Energia
Maurel & Prom - Q1 2018 sales: $128 million
The favourable trend in sales results from a sharp increase in the average price of the sale of oil produced in Gabon ($66.3/bbl, +26% versus Q1 2017, +11% versus Q4 2017).
Additionally, Q1 sales in Gabon were positively impacted (in the amount of about $8 million) by an entitlement volume that exceeded production for the quarter in question.
Operated oil production in Gabon in Q1 2018 totalled 23,975 bopd, with 19,180 bopd as M&P's share (80%). This level of production remained virtually unchanged compared to Q4 2017 and Q1 2017.
As previously announced and with a view to mitigating the natural depletion of the fields, Maurel & Prom resumed its drilling operations in 2018, after they were suspended in 2015. The work programme includes eleven development wells and three sidetracks. In accordance with the agreed schedule, drilling of the first well began on 17 March. The expected positive effects on production should be seen in the second half of the year.
In Tanzania, average gas output totalled 77.0 MMcf/d (operated share), corresponding to 37.0 MMcf/d as M&P's share (48.06%). In March 2018, the Mnazi Bay field achieved a record production level of 84.8 MMcf/d, after it exceeded the monthly production threshold of 80.0 MMcf/d for the first time in February 2018. This production increase seeks to address the gas demand growth in order to meet national requirements.
For more information, visit www.maureletprom.fr
Press, shareholder and investor relations
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maureletprom@newcap.eu
Media relations
Nicolas Merigeau
Tel.: +33 (0)1 44 71 94 98
maureletprom@newcap.eu
Maurel & Prom is listed for trading on Euronext Paris
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