Etablissements Maurel & Prom Sa · EURONEXT:MAU
Etablissements Maurel & Prom Sa — Maurel & Prom — TPH Institutional Conference (NY) (April 2014)
30 slides from Etablissements Maurel & Prom Sa's conference presentation, April 2014
Slide 1: Management presentation
Management presentation April 2014
Slide 2: Group overview
MAURELY©PROM Group overview
Slide 3: History of Maurel & Prom
History of Maurel & Prom Sale of HOCOL GROUP to ECOPETROL Purchase of exploration agreements in Gabon Production start-up at ONAL and OMKO in Gabon Acquisition of the HOCOL GROUP in Colombia and Discovery of a new reservoir South-East of ONAL in Gabon Venezuela Investment in the assets o
Slide 4: Geographical footprint
Geographical footprint CANADA(23) FRANCE(1) SICILY MYANMAR(2) COLOMBIA PERU GABON TANZANIA CONGO MOZAMBIQUE NAMIBIA Oil Gas (1): headquarters (2): via Saint-Aubin Energie (Maurel & Prom 1/3) 4 Management presentation
Slide 5: Licenses
Licenses GABON TANZANIA NAMIBIA MOZAMBIQUE COLOMBIA PERU SICILY OTHERS M&P, Saint-Aubin Group entity M&P M&P M&P M&P M&P M&P M&P Energie (M&P 1/3) Type of hydrocarbons Oil Gas Oil & Gas Oil & Gas Oil Oil Gas Oil & Gas Reserves (2P) 184mmbo(1) 294bscf n.a. n.a. n.a. n.a. n.a. n.a. Entitled production
Slide 6: Track record
Track record DAILY PRODUCTION (in bopd) RESERVES & RESOURCES 35 000 ENTITLEMENT WI P1 P2 P3 3P = 30 000 AEE 2P = P1+P2 1/1/2014 In mmbo In mmbo In mmbo P1+P2+P3 Onal 80% 80,6 20,7 101,3 23,9 125,2 25 000 Omko 80% 3,4 4,5 8,0 4,4 12,4 Ombg 80% 1,3 0,3 1,6 0,6 2,2 Omgw 80% 11,3 2,9 14,3 5,5 19,8 Omoc-
Slide 7: Shareholders
Shareholders SHAREHOLDER COMPOSITION INSTITUTIONAL SHAREHOLDING 4,8% 1,1% Unidentified 24,5% France Institutional investors 10% 11% North America 33,5% Company related UK & Ireland (Pacifico, Macif, treasury shares), employees) Retail Rest of the World 1% 1% Continental Europe Miscellaneous 36,1% 10
Slide 8: Potential dilution
Potential dilution CONVERTIBLE BONDS WARRANTS SECURITIES SECURITIES 2009 2010 2010 Type of security Convertible Convertible Type of security Warrants Name of issue OCEANE 2014 OCEANE 2015 Name of issue BSA 2010 Maturity 31/07/14 31/07/15 Maturity 30/06/2014 # of securities outstanding 19 061 234 5 4
Slide 9: Productive assets: New PSA in Gabon
Productive assets New PSA in Gabon
Slide 10: New production sharing contract in Gabon
New production sharing contract in Gabon E z Omoueyi/Ezanga a Production from Omoueyi/Ezanga licenses n g bopd 35 000 a 30 000 25 000 20 000 15 000 10 000 5 000 0 10 Management presentation
Slide 11: New production sharing contract in Gabon
New production sharing contract in Gabon New Ezanga PSA Omoueyi Ezanga Exploration phase sept-14 2019 Onal : 3+5+5 Omko : 6+5+5 Remaining duration (10+5+5)x2* Ombg and Omgw : 7+5+5 Omoc-N : 9+5+5 Ezanga Partner working interest State: 15% State: 20% Omoueyi/Ezanga 7% for 5 years, then Royalty 4%, sl
Slide 12: 2014 Production
2014 Production Plateau production to reach 35,000 bopd Production target of 35,000 bopd at end-2014 Production was reduced in the Q1 2014 to 25,000 bopd for maintenance reasons Up to 35,000 bopd in the H2 2014 Production plateau: 35,000 bopd At least 10 years Pipeline capacity: 35,000 b
Slide 13: Exploration asset overview
MAURELY©PROM Exploration asset overview
Slide 14: Latin America
Latin America COLOMBIA PERU CPO 17 • One appraisal well on Dorcas • Three stratigraphic wells on Godric • Drilling of the Fortuna-1 well (in progress) • Balsa-1 side well in Muisca 14 Management presentation
Slide 15: West Africa
West Africa GABON NAMIBIA Gaz Oil CPO 17 Ezanga Omoueyi/Ezanga Kari Kari Nyanga Nyanga Mayombe Mayombe • New CEPP Ezanga: new exploration phase of five years • 2D seismic finalization • Launch drilling programm on Omoueyi and Kari (september • Seismic 3D acquisition (Q4 2014) 2014) 15 Management pre
