chg. 16/15 | |||
Oil | 19,910 bopd | 22,195 bopd | 21,169 bopd | 17,404 bopd | +22% | ||
Gas | 22.8 MMcf/d | 24.5 MMcf/d | 23.7 MMcf/d | 1.1 MMcf/d | - | ||
TOTAL | 23,717 boepd | 26,279 boepd | 25,144 boepd | 17,581 boepd | +43% | ||
In Gabon, the pipeline operator carried out further reinforcement work in March on the 12" routing line between the Coucal station and the junction with the 18" pipeline. As a result, production was limited between 13 March and 5 April 2016. It gradually picked up to average 27,744 bopd (at 100%) in the second quarter of 2016, or 22,195 bopd for M&P's share, versus 19,910 bopd in the first quarter of 2016, a quarter-on-quarter rise of 11%.
In Tanzania, Maurel & Prom, as operator, supplied an average of 49 million cubic feet per day (100%). Gas deliveries depend on demand from the national company, TPDC.
Next publication
31 August 2016 before markets open: 2016 first-half results
French | English | ||
pieds cubes | pc | cf | cubic feet |
pieds cubes par jour | pc/j | cfpd | cubic feet per day |
milliers de pieds cubes | kpc | Mcf | 1,000 cubic feet |
millions de pieds cubes | Mpc | MMcf | 1,000 Mcf = million cubic feet |
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 |
milliers de barils | kb | Mbbl | 1,000 barrels |
millions de barils | Mb | MMbbl | 1,000 Mbbl = 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 |
milliers de barils équivalent pétrole | kbep | Mboe | 1,000 barrels of oil equivalent |
millions de barils équivalent pétrole | Mbep | MMboe | 1,000 Mbbl = million barrels of oil equivalent |
For more information, go to www.maureletprom.fr
MAUREL & PROM
Tel.: +33 (0)1 53 83 16 00
Press contacts, shareholder and investor relations
Tel.: +33 (0)1 53 83 16 45
ir@maureletprom.fr
This document may contain forward-looking statements regarding the financial position, results, business 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® Mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share - CAC PME - EnterNext© PEA-PME 150
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maurel & Prom via Globenewswire
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