Etablissements Maurel & Prom Sa · EURONEXT:MAU
Etablissements Maurel & Prom Sa — Maurel & Prom — Shareholder Meeting (May 2015)
23 slides from Etablissements Maurel & Prom Sa's shareholder meeting presentation, May 22, 2015
Slide 1: General shareholders' meeting
A world of opportunities General shareholders’ meeting 22 May 2015
Slide 2: Profile
A world of opportunities • STORY • LOCAL PRESENCE PROFILE • ORGANIZATION 2
Slide 3: Story
STORY Listing of MP Offer to acquire Seplat operator of Nigeria OMLs 4, 38 and 41 the OMLs in Paris Creation of Seplat 15 October 29 January 12 December 15 December April 2010 August 2010 2009 2010 2011 2011 MP Nigeria, wholly owned Production restart Spin-off of by Maurel & Prom MP Nigeria Creation
Slide 4: Local presence
LOCAL PRESENCE Headquarters Canada Myanmar Via Saint-Aubin Energie Gaspésie (13 blocks) – 1,892 sqkm Anticosti (38 blocks) – 6,196 sqkm Via Saint-Aubin Energie Alberta (12 blocks) - 31 sqkm Bloc M2 – 9,652 sqkm 14% 12% Nigeria Via SEPLAT OML 4, 38 and 41 – 2,652 sqkm OPL 283 Marginal Field area (via
Slide 5: Organization
ORGANIZATION MPI at 31 March 2015 40% 21.76% 66.67% CARDINAL SEPLAT SAINT-AUBIN ENERGIE 100% 56.25% 100% 100% 100% 100% Saint-Aubin NEWTON BELEMAOIL MP EAST ASIA SAE Québec E&P MP WEST CANADA Québec 100% 20% MP Energy Deep West Well Canada Oil & Gas 45% 40% 40% 40% 40% 50% 21.67% 25% 25% OML 4, 38 1
Slide 6: Finance
A world of opportunities • ACTIVITY • NET INCOME FINANCE • CASH • DIVIDEND 6
Slide 7: 2014 Activity
2014 ACTIVITY SEPLAT (21.76%) Nigeria • 2014 production, SEPLAT share: 30,823 boepd • 2P reserves at 31/12/2014: 281 MMboe, +24% • Dual listing of SEPLAT in Lagos and London • US$1 billion re-financing and up-sizing of existing debt facilities completed and funds drawn down in January 15 SAINT-AUBIN
Slide 8: Accounting method
ACCONTING METHOD MPI Group consolidated accounts at 31/12/2014 = G&A headquarters, listing, administive matters + Interest received from cash deposit - Taxes payable in France regarding the exchange gains + Non recurring result dilution profit coming from the listing of SEPLAT + Net income from equi
Slide 9: Key figures
KEY FIGURES MPI: CONSOLIDATED ACCOUNTS In €m 2014 2013 2012 2011 Operating income (4) 29 (2) (2) Financial income 1 4 5 10 Taxes (12) (2) (0) (3) Equity-accounted companies 35 165 48 12 Effect of dilution 29 - - - Net income 50 196 51 18 Cash at 31/12/2014 251 226 106 178 Debt - - - - Dividend for t
Slide 10: Nigeria: Seplat 2014 financial statements
NIGERIA SEPLAT SEPLAT: 2014 FINANCIAL STATEMENTS SEPLAT production (boepd) 30,823 30,600 +1% Oil price ($/b) 97.21 110.7 -12% Gas price($/Mcf) 1.9 1.7 +12% 10
Slide 11: Assets and 2015 outlook
A world of opportunities • ASSETS 2015 • OUTLOOK 11
Slide 12: Nigeria: MPI and Seplat
NIGERIA SEPLAT MPI (ex MPN – Maurel & Prom Nigeria) and SEPLAT 2009: Creation of SEPLAT by MPN, SHEBAH and PLATFORM MPI owns 45 % of SEPLAT Shareholder loan to SEPLAT for $153m 2010: Acquisition of OML 4, 38 and 41 2011: Spin off of MPN from Maurel & Prom Listing of MPN on Euronext Paris Reimburseme
Slide 13: Nigeria: Seplat assets
NIGERIA SEPLAT ASSETS OML 4, 38 and 41 45 % 139 MMbls (oil) 827 Bscf (gas) SEPLAT production: 30,176 boepd OPL 283 40 % 9 MMbls (oil) 80 Bscf (gas) SEPLAT production: 647 boepd OML 53 40 % 51 MMbls (oil) 611 Bscf (gas) SEPLAT production: 800 boepd OML 55 22.50 % 20 Mbls (oil) 156 Bscf (gas) SEPLAT p
Slide 14: Nigeria: Seplat production
NIGERIA SEPLAT PRODUCTION • 2014 average working interest production 30,823 boepd • 75 days downtime on Trans Forcados System (40 unbudgeted) • Drilled and completed 23 wells comprising 12 development wells, 4 appraisal wells, 5 workovers, 1 water injector and 1 water producer • Installed smart well
Slide 15: Nigeria: Seplat gas business
NIGERIA SEPLAT GAS BUSINESS Domestic gas pricing move from US$2/Mscf to US$2.50/Mscf during 2014 Commercial pricing at US$3+/Mscf Oben • Oben Gas Plant Expansion Phase I (+150 MMscfd) Amukpe AG Compression project • Dual objective of removing gas flare and providing gas lift to Ovhor Field. 2015 Out
Slide 16: Nigeria: Acquisition opportunity
NIGERIA SEPLAT ACQUISITION OPPORTUNITY 16
Slide 17: Myanmar
MYANMAR SAE MP East Asia owns 40 % of block M2 2 exploration wells drilled from 2013 Gas shows Analysis in progress on the second well Surface: 9,652 sqkm 2015: finding new prospects Minimum commitment: ok Partners: Petrovietnam, operator (45%), and Eden Group (15%) 17
Slide 18: Canada: Anticosti
CANADA SAE - Anticosti Creation of a mix entreprise with Ressources Québec in April 2014 5 stratigraphic wells in 2014 8 stratigraphic wells to be drilled in 2015 3 exploration wells to be drilled in 2016 18
Slide 19: Canada: Anticosti petroleum initially-in-place estimates
CANADA SAE - Anticosti Table S-1 Summary of Estimates of Total Unrisked Undiscovered Petroleum Initially-In-Place* Macasty Shale, Anticosti Island, Québec As April 30, 2015 Company Gross Land Holdings” Company Working Interest? Anticosti Hydrocarbons Low Best High Low Best High LP. Estimate® | Estim
Slide 20: Canada: Alberta contingent resources
CANADA SAE - Alberta Contingent resources for SAE: 70 MMbbls 20
Slide 21: Canada: Alberta production
CANADA SAE - Alberta bopd 400 12,0 350 10,0 SOR 300 8,0 250 200 6,0 150 Production 4,0 100 2,0 50 0 0,0 14/09/2014 14/10/2014 14/11/2014 14/12/2014 14/01/2015 14/02/2015 14/03/2015 14/04/2015 14/05/2015 21
Slide 22: Stock market data
STOCK MARKET DATA 4 500 000 6,00 € Stock price since listing in Paris 4 000 000 5,00 € 3 500 000 4,00 € 3 000 000 2 500 000 3,00 € 2 000 000 2,00 € 1 500 000 1 000 000 1,00 € 500 000 - € - Daily volumes Stock price 22
Slide 23: Contact
CONTACT 51 rue d’Anjou 75008 Paris FRANCE +33 (0)1 53 83 55 44 www.mpienergy.com ir@mpienergy.com 23