Slide 16: East Africa
East Africa TANZANIA MOZAMBIQUE CPO 17 Rovuma offshore Anadarko/Cove • Mnazi Bay : 2D sismic acquisition (finalization in H1 2014) • Two exploration wells on Rovuma permit onshore • Gas sale agreement to be finalized (June 2014), operating by Anadarko • BRM : seismic processing 16 Management present
Slide 17: Canada
Canada GASPESIE ANTICOSTI CPO 17 • Recognition of different tanks • 15 to 18 stratigraphic wells and 3 exploration wells • Stratigraphic wells with completion (Summer 2014) • Partnership with Ressources Québec (35%) 17 Management presentation
Slide 18: Canada and Myanmar
Canada and Myanmar ALBERTA MYANMAR Bloc M2 3 2 • SAGD pilot project • Steam operations • Exploration well in H2 2014, operator Petrovietnam • First production expected in Summer 2014 18 Management presentation
Slide 19: Stock
MAURELY©PROM Stock
Slide 20: Stock price
Stock price Share price € 20 10 000 Spot 11.59 1-month average 11.84 18 9 000 3-month average 12.03 6-month average 12.12 16 8 000 1-year average 12.71 14 7 000 Market Cap. €m Spot 1,340.5 12 6 000 1-month average 1,371.1 Share price (€) Volume ('000) 3-month average 1,392.8 10 5 000 6-month average
Slide 21: SWOT
SWOT Well experienced management team (former managers at ELF) Low geographic diversification in production: 100% of MAUREL & PROM sales in 2013 originated from Gabonese production. Having said that, reserves and further Strong track-record with successful developments of oil fields in Colombi
Slide 22: FY Key events
MAURELY©PROM FY 13 Key events
Slide 23: Asset management
Asset management Strategic partnership Sale of Sabanero 1 Caroil Africa 2 Saint-Aubin Energie 3 4 in Quebec •M&P owns 50,001% of MP •9 rigs bought from •Investment joint venture •Partnership with Ressources Colombia Caroil/Tuscany between M&P 1/3 and MPI 2/3 Québec (35%), Pétrolia and Corridor Resou
Slide 24: Financing
Financing New US$200 million line of credit set up credit facility with a bank consortium for up to $200 million signed in January 2014 To cover the redemption of OCEANE 2014 bonds Net debt as of 31/12/2013 OCEANE 2014: €298 million , maturity on 31 july 2014 OCEANE 2015: €70 million, matu
Slide 25: Omoueyi sales
Omoueyi sales Sales of the producing fields in Gabon Real 2013 Real 2012 var. % Operated production bopd 23,763 17,575 Sold production Kbbls 6,974 5,428 28% Sale price $ 107 111 -3% Sales in U$S $m 745 601 24% Exchange rate €/$ 1.33 1.29 -3% Sales €m 561 467 +20% Impact of the new accounting method
Slide 26: Omoueyi result per barrel
Omoueyi Result per barrel Real 2013 Sold production Kbbls 6,974 $ per barrel en M$ en M€ Sales 106,8 745 561 Opex -8,2 -60 -45 Transport -4,7 -35 -26 Inventory 1,9 14 11 Royalties and tax -6,8 -50 -38 Depletion -11,6 -86 -65 G&A -3,2 -24 -18 Omoueyi EBIT 74 504 380 26 Management presentation
Slide 27: 2013 Results
2013 Results Significative increase in production (+30%): In €m 2013 2012 Var Sales: +28%, €580m EBIT: +68%, €312m Sales 580 452 +28% Cash flows: +8%, €348m Increase in P1 reserves decreasing the amortization Operating income 312 186 +68% expenses Financing charges: €48m Financial income
Slide 28: 2013 cashflow
2013 cashflow Operating Exploration Develppment Acquisition of Dividend New loans Loan repaid Closing cash Opening cash cash flow 2 rigs 28 Management presentation
Slide 29: 2013 balance sheet
2013 balance sheet Total 2013: €1,891m 2012: €1,829m Exploration Development Non recurring assets Recurring assets Cash at bank Recurring liabilities Non recurring liabilities Shareholder equity 29 Management presentation
Slide 30: www.maureletprom.fr
www.maureletprom.fr Management presentation
Maurel & Prom — TPH Institutional Conference (NY) (April 2014) on 6ix