Paris, 8 March 2017 No. 07-17 Group reserves at 31/12/2016
Group res erves at 31 December 2016
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. These reserves at 31 December 2016 were evaluated by DeGolyer and MacNaughton in Gabon and by RPS Energy in Tanzania.
| P1+P2 Reserves net of royalties [1] | Oil (MMbbl) | Gas (Bcf) | MMboe | |
| Gabon | Tanzania | |||
| 01/01/2016 | 159.5 | 272.5 | 204.9 | |
| production | -7.4 | -7.6 | ||
| revision | +5.6 | +7.4 | ||
| 31/12/2016 | 157.7 | 272.3 | 203.1 | |
| of which P1 reserves net of royalties | 125.1 | 165.6 | 152.7 | |
| or | 79% | 61% | 75% |
Maurel & Prom's share of P1+P2 (2P) reserves net of royalties at 31 December 2016 was 203 MMboe.
In Gabon, 2P reserves net of royalties at 31 December 2016 amounted to 157.7 MMbbl, slightly down after taking into account 2016 production net of royalties of 7.4 MMbbl, partially offset by a 5.6 MMbbl upward revision of that figure. In 2016, investments in production assets in Gabon focused on work aimed at improving the effectiveness of water injection. The Group intends to continue this strategy in 2017. The resulting stronger total flow from injection and the installation of more powerful activation pumps at certain producing wells require the installed electrical power capacity to be increased.
At 31 December 2016, the Group also had gas reserves of 272.3 Bcf, which is equivalent to 45.4 MMboe. Its share of proven P1 reserves rose from 49% to 61% of 2P reserves due to better pressurisation at the field, in production since August 2015. These gas assets give the Group access to fixed, stable revenues over the long term. The sale price is US$3.07 per thousand cubic feet and rises with inflation. Maurel & Prom thus has additional cash flow unaffected by oil price fluctuations.
Next publication :
3 April 2017: 2016 annual results , released before markets open
| French | English | ||
| pieds cubes | pc | cf | cubic feet |
| pieds cubes par jour | pc/j | cfpd | cubic feet per day |
| milliers de pieds cubes | kpc | Mcf | 1,000 cubic feet |
| millions de pieds cubes | Mpc | MMcf | 1,000 Mcf = million cubic feet |
| milliards de pieds cubes | Gpc | Bcf | billion cubic feet |
| baril | bbl | bbl | barrel |
| barils d'huile par jour | b/j | bopd | barrels of oil per day |
| milliers de barils | kb | Mbbl | 1,000 barrels |
| millions de barils | Mb | MMbbl | 1,000 Mbbl = million barrels |
| barils équivalent pétrole | bep | boe | barrels of oil equivalent |
| barils équivalent pétrole par jour | bep/j | boepd | barrels of oil equivalent per day |
| milliers de barils équivalent pétrole | kbep | Mboe | 1,000 barrels of oil equivalent |
| millions de barils équivalent pétrole | Mbep | MMboe | 1,000 Mbbl = million barrels of oil equivalent |
For more information, go to www.maureletprom.fr MAUREL & PROM Tel: +33 (0)1 53 83 16 00
Press, shareholder, and investor relations Tel: +33 (0)1 53 83 16 45 ir@maureletprom.fr
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.
Maurel & Prom is listed for trading on Euronext Paris CAC® mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share - CAC PME - EnterNext © PEA-PME 150 Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
[1] Royalties payable under the Production Sharing Agreement are paid by TPDC (Tanzanian Petroleum Development Corporation) in accordance with the agreements set up.
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