Maurel & Prom : Gas reserves in Tanzania

Paris, 25 February 2016
 No. 04-16

Gas reserves in Tanzania

Assessment of 2P reserves the Mnazi Bay field by RPS Energy:

272.5 Bcf M&P working interest net of royalties⁽¹⁾ up to 28%

The Group's reserves correspond to the volumes of recoverable hydrocarbons currently in production plus those revealed by discovery and delineation wells that can be operated commercially. Gas reserves at 31 December 2015 were assessed by RPS Energy.

Maurel & Prom's gas assets in Tanzania give the Group access to fixed and stable long-term revenue. The sale price is $3.07 per thousand cubic feet and rises with inflation. Maurel & Prom has thus ensured additional major cash flow, unaffected by oil price fluctuations, which further strengthens the Group's balance sheet.

On 31 December 2015, the Group had 272.5 billion cubic feet, the equivalent of 45.4 million barrels. This 28% rise in 2P reserves compared to the same period in 2014 reflects the results of the MB-4 well drilled in June 2015 and the start of gas supply at the processing centre in August 2015.

The following table shows the Mnazi Bay reserves by category. Gas reserves are presented in terms of Group working interest, i.e. 48.06%, net of royalties⁽¹⁾.

⁽¹⁾             The royalties due under the Production Sharing Agreeement are paid by TPDC (Tanzanian Petroleum Development Corporation) in accordance with the agreements set up.

Maurel & Prom is the operator of this permit with a 48.06% interest.

Next publication

31 March 2016 before markets open: 2015 annual results

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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.

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