Etablissements Maurel & Prom SA · EURONEXT:MAU
Etablissements Maurel & Prom SA — Maurel & Prom — Investor Presentation (November 2012)
38 slides from Etablissements Maurel & Prom SA's investor presentation, November 2012
Slide 1: Management presentation
Management presentation November 2012
Slide 2: Global overview
Global overview Gabon Colombia Tanzania Mozambique Peru Namibia Others Type of hydrocarbons Oil Oil & Gas Gas Oil & Gas Oil Oil & Gas Oil & Gas Reserves (2P net of royalties) 177 mmbo 8 mmbo 790 bcf Entitled production 14,000 bopd 750 bopd 1,738 mmbtupd Sales 12E €465m €20m €1m Very interesting Very
Slide 3: Group overview
MAUREL\’PROM Group overview
Slide 4: M&P history
M&P history Omko Ombg Ocelote Cash generation Sale of assets Onal Omgw Omoc-N Nigeria Banio Mozambique Brasil First oil Peru Syria M’Boundi Kouakouala Venezuela Colombia Oil & Sicily Gas Gabon Tanzania Cuba Congo Vietnam Russia Drilling Drilling company (Caroil, 15 rigs) Drilling ship Cable ship Gol
Slide 5: Group model
Group model Independent mid-size player specialised in Africa and Latin America About 80,000sqkm of promising area 2P reserves net of royalties: 240 Mboe Oil production in Gabon and in Colombia Gas production in Tanzania An experienced team coming from majors Operatorship of the licenses (exc. in Mo
Slide 6: Shareholding structure
Shareholding structure Employees Individuals 1% 28% Treasury shares Institutionals 5% 36% Macif 7% 0.5% 8.0% Strategic Pacifico shareholders 24% 36% 16.6% 48.5% 26.4% France Continental Europe (excl. France) North America UK & Ireland Rest of the World 2012 6
Slide 7: Maurel & Prom worldwide
Maurel & Prom worldwide 100% Employees: 238 worlwide 27,7% 38 Europe 4 18 Asia 178 Latin America Africa 2012 7
Slide 8: Group certified reserves and resources
Group certified reserves and resources Additional resources in Mboe P1+P2 reserves net of royalties (as of 1/1/2012) in Mboe 2011 production revision acquisition 2012 P1 P2 98 OMOUEYI 173.2 -5.3 8.5 176.4 56.5 119.9 BANIO 0.4 -0.1 0.2 0.5 0.3 0.1 103 GABON 173.6 -5.4 8.7 176.8 56.8 120.0 85 SABANERO
Slide 9: Exploration & Production West Africa
Exploration & Production West AFrica
Slide 10: Gabon: History and map
Gabon: History and map 2012 2011 Omoc-N development 3D seismic acquisition OMOC-N first oil GABON OMOC test 2010 2009 Discovery of OMOC- North field in Gabon Production start-up of 2008 Production start-up Omgw and Ombg in of Onal and Omko Gabon in Gabon Discovery of Omko Discovery of Omoc and Ombg
Slide 11: Gabon: location of producing fields
Gabon: location of producing fields OMGW Omoueyi: 4,179 km² OMBG OMKO ONAL OMOC-N OMOC* * Exclusive exploitation authorisation applied for 2012 11
Slide 12: Gabon: pipeline network
Gabon: pipeline network Remboué Rembo Koto Onal Coucal Rabi Atora Gamba Banio 2012 12
Slide 13: Gabon: Production
2012 bopd 5 000 0 10 000 15 000 20 000 25 000 01/02/2009 01/03/2009 01/04/2009 01/05/2009 01/06/2009 01/07/2009 01/08/2009 01/09/2009 01/10/2009 01/11/2009 01/12/2009 01/01/2010 01/02/2010 01/03/2010 01/04/2010 01/05/2010 01/06/2010 01/07/2010 01/08/2010 01/09/2010 Gabon: Production 01/10/2010 01/11
Slide 14: Gabon: acreage to explore
Gabon: acreage to explore Maurel & Prom is operator of the fields with a 100% working interest in GABON Exploration phase Omoueyi • 2D seismic acquisition under way Omoueyi • 3D seismic acquisition under way 4,178 km² Kari Kari • 2D seismic acquisition under way Etekamba 2,659 km² • Recording under
Slide 15: Congo
Congo La Noumbi 2,827 km² Forages prévus : M&P 49% operator - Kola 1 : Chela + Vandji - Kola 2 : Chela Eni 37% Afren 14% Lead ADoungou NW Vandji 35.8 km² Djeno 9.1 km² Lead E Chela 31 km² 2012 15
Slide 16: Namibia
Gas discovery Namibia Oil shows Block 0044 M&P 37% operator 5,122 km² PGS 48% Other 15% Block 0045 17,133 km² 2012 2D seismic campaign: 5,000 km 2012 16
Slide 17: Exploration & Production East Africa
Exploration & Production East Africa
Slide 18: Maurel & Prom East African portfolio
Maurel & Prom East African portfolio Gas discovery Gas field in production M&P option M&P acreage MKuranga Mafia Deep Block 4 BG/Ophir Bigwa-Rufiji-Mafia Songo Songo M&P operator 60% Block 2 Statoil/Exxon Mnazi Bay Tanzania M&P operator 48% Block 1 BG/Ophir Area 4 Mnazi Bay Eni Rovuma Onshore M&P 24
Slide 19: Tanzania: Mnazi Bay License area
Tanzania: Mnazi Bay License area Production capacity: 70 bcf per year 4 producing wells drilled to date (workovers to be finished this year) Current limited production: 0,617 bcf in 2011 Gas transported by pipeline to Mtwara Power Plant 27km away 2012 19
