Etablissements Maurel & Prom Sa · EURONEXT:MAU

Etablissements Maurel & Prom Sa — Maurel & Prom — Investor Presentation (March 2016)

19 slides from Etablissements Maurel & Prom Sa's investor presentation, March 2016

  1. Slide 1: Creating a leader among junior oil companies

    Creating a leader among junior oil companies Management presentation March 2016

  2. Slide 2: Company overview

    Creating a leader among junior oil companies 1 Company overview Maurel & Prom is an independent oil and gas producer with a diversified portfolio providing cash- flows in Africa.

  3. Slide 3: Maurel & Prom: becoming a leader among European E&P

    Maurel & Prom: becoming a leader among European E&P Profile Historical entitled production in boepd 1- Strong financial means 35 000 • a sound balance sheet boepd • a combination of substantial cash flow from production in Gabon and 30 000 Tanzania and dividends from Seplat in Nigeria; • no commitme

  4. Slide 4: Key dates and group positioning (EV/2P reserves)

    Maurel & Prom: becoming a leader among European E&P Key dates Group positioning (EV/2P reserves, $/boe) 1831 : Creation of the Company – shipping lines 2001 : Discovery of M’Boundi in Congo 21,4 2005 : Entry in Tanzania, in Gabon, in Colombia, in Venezuela 18,5 Based on 2P and in Peru reserves pre 1

  5. Slide 5: Production assets

    Creating a leader among junior oil companies 2 Production assets Maurel & Prom takes advantage of three diversified sources of cash-flow/dividend in Africa. The 2P reserves are well balanced in terms of type of hydrocarbons and in terms of countries.

  6. Slide 6: Producing asset location: focus on Africa

    Producing asset location: focus on Africa NIGERIA1  Licenses • 45% OML 4, 38, 41 • 40% OPL 283 • 40% OML 53 • 22.5% OML 55  Production (WI)1 • Oil: 5,833 bopd • Gas: 16.3 mmscfpd  2P reserves (WI)1/2 • Oil: 30mmbbl • Gas: 178Bscf TANZANIA  License GABON • 48.06% Mnazi Bay ← Op  Production (WI)

  7. Slide 7: Gabon: a long term cash flow from oil production

    Gabon: a long term cash flow from oil production Production Location Partnership AEE OMGW • Maurel & Prom, operator 80 % • Tullow 7.5 % Production center OMKO • Gabonese Republic 12.5 % OMBG ONAL M&P Entry date 2005 OMOC-NORD First oil February 2009 OMOC Field names ONAL OMOC-NORD OMOC OMKO OMBG OMG

  8. Slide 8: Tanzania: a new cash flow from gas production

    Tanzania: a new cash contribution flow from to gas cash-flows production Production Location Partnership: • Maurel & Prom, operator 48.06 % • Wentworth 31.94 % • TPDC 20 % M&P Entry date 2009 First gas August 2015 Field names Mnazi Bay Gas price: 3.07 $/mmbtu + inflation Mnazi Bay Exploration: 60.07

  9. Slide 9: Nigeria: participating to SEPLAT growth in the oil and gas activity

    Nigeria: participating to SEPLAT growth in the oil and gas activity Production (via SEPLAT, o/w 21.37 % owned by M&P) Location SEPLAT is a Nigerian company listed in Lagos and in London Partnership: • SEPLAT, operator 45 % • NNPC 55 % Acquisition date: 2010 Indigenous status Pioneer status Productio

  10. Slide 10: Exploration assets

    Creating a leader among junior oil companies 3 Exploration assets Maurel & Prom has reduced its exploration expenses to the minimum. The remaining works are linked to the legal commitments. M&P’s technical team works to the definition of a future drilling program in designing the best prospects to b

  11. Slide 11: Exploration: Americas and Africa focus

    Exploration : Americas and Africa focus CANADA  Exploration • 50% Gaspésie • 21.7% Anticosti NIGERIA1  Appraisal (SAGD pilot) • 25% 12 blocks in Alberta  Exploration • OML 4, 38, 41: 45 % • OML 53: 40 % • OML 55: 22.5 % GABON  Exploration • 100% Ezanga ← Op • 100% Kari ← Op • 100% Nyanga Mayombe

  12. Slide 12: FY2016 expected exploration expenses: $23m

    FY2016 expected exploration expenses: $23m Breakdown by country Breakdown by type of activity Others Gabon Canada 0 1 Drilling 5 21% Tanzania 7 Well Seismic Myanmar 5% abandonment 2 47% Namibia 1 G&G Peru Colombia 27% 4 3 Breakdown by operatorship Estimated minimum exploration commitments after 2016

  13. Slide 13: Finance

    Creating a leader among junior oil companies 4 Finance Maurel & Prom has a solid balance sheet with a strong cash position and no major debt reimbursement in the short term.

  14. Slide 14: Group key figures

    Group key figures M&P key financials (in €m pre merger with MPI) Group structure in €m 1H 2015 2014 2013 Maurel & Prom Sales 158 550 571 100% 100% 21,37% 100% EBITDA 68 352 422 M&P M&P Saint-Aubin SEPLAT Others EBIT -33 141 338 Tanzania Gabon Energie Operating cash-flow -21 394 326 Tanzania Gabon Ni

  15. Slide 15: Gabon (Ezanga PSC): netback per barrel (expected in 2016)

    Gabon (EZANGA PSC): netback per barrel (expected in 2016) Gabon: Ezanga PSC (M&P operator 100%) Net sale price: $96.7 per barrel Netback Opex Transport Royalties and taxes 73,5 Net sale price: $49.4 per barrel Brent @ $45 Net sale price: $41.4 per barrel 28,9 23,9 23.2 $/b 20.4 $/b 10,7 17.5 $/b 11,

  16. Slide 16: Stock price and Brent price

    Stock price and Brent price 140 14 $ € 120 12 100 10 80 8 60 6 40 4 20 2 0 0 Cours M&P BRENT Creating a leader among European E&P companies 16

  17. Slide 17: Conclusion

    Creating a leader among junior oil companies 5 Conclusion Maurel & Prom takes advantage, in such a low price environment, of a well-balanced balance sheet and a diversified producing asset base

  18. Slide 18: Conclusion

    Conclusion In the current environment Maurel & Prom looks robust  Strong cash position: about €274m  3 assets generating cash flow/dividends in Africa  No major debt repayment in the short term New commodity prices would open doors to opportunities  Participating in oil and gas industry consolid

  19. Slide 19: Maurel & Prom

    MAURELY© PROM v

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