Etablissements Maurel & Prom Sa · EURONEXT:MAU
Etablissements Maurel & Prom Sa — Maurel & Prom — FY2014 Earnings Presentation
27 slides from Etablissements Maurel & Prom Sa's earnings presentation, Mar 26, 2015
Slide 1: Management presentation FY 14
Management presentation FY 14 26 March 2015
Slide 2: A difficult economic environment
A difficult economic environment BRENT EUR/USD 1,4 120 110 1,35 100 1,3 90 1,25 80 70 1,2 60 1,15 50 1,1 40 MAR MAR JAN JAN JAN AOU AOU MAI JUI JUI MAI JUI JUI DEC SEP OCT SEP OCT DEC AVR AVR FEV NOV FEV NOV FEV AOU AOU MAI MAI OCT DEC OCT DEC MAR MAR JAN JAN JAN FEV NOV JUI JUI FEV NOV JUI JUI FEV
Slide 3: Balance sheet protection
Balance sheet protection Strong cash management and new longer debt maturity Cash in hand as of 1st January 2015: €229m Issue of a new CB 2019 for €253m New Revolving Credit Facility of $400m (December 2020) Focus on high potential assets and abandon of non strategic assets Successful partnership in
Slide 4: 2014 Key Financial Information
2014 Key Financial Information Difficult economic environment Strong balance sheet Operating cash flow: +€376m Sales: €550m, -4% 2014 Capex: €331m EBITDA: €352m, -17% Cash in hand as of 1/1/2015: €229m Write-offs: €113m, +€94.5m EBIT: €141m, -58% New longer debt maturity Net income: €13m, -79% Stron
Slide 5: 2014 share price and brent performance
2014 share price and brent performance $ € 120 14 Signature of a GSA in Tanzania 110 13 100 12 New RCF: $400m 90 11 New PSA terms in Gabon BRENT MAU 80 10 Strategic partnership in Québec 70 9 Issue of CB 2019: €253m 60 8 New oil discovery in Gabon 50 7 40 6 BRENT MAU 5 Management presentation
Slide 6: Financial performance and highlights
Financial performance and highlights 2014
Slide 7: Ezanga sales and cash-flow
Ezanga sales and cash-flow Sales of the producing fields in Gabon Per barrel cash-flow $/b $m 2014 2013 Var. Gross operated production in bopd 25,018 23,763 +5% Sales 96.7 669 Opex -10.7 -74 Entitlement in bopd 18,963 19,079 -1% Transport -3.9 -27 Sale price in $/b 96.7 108.6 -11% Change in the inve
Slide 8: Consolidated EBIT
Consolidated EBIT In € millions 31/12/2014 31/12/2013* Arbitrage of current investments 31/12/2014 Sales 550.4 570.7 Gross margin 422.1 479.3 Impairment related to exploration -101.3 EBITDA 351.9 421.7 Mozambique -39.3 as % of sales 64% 74% Tanzania -37.9 Amortisation and depreciation of depletion a
Slide 9: Financial loss in 2014
Financial loss in 2014 2014 2013 CB 2019/CB 2015 -25 -36 Bank debt -13 -12 Gross cost of financial debt -38 -47 Impact of exchange rate fluctuations 28 -19 Fees -3 Premium on CB 2014 -6 Option linked to CB 2019 12 Others -4 -1 Financial income/loss -11 -67 Decrease in interest expenses • Reimburseme
Slide 10: FY 14 consolidated net income
FY 14 consolidated net income 2014 2013* Var. Sales €m 550.4 570.7 -4% EBITDA 351.9 421.7 -17% EBIT 140.6 338.2 -58% Financial loss €m -10.8 -67.1 -84% Income before tax 129.8 271.1 Income tax -101.6 -134.5 Net income from consolidated companies 28.2 136.6 Net income from sales of equity associates
Slide 11: 2014 cashflow
2014 cashflow In €m Opening cash Operating Capex New debts Debt Debt service Others Closing cash cash flow reimbursement (exc. fees) 11 Management presentation
Slide 12: 2014 balance sheet
2014 balance sheet Total 2014: €2,116m 2013: €1,865m 328 Exploration Exploration 345 888 Development Production Equitymis Titres associates en équivalence 763 Non recurring Autre assets actif non courant Actif courant Recurring assets 1292 965 Trésorerie Cash at bank Capitaux propres Shareholder tot
Slide 13: Outlook
MAURELY>PROM Outlook 2015
Slide 14: E&P activities in 2015
E&P activities in 2015 In €m 2015e 2014 Exploration expenses 44 118 Production capex 186 207 230 325 CANADA* Alberta • Production test (SAGD) • Analysis before next step CANADA* Anticosti • Stratigraphic wells MYANMAR* GABON Block M2 Kari and Nyanga Mayombe • Drilling of SP-1X • Seismic processing •
Slide 15: Production: increase the pressure in the reservoir in 2015
Production: increase the pressure in the reservoir in 2015 30 000 30 day moving average production from producing fields in Gabon Preparation of the water injection optimization 25 000 3D seismic 20 000 acquisition Start of the water injection In bopd 15 000 New wells in production 2015 production u
Slide 16: Onal: surface facilities
Onal: surface facilities 16 Management presentation
Slide 17: Last two discoveries in Gabon
Last two discoveries in Gabon AEE OMGW Production center OMKO OMBG ONAL OMOC-NORD OMOC EZMAB-1 EZNI-1 17 Management presentation
Slide 18: First gas in Tanzania
First gas in Tanzania 4 existing wells expected to produce combined 80 mmcfpd Pipeline nearing completion providing access to market Government-owned 36’’ pipeline from Madimba to Dar Es Salam Pipeline capacity: 750 mmcfpd Completion and commissioning in Summer 2015 Gas Sale Agreement now in place I
Slide 19: Surface facilities
Surface facilities 19 Management presentation
Slide 20: Gasline and connexion to the facilities
Gasline and connexion to the facilities 20 Management presentation
Slide 21: Global overview of Mnazi Bay surface facilities
Global overview of Mnazi Bay surface facilities 21 Management presentation
Slide 22: Exploration update: Mozambique and Myanmar
Exploration update: Mozambique and Myanmar Myanmar: Results of the SP-1X Mozambique: Kifaru-1, dry well under review 22 Management presentation
Slide 23: Anticosti: presence of gas and oil fluorescence confirmed
Anticosti: presence of gas and oil fluorescence confirmed Chicotte Cerf-Sau Bell Jupiter South Drilled in 2014 (5 wells) To be completed in 2015 (4 wells) To be drilled in 2015 (6 to 9 wells) 0 25 50 km Lac Martin 23 Management presentation
Slide 24: Alberta: long term production test
Alberta: long term production test Start of the steam injection in May 2014 First oil on 12 September 2014 Long term production test Well location Increase in production Decrease in SOR Capex program on-hold 24 Management presentation
Slide 25: Alberta: long term production test
Alberta: long term production test Oil production in Alberta 600 10 9 Pipe rack tank farm 500 8 7 400 6 Sawn Lake Prod (bopd) BOPD SOR 300 5 Sawn Lake SOR 4 Injector well 200 3 2 100 1 0 0 0 2 4 6 8 10 Month SAGD well pair 25 Management presentation
Slide 26: Conclusion Q&A
MAURELY>PROM Conclusion Q&A
Slide 27: 2015, a strategic year
2015, a strategic year Maurel & Prom owns all the following items a strong cash position as of 1/1/2015 of €229m a cash flow generation from two assets in Tanzania and Gabon an exploration acreage with a high potential a long term visibility after debt renegotiation recent operational successes for