Slide 20: Tanzania: Mnazi Bay – Reserves and resources (100%)
Tanzania: Mnazi Bay – Reserves and resources (100%) Mmbtu sold per year (100%) 700 000 600 000 500 000 400 000 634 195 300 000 200 000 445 605 100 000 0 2010 2011 Sale price : 5,35 $/MMbtu Sales: 2,4 M$ 3,4 M$ Source : RPS Energy November 2010 2012 20
Slide 21: Pipeline project
Pipeline project Existing pipeline Proposed Mnazi Bay to Dar es Salam pipeline Gas discovery Dar Es Salam Gas field in production M&P option M&P acreage MKuranga Mafia Deep Block 4 Tanzania BG/Ophir Songo Songo Block 2 Statoil/Exxon Block 1 BG/Ophir Area 4 Direct access to Dar es Salam domestic mark
Slide 22: Rovuma Onshore (Mozambique) License area
Rovuma Onshore (Mozambique) License area 2012 22
Slide 23: Exploration & Production Latin America
Exploration & Production Latin America
Slide 24: Colombia overview
Colombia overview 2012 SSJN-9 MP Colombia 50% 2011 Hocol 50% CPO17 appraisal Sabanero appraisal CPO17 discovery (in situ) Seismic acquisition COR-15 Sabanero first oil (17 December) MP Colombia 100% Strategic alliance with Pacific 2010 Rubiales Muisca MP Colombia 100% 2009 SWAP with Hocol (SSJN9 & C
Slide 25: Colombia: strategic alliance
Colombia: strategic alliance Pre deal After deal Maurel & Prom Maurel & Prom Pacific Rubiales Energy 100% 50,001% 49,999% MP Colombia (operator) MP Colombia (operator) Licenses Licenses 1- Payment of PRE to M&P of US$63 million in 2011 2- PRE bears the exploration risks: COR-15 carries exploration o
Slide 26: Colombia: pipeline network
Colombia: pipeline network Colombia’s Production : 950mbd Trucking Pipeline Refined : 300mbd Pipeline under construction Exported : 650mbd Barranquilla Main pipelines: Caño Limon – Coveñas: (168 - 280mbd) TLU ODC: Vasconia – Coveñas (200mbd) Coveñas Ocensa: Cusiana field – Coveñas (556mbd) OBC: Arag
Slide 27: Colombia: start of Sabanero production
Colombia: start of Sabanero production bopd 2 500 Sabanero gross production Sabanero field • Discovered in 2010 by MP Colombia • Located 250 km east of Bogota • 40 km as the crow flies from the Rubiales field 2 000 Development characteristics • Heavy oil: 12°API • High water production • Thin reserv
Slide 28: COR-15 and Muisca (Colombia)
COR-15 and Muisca (Colombia) Oil discovered Gas discovered Area 1,194 Km² COR-15 1,194 km² COR 15 Muisca 2,320km² Muisca 2012 28
Slide 29: CPO-17 (Colombia)
CPO-17 (Colombia) CPO-17 2,104 km² EST-11: Godric prospect,86 MMBOE as P50 (50% probability) with a total range from 35 to 250 GODRIC MERLIN MMBOE. MOPSUS DORCAS GIDEON 2012 29
Slide 30: SSJN-9 (Colombia)
SSJN-9 (Colombia) SSJN-9 2,647 km² COR 15 1 194 km² 3D SEISMIC : 380 Km² 2D REPROCESSED LINES: 560 km Prospect SANTA-FE 2012 30
Slide 31: Peru
Peru Pre deal After deal Maurel & Prom Maurel & Prom Pacific Rubiales Energy Operator Operator 100% 50% 50% Lote 116 Lote 116 PRE to carry M&P up to US$75m Surface facilities: • Location of the first prospect 7 wells already drilled in the • 2.5 ha platform. region • Camps set up on the military bas
Slide 32: Tuscany
MAUREL\’PROM Tuscany
Slide 33: Tuscany
Tuscany Tuscany is a provider of contract drilling, work-over services and equipment rentals to the oil and gas industry in South America and Central Africa Fleet Total fleet of 41 rigs Currently 37 rigs in Tuscany’s active fleet • Three rigs in Brazil undergoing major refurbishment and anticipated
Slide 34: Finance
MAUREL\’PROM Finance
Slide 35: Group performance
Group performance Financial result EBITDA & EBIT 1H 2012 2011 2010 1H 2012 2011 2010 OCEANE costs -17,3 -34,0 -28,0 Other interests -1,6 -6,2 -4,4 Sales 225,9 373,6 217,0 Charges -44,7 -63,6 -57,8 Income from cash 0,4 3,2 4,0 Others 0,6 0,8 0,3 Others 8,3 1,4 -4,2 Gross margin 181,8 310,8 159,5 Net
Slide 36: Financial income and debt
Financial income and debt Group debt: summary and changes Reserve Based Loan Date put in place: 30 January 2009 Term: 4 years Financial income Initial drawdown capacity: US$255 million Modified drawdown capacity, 21 October 2010: US$330 million Drawdown capacity in H1 2012: US$264 million (depending
Slide 37: Sound financial structure
Sound financial structure Group net debt (in €m) Reduction in net debt 125 152 95 61 Significant capacity to raise additional 38 -62 -62 funds -118 -213 SB AFREXIM Elimination of financial risk in Colombia BGFI -368 -368 Convertible bonds -368 RBL Strong cash flow in Gabon enabling Cash collateral G
Slide 38: www.maureletprom.fr
www.maureletprom.fr
Maurel & Prom — Investor Presentation (November 2012) on 6ix