Etablissements Maurel & Prom Sa · EURONEXT:MAU

Etablissements Maurel & Prom Sa — Maurel & Prom — Shareholder Meeting (December 2011)

28 slides from Etablissements Maurel & Prom Sa's shareholder meeting presentation, Dec 12, 2011

  1. Slide 1: General Meeting 12/12/2011

    MAURELY® PROM GENERAL MEETING 12/12/2011

  2. Slide 2: Rationale of the proposed spin-off

    1 RATIONALE OF THE PROPOSED SPIN-OFF 12/12/11 General mee)ng 2

  3. Slide 3: Rationale of the proposed Spin-off

    1 Rationale of the proposed Spin-off 1 2 3 Two pure E&P players ideally Improve visibility on both placed to seize growth Dedicated management en))es' specific strong opportuni)es in different teams with solid track growth poten)al and value regions with different local records for both companies crea)

  4. Slide 4: MP Nigeria

    2 MP NIGERIA 12/12/11 General mee)ng 4

  5. Slide 5: MPN at a glance

    2 MPN at a glance  Nigerian investment vehicle focused on Oil & Gas Explora)on & Produc)on  Reference shareholder of a Nigerian indigenous E&P company  45% of SEPLAT, together with Shebah Petroleum (33%) and Pla.orm Petroleum (22%)  Favourable status for Nigerian companies  Local partners, whic

  6. Slide 6: MPN key figures

    2 MPN key figures MPN financials (€m) MPN Balance Sheet, as of 30/06/2011 (€m) Note : consolidated accounts using the propor)onate method (*) 2010 accounts for 128 days of produc)on Gross producBon (100%) (bepd, oil + condensates) 45 000 Oil & Condensate Nigeria (100%) 40 000 Quality Loop ‐ Daily Rep

  7. Slide 7: M&P forces are committed to the success of MPN in various ways

    M&P forces are committed to the 2 success of MPN in various ways Designated Direct involvement of Maurel & Prom technical experts Chief ExecuBves through the TransiBonal Services Agreement Management of OperaBons Technical Supervision Mr. Jean‐François Hénin  1 Reservoir Engineer ExploraBon Chairma

  8. Slide 8: SEPLAT

    3 SEPLAT 12/12/11 General mee)ng 8

  9. Slide 9: A powerful partnership: M&P's technical expertise / Partners' strong local knowledge

    A powerful partnership: M&P’s technical 3 expertise / Partners’ strong local knowledge PLATFORM PETROLEUM SHEBAH PETROLEUM MPN S.A. JOINT VENTURES Ltd DEVELOPMENT Co Ltd 45% 22% (*) SEPLAT PETROLEUM 33% (*) DEVELOPMENT COMPANY Ltd 45% NATIONAL PETROLEUM 55% OIL MINING LICENSES (OML) 4, DEVELOPMENT 3

  10. Slide 10: SEPLAT achievements to date

    3 SEPLAT achievements to date September 2011: March 2011: Reimbursement of US$275m $75m to MPN refinancing package Reimbursement of July 2010: $30m to MPN • Government approvals Summer 2011: obtained Dec 2010: SEPLAT obtained SEPLAT signed a $275m Credit Line • SEPLAT Global from Local and acquired M

  11. Slide 11: 3 inter-connected blocks

    3 3 inter-connected blocks OML 4 Oil ProducBon is currently taken off by SPDC(1) at the Forcados terminal  Area: 267 km²  Contains the developed field Oben Oil fields  Key facili)es Oil pipeline Gas pipeline  1 flowsta)on (60,000 boepd capacity) • 1 oil pipeline to the Amukpe manifold  1 gas plant

  12. Slide 12: Quality reserves and production with significant upside

    Quality reserves and production with 3 significant upside Key highlights of OML 4, 38 and 41 Gross producBon (100%) (bepd, oil + condensates) 45 000  Producing fields – Cumula?ve produc?on in H1 2011 Oil & Condensate Nigeria (100%) 40 000  Oben (OML 4) – 0.68 Mboe Quality Loop ‐ Daily Report Produc

  13. Slide 13: MPN partners are recognized Nigerian E&P companies

    MPN partners are recognized Nigerian 3 E&P companies… The coopera)on between MPN and PLATFORM PETROLEUM Ltd SHEBAH EXPLORATION & PRODUCTION Ltd its Nigerian partners is comforted by cross  Plamorm Petroleum Joint Ventures Ltd is part of the  Shebah Petroleum Ltd is part of the Shebah par)cipa)ons

