Maurel & Prom: Consolidated results at 30 June 2018

Paris, 3 August 2018, 6pm CEST  No. 11-18Consolidated results at 30 June 2018   Solid operating performance in a context of favourable prices Sales up by 14% to €196m (US$237m)EBITDA up by 27% to €99m (US$120m)Operating income showing a profit of €53m...

London, 03/08/2018 (informazione.news - comunicati stampa - energia)

to -€8m (-US$10m)

At its meeting of 3 August 2018, chaired by Aussie B. Gautama, the Board of Directors of the Maurel & Prom Group approved the consolidated financial statements for the period ended 30 June 2018.

Michel Hochard, Maurel & Prom's Chief Executive Officer, said:

            
As of June 30, 2018, the key indicators for the period are:

These indicators are to be correlated with the resumption of drilling activities on the Ezanga permit since the beginning of the year, for which a strengthening of the EHS-S processes for safety has been specifically developed. However, the Group recorded a number of incidents during the second quarter of 2018, leading us to reinforce our corrective and preventive actions.

             
in Gabon in first-half 2018 stood at 21,561 bopd, or 17,249 bopd for M&P's working interest.

in Tanzania reached new highs in the first half and posted output of 79.3 MMcf/d at 100%, or 38.1 MMcf/d for M&P's working interest. Since February 2018, the average operated production level has exceeded 80 MMcf/d, rising steadily to reach a record level of 89 MMcf/d in June 2018.

In the first half of 2018, focused on preparation for drilling in Gabon, which is expected to begin at the end of 2018. In addition, a complementary seismic survey was carried out in Namibia on licenses 44 and 45.

             
Brent prices continued to rise in the first half of 2018. The average sale price of oil produced in Gabon was US$69.2/bbl in the first half of 2018, 36% higher than in the first half of 2017. This price increase resulted in of €196 million, up by 14% over the first half of 2017, despite a 13% drop in production in Gabon due to limited evacuation of oil volumes in the export pipeline, as requested by the operator, following pressure increases in the export pipeline from Cap Lopez. After consultation with other users, the level of production is gradually being restored (21,577 bopd in July).

The favourable price environment had a positive impact on the Group's margins. The rose from 45% of sales in the first half of 2017 to 51% in the first half of 2018. amounted to €56 million in H1 2018, a clear improvement over H1 2017. As for the Group's , this amounted to €53 million in H1 2018 versus €19 million in H1 2017.

for first-half 2018 showed a loss of €8 million, which included in particular a net borrowing cost of -€9 million. The Group's refinancing in US dollars at the end of 2017 led to a significant reduction in the Group's exposure to foreign exchange risk. Foreign exchange income was a positive €1 million for the period, versus a loss of €33 million at 30 June 2017.

stood at €9 million, reflecting the sharp improvement in Seplat's financial results (20.46% M&P) in H1 2018 following the return of its hydrocarbon production to the levels achieved before a force majeure was declared on the Transforcados export terminal (Nigeria) and higher gas production. Note that Seplat's investments in equity associates amounting to €134 million do not reflect the market value of M&P's share, which stood at €187 million at 30 June 2018.

After taking into account the above elements and a tax liability of €34 million, the Group's consolidated at 30 June 2018 was €20 million.

The Group's amounted to €77 million in H1 2018. This was primarily used to finance investments of €31 million, for the most part in Gabon on the Ezanga production permit, and for interest payments on borrowings amounting to €7 million.

At 30 June 2018, the Group's stood at €265 million and its at €335 million.

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