Maurel & Prom : 2008 Sales Rose 33% to EUR385.2m
– Entitled Production Rose 27% to 15,704 boepd in 2008 (17,404 boepd
Including Venezuela)
– Entitled Production Rose 45% to 18,854 boepd in Q4 2008 (20,554 boepd
Including Venezuela)
Sales for fiscal 2008 rose by 33% compared to 2007.
in EUR millions 12-month total
2008 2007 Change
Congo 0.5 0.8 -35%
Tilapia 0.5 0.6 -11%
Loufika - 0.2 -100%
Gabon 6.9 1.5 348%
Banio 6.9 1.5 348%
Onal - - n/a
Colombia 292.9 207.5 41%
Oil 288.7 207.5 39%
Gas 4.2 - n/a
Oil production 300.3 209.9 43%
Oil service 84.8 76.1 11%
Other 0.1 3.5 n/a
TOTAL 385.2 289.5 33%
Sales for fiscal 2008 were
increase of 33%.
When expressed in US dollars, the Group’s total sales in 2008 were
up 43% from
increase in the average price of oil (Brent +34% and WTI +37%), and of the
increased importance of the Ocelote field in
The sales trend was unfavourably impacted by the US$/EUR exchange rate
(-7%).
These sales figures are subject to the following deductions:
- $6.7m from the application of the high price clause. This new clause is
applicable to the Estero and Garcero contracts renegotiated in February
2008;
- $7.8m from royalties paid in foreign currency (US dollar) on the
Ocelote and La Hocha fields in Colombia and placed in production in
2008;
- $1.3m from the royalties and the "profit oil" share from the Gabon
government paid in foreign currency (US dollar) on the Banio contract.
This is a total of
and Loss Statement.
Oil service: Caroil
Caroil’s contribution to sales (oil services) was
contribution to sales in 2008 was
increase.
Caroil’s corporate sales in 2008 rose 48% to
totalled
Caroil generated 62% of its business with customers other than Maurel &
Prom.
Sales for 2008 result essentially from oil production in
from the drilling activity of the 100% subsidiary, Caroil.
2008 2007 Change Business climate information 2008 2007 Change
Q4 Q4 12 months 12 months
0.76 0.69 10% Exchange rate (US$/EUR) 0.68 0.73 -7%
57.8 88.5 -35% Brent (US$/bbl) 97.0 72.5 34%
60.7 90.5 -33% WTI (US$/bbl) 98.9 72.4 37%
The oil industry in 2008 was characterised by strong volatility in the
price per barrel. During 2008 the mean Brent and the WTI prices increased by
34% and 37% respectively, compared to 2007. In contrast, the drop in the
US$/EUR exchange rate (-7%) had an unfavourable effect on sales, limiting the
positive effect of the change in price per barrel.
Maurel & Prom's entitled production increased 27% in 2008 to 15,704 boepd.
2008 2007 Chg. Maurel & Prom Unit 2008 2007 Chg.
Q4 Q4 12 months 12 months
366-day basis in 2008
1,995,173 1,397,552 43% Maurel & Prom barrels 6,728,818 5,311,594 27%
21,687 15,191 production share boepd 18,385 14,552
1,734,598 1,193,778 45% Entitled barrels 5,747,737 4,513,375 27%
18,854 12,976 production boepd 15,704 12,365
1,753,224 1,240,504 41% Production sold barrels 5,853,307 4,575,195 28%
19,057 13,484 boepd 15,993 12,535
The Group’s entitled production in the 4th quarter 2008 (including
Over the whole year 2008 the Group's total production was 17,404 boepd.
COLOMBIA
2008 2007 Chg. Colombia Unit 2008 2007 Chg.
Q4 Q4 12 months 12 months
366-day basis in 2008
1,959,317 1,380,987 42% Maurel & Prom barrels 6,596,923 5,248,727 26%
21,297 15,011 production share boepd 18,024 14,380
1,689,165 1,181,497 43% Entitled barrels 5,621,174 4,466,324 26%
18,360 12,842 production boepd 15,358 12,237
1,707,722 1,228,223 39% Production sold barrels 5,730,356 4,528,878 27%
18,562 13,350 boepd 15,657 12,408
15.5% 14.4% 8% Taxes in kind* % 15.3% 14.9% 3%
51.95 68.99 -25% Average selling US$/bbl 75.19 62.79 20%
price
* royalties
Maurel & Prom’s working interest production in
in 2008 compared to 14,380 boepd in 2007, a 26% increase.
The increase in Colombian production resulted essentially from the
development of the Ocelote field in
this field contributed 27% of the entitled production from
At
day, or 43% of Maurel & Prom’s entitled production in
The average selling price was
on selling prices initiated by Maurel & Prom.
For information, Maurel & Prom's entitled production in Venezuela was
1,700 boepd. Oil represents 57% of total production, and gas 43%. The average
selling price was $79.6/bbl for oil and $3.76/thousand standard cubic feet
for gas.
CONGO
2008 2007 Chg. Congo Unit 2008 2007 Chg.
Q4 Q4 12 months 12 months
366-day basis in 2008
2,420 5,702 -58% Maurel & Prom barrels 13,156 27,660 -52%
26 62 production share boepd 36 76
1,931 2,700 -28% Entitled barrels 7,824 15,602 -50%
21 29 production boepd 21 43
1,931 2,700 -28% Production sold barrels 7,824 14,868 -47%
21 29 boepd 21 41
20.2% 52.6%-62% Taxes in kind* % 40.5% 43.6% -7%
52.53 94.56 -44% Average selling price US$/bbl 97.95 73.77 33%
* royalties + oil taxes
The average selling price in the
Production came primarily from the Tilapia field.
GABON
2008 2007 Chg. Gabon Unit 2008 2007 Chg.
Q4 Q4 12 months 12 months
366-day basis in 2008
33,436 10,863 208% Maurel & Prom barrels 118,739 35,207 237%
363 118 production share boepd 324 96
43,502 9,581 354% Entitled barrels 118,739 31,449 278%
473 104 production boepd 324 86
43,571 9,581 355% Production sold barrels 115,127 31,449 266%
474 104 boepd 315 86
n/a 11.8% n/a Taxes in kind* % n/a 10.7% n/a
56.27 70.52 -20% Average selling price US$/b 88.36 67.05 32%
* royalties + oil taxes
Production in
price was
For more information: http://www.maureletprom.com
This press release may contain forward-looking statements with respect to
the financial position, results of operations, business, strategy and plans
of Maurel & Prom. By their nature, forward-looking statements involve risks
and uncertainties because they are based on events and circumstances which
may or may not occur in the future. These forward-looking statements are
based on assumptions which we believe are reasonable, but that could
ultimately prove inaccurate and are subject to a number of risk factors,
including but not limited to crude oil price fluctuations, exchange rate
fluctuations, the uncertainties inherent in estimating oil reserves, actual
future production rates and associated costs, operational problems, political
stability, changes in laws and governmental regulations, wars and acts of
terrorism or sabotage.
Maurel & Prom is listed on Euronext Paris - Compartment A - CAC
mid 100 Index
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
Next press release:
06 February 2009 - Publication in the Balo of the notice of the Mixed
General Shareholders Meeting
24 March 2009 - Presentation of the 2008 annual results
Communication:
INFLUENCES
Clementine Dourne Catherine Durand-Meddahi
+33(0)1-42-72-46-76 +33(0)1-42-72-46-76
c.dourne@agence-influences.fr c.meddahi@agence-influences.fr
SOURCE Maurel & Prom