Etablissements Maurel & Prom Sa · EURONEXT:MAU
Etablissements Maurel & Prom Sa — MPI — H1 2013 Earnings Presentation
19 slides from Etablissements Maurel & Prom Sa's earnings presentation, September 2013
Slide 1: Half-yearly results at 30 June 2013
www.mpienergy.com Half-yearly results at 30 June 2013
Slide 2: Group Profile
1 1 GROUP PROFILE www.mpienergy.com 2
Slide 3: MPI’s history
1 MPI’s history MP Nigeria is listed in Acquisition of OML 4, 38 and 41 Production restart Paris 15 October 29 January 12 December 15 December April 2010 August 2010 2009 2010 2011 2011 MP Nigeria Establishment of Seplat becomes becomes MP Nigeria, a the operator independent wholly-owned by Maurel &
Slide 4: MPI’s assets at 30 August 2013
1 MPI’s assets at 30 August 2013 MPI at 30 August 2013 100% 35% 67% €245m cash* SEPLAT Saint-Aubin Energie No debt NEWTON MP EAST ASIA MP QUEBEC MP WEST CANADA 45% 40% 40% 50% 25% 20% 13 12 Deep OML 4,38 OML 56 Block M2 licenses in licenses Well and 41 Gaspé in Oil & Alberta Gas Nigeria Myanmar Cana
Slide 5: MPI’s Milestones
2 2 MPI’S MILESTONES www.mpienergy.com 5
Slide 6: H1 2013 highlights
2 H1 2013 highlights H1 2013 MPI: MP Nigeria becomes MPI AUGUST 2013 Sale of 10% of Seplat’s capital Strategic repositioning Independent player taking equity for $98m stakes in assets or companies become an independent player in the energy and raw materials field SAINT-AUBIN ENERGIE: JULY 2013 APRIL
Slide 7: Financial Highlights
3 3 FINANCIAL HIGHLIGHTS www.mpienergy.com 7
Slide 8: Income statement
3 Income statement In M€ 30/06/2013 30/06/2012 Sales - - Operating income (1,3) (1,1) Financial income 13.8 2.0 Income before tax 0.5 0.9 Net income from consolidated companies (1.2) (3.1) Net income from equity associates 21.2 16.3 Net income from continuing activities 20.0 13.1 Closing cash 170 18
Slide 9: Balance sheet at 30 June 2013
3 Balance sheet at 30 June 2013 In million of euros Balance sheet at 30 June 2013 : €321m 114 Equity Non-current liabilities 37 Current liabilities 310 Non-current assets Other current assets 170 Cash 11 Assets Liabilities Cash of € 170m at 30 June 2013 after current account advance of $19m to MP Ea
Slide 10: Asset Portfolio
4 4 ASSET PORTFOLIO www.mpienergy.com 10
Slide 11: SEPLAT: asset building in the Niger Delta
4 SEPLAT: asset building in the Niger Delta SEPLAT owns 45 % of OML 4, 38 and 41 • the total area of the OMLs is about 2,650 km2 • major producing fields are Oben, Ovhor, Sapele and Okporhuru • daily production recognized by SPDC for first half has been 45,830 bpd (+56%) Newton aquired a 40% stake i
Slide 12: SEPLAT: H1 2013 activity
4 SEPLAT: H1 2013 activity 70 000 Gross production of OMLs 4, 38 and 41 in bpd 60 000 50 000 40 000 30 000 20 000 10 000 - Production assumed on OMLs 4, 38 and 41: +56% compared to H1 2012 Okporhuru field connexion in May Oil sales: $354m 3,025,217 barrels sold at 109 $/bbl on average Gas sales:
Slide 13: SEPLAT: key figures
4 SEPLAT: key figures Rising Rising Rising En thousand dollars SEPLAT operating production revenue income Current assets 535,823 Non-current assets 541,863 Total assets 1,077,686 Operating margin : +9 points at 48% at the end of June 2013 Equity 291 207 better absorption of fixed operating costs a
Slide 14: SEPLAT: sale of 10% of capital
4 SEPLAT: sale of 10% of capital SEPLAT’s capital share at 30/08/2013 • Sale of 10% of SEPLAT to Mercuria (6%) and to 4% Blakeney investment fund (4%) fo $98m. 6% • MPI now owns 35% of SEPLAT. 35% • MPI’s objective is to continue to sustain SEPLAT’s 24% growth while facilitating its access to the lo
Slide 15: Myanmar
4 Myanmar MP EAST ASIA owns 40 % of M2 block • MP East Asia is a wholly-owned subsidiary of Saint-Aubin Energie • Total area of 9,652 km² Bloc M2 • Located in the western Gulf of Martaban, close to A7, M3 and M5 blocks where gas was identified • Partners: Petrovietnam (operator) and Eden Group www.m
Slide 16: Canada (1)
4 Canada (1) Partership between Maurel & Prom, MPI and Pétrolia in Gaspé-Canada • Saint-Aubin Energie’s farm-in in 13 researsh licenses in Gaspé Peninsula • Area : 1,892 km2 • Objectives: unconventional reservoirs and conventional oil deposits • Potential collaboration in other areas in Québec • Pét
Slide 17: Canada (2)
4 Canada (2) Acquisition of an equity stake in Deep Well Oil & Gas (20%) and in blocks in Alberta (Canada) • MP WEST CANADA is a wholly-owned subsidiary of Saint-Aubin Energie • Acquisition of 20% stake in Deep Well Oil & Gas, a company listed in Toronto •Farm-in for 50% of the shares held by Deep W
Slide 18: Positioning and Strategy
5 5 POSITIONING AND STRATEGY www.mpienergy.com 18
Slide 19: Positioning and strategy
5 Positionning and strategy Diversification towards other sources of energy or raw materials Strengthening the asset base - via Saint-Aubin Energie - direclty Support to SEPLAT’s development Facilitation of its acces to the british and the nigerian capital markets . www.mpienergy.com 19