  14. Slide 14: SEPLAT has proven competencies as community organisers

    SEPLAT has proven competencies as 3 community organisers Community relaBons strategy  SEPLAT leverages the successful onshore track record of Plamorm (Asuokpu/Umutu Marginal Field – OML 38) regarding community rela)onship management  SEPLAT regards host communi)es as stakeholders and considers cap

  15. Slide 15: Significant growth potential

    4 SIGNIFICANT GROWTH POTENTIAL 12/12/11 General mee)ng 15

  16. Slide 16: OML wide potential upsides

    4 OML wide potential upsides NEW PETROLEUM  Promo)on of indigenous players expected to benefit to SEPLAT and therefore MPN INDUSTRY BILL  2 produc)on fields to be developed per year, star)ng 2012 ACCELERATE PRODUCTION  Oil produc)on expected to grow significantly to 50,000 boepd by end‐2012 RAMP‐UP

  17. Slide 17: Accelerated production ramp-up through an active drilling program

    Accelerated production ramp-up through 4 an active drilling program Producing fields Undeveloped discoveries Un‐appraised discoveries 12/12/11 General mee)ng 17

  18. Slide 18: A number of unexplored reservoirs, numerous prospects and leads

    A number of unexplored reservoirs, 4 numerous prospects and leads OBEN SAPELE OKPORHURU MOSOGAR AMUKPE OVHOR UBALEME OKOPORO Producing fields Undeveloped discoveries Un‐appraised discoveries Explora)on prospects and leads 12/12/11 General mee)ng 18

  19. Slide 19: Transaction

    5 TRANSACTION 12/12/11 General mee)ng 19

  20. Slide 20: The transaction at a glance

    5 The transaction at a glance  Maurel & Prom Nigeria S.A. (“MPN”)  NYSE Euronext – Paris – Regulated Market – Compartment B Issuer / Lis)ng  ISIN FR0011120914  MPNG  Distribu)on of MPN shares as special dividend to M&P shareholders Transac)on  1 MPN share for 1 M&P share  AMF visa: 4 November

  21. Slide 21: Conclusion

    CONCLUSION 12/12/11 General mee)ng 21

  22. Slide 22: Key Investment Highlights

    Key Investment Highlights  High quality Oil & Gas onshore producing Nigerian assets  Established light oil produc)on base (premium to Brent) ATTRACTIVE  Inter‐connected blocks with all necessary infrastructure in place  Significant upside poten)al from further appraisal & explora)on: ASSETS  lar

  23. Slide 23: Appendices

    APPENDICES 12/12/11 General mee)ng 23

  24. Slide 24: SEPLAT – Experienced & well connected Board

    SEPLAT – Experienced & well connected A Board Dr. A.B.C. Bryant Mr. Jean‐François Mr. Michel Orjiako Hénin Hochard Chairman of SEPLAT Chairman & CEO CFO of Of Maurel & Prom Maurel & Prom ‐ Trauma / Orthopaedic surgeon ‐ Former CEO of Altus Finance ‐ SNEAP CFO ‐ 20 years of experience in Oil & Gas ‐

  25. Slide 25: SEPLAT – A seasoned and successful management team

    SEPLAT – A seasoned and successful A management team Mr. AusBn O. Mr. Stuart Connal Mr. Edward Skene Avuru COO CFO Managing Director ‐ 26 years experience in E&P and the ‐ Former MD/CEO of Plamorm Petr. ‐ Chartered engineer with 30 years of service sector of Oil & Gas ‐ 31 years in Oil & Gas industr

  26. Slide 26: Taxation relating to the distribution

    B Taxation relating to the distribution The following are given for informa0on only and are only a simple summary of the taxa0on applicable under the current fiscal legisla0on, and they should consult with their tax adviser regarding their own par0cular situa0on. Taxa0on rela0ng to the alloca0on of t

  27. Slide 27: Adjustment formula

    C Adjustment formula  The adjustment formulae applicable to the share warrants and the converBble debentures are the same and are presented, as follows: Value of a Maurel & Prom share before distribuBon New parity* = Current parity x Value of a Maurel & Prom share before distribuBon ‐ Value of Maur

  28. Slide 28: Adjustment factors

    C Adjustment factors  The tables, below, provide background informa)on that is strictly indica)ve of what could be the adjustment of the exercise parity of the share warrants and the conver)ble debenture conversion ra)os IndicaBve simulaBon Adjustment factors for Maurel & Prom stock warrants and co

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