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

• Gabon

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.

• Tanzania

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.

• Angola

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.

• Venezuela

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).

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

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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/

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Louis-Victor Delouvrier/Nicolas Merigeau
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