Etablissements Maurel & Prom Sa · EURONEXT:MAU
Etablissements Maurel & Prom Sa — Maurel & Prom — Investor Presentation (March 2017)
24 slides from Etablissements Maurel & Prom Sa's investor presentation, March 2017
Slide 1: Developing a world-class oil & gas company
Developing a world‐class oil & gas company Management presentation March 2017
Slide 2: Company overview
Developing a world‐class oil & gas company 1 Company overview Maurel & Prom is an oil & gas producer with a diversified portfolio providing cash‐flows in Africa. The ongoing transaction with Pertamina will open a new chapter in the company’s long history.
Slide 3: Key historical dates
Key historical dates Tender offer launched by PIEP on Geographic diversification of the Group's oil assets: all M&P securities ‐ entry into Tanzania ‐ entry into Gabon Sale of M&P Venezuela ‐ entry into Colombia, Venezuela and Peru Strategic alliance formed with Pacific ‐ entry into Sicily Rub
Slide 4: Maurel & Prom at a glance
Maurel & Prom at a glance Profile Group reserves (WI)*: 326 MMboe 1‐ Oil & Gas producer • a combination of producing assets operated by M&P in Breakdown by type of hydrocarbon Gabon and Tanzania • a 21,37 % stake in Seplat, Nigeria • several exploration upsides Gas 2‐ Experienced team 103 • M&P gene
Slide 5: M&P as a listed company
M&P as a listed company Stock price MAU stock price BRENT 1200 Base 100 As of 30/08/2002 1000 800 600 400 200 0 Shareholding as of today Shareholder return 2,33 Dividend (€/share) 1,20 1,20 0,75 0,35 0,40 0,48 0,33 0,15 0,24 0,10 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Developing a wo
Slide 6: Asset location
Asset location CANADA ‐ OIL Anticosti – 6,195.6 sq km Exploration ‐ M&P 21.7% Alberta – 31 sq km Appraisal – 12 permits ‐ M&P 25% FRANCE ‐ OIL Gaspé Peninsula – 1,892 sq km Exploration – 13 permits ‐ M&P 50% Headquarters Mios Exploration ‐ M&P 50% NIGERIA – OIL & GAS ITALY ‐ GAS VIA SEPLAT (21,37% M
Slide 7: Focusing on increasing production
Developing a world‐class oil & gas company 2 Focusing on increasing production 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.
Slide 8: Producing assets location
Producing assets location NIGERIA1 Licenses • 45% OML 4, 38, 41 • 40% OPL 283 • 40% OML 53 • 22.5% OML 55 TANZANIA License GABON • 48.06% Mnazi Bay ← Operator Licenses • 80% Ezanga ← Operator • 100% Banio ← Operator ← Operator: Assets operated by M&P Developing a world‐class oil & gas company
Slide 9: 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
Slide 10: M&P in Gabon
M&P in Gabon History and evolution of reserves and production 100% 2P reserves* Gross Production 2005 Entry into Gabon Purchase of several permits 0 MMbbl 0 MMbbl Discovery of the Onal field Focus on water injection 223 MMbbl 9,9 MMbbl 56 MMbbl 0 MMbbl 2016 EEA application submitted 2006 First oil o
Slide 11: Ezanga gross production
Ezanga gross production bopd 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0 Developing a world‐class oil & gas company 11
Slide 12: Reserve history in Gabon
Reserve history in Gabon Current 2P reserve breakdown by field 1% 2% 0% 9% ONAL 6% OMOC‐N EZANGA: Gross Reserves (MMbbl) 5% OMOC OMKO 51% GWEDIDI 30 39 MBIGOU 21 47 57 MABOUNDA 26% 59 NIEMBI 8 71 46 46 172 147 3 197 73 177 178 177 0 0 0 43 29 69 66 48 55 19 19 5 2006 2007 2008 2010 2011 2013 2014 20
Slide 13: Tanzania: asset location
Tanzania: asset location MKuranga Exploration: 60% Development requested Mafia Exploration: 60% DOL requested Mnazi Bay Exploration: 60.075% Production: 48.06% Developing a world‐class oil & gas company 13
Slide 14: Tanzania: Mnazi Bay, a new contribution to cash-flows
Tanzania: Mnazi a new contribution Bay to cash‐flows 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 Evacuation Exploration: 60.075% Produc
Slide 15: Nigeria
Nigeria Production (via SEPLAT, o/w 21.37% owned by M&P) Asset Location SEPLAT is a Nigerian company listed in Lagos and in London Partnership: • SEPLAT, operator 45% • NNPC 55% Acquisition date: OML 4, 38 and 41 2010 OPL 283 2013 OML 53 and 55 2015 Indigenous status Total WI 2P reserves (31/12/2016
Slide 16: Track record of consistent production growth
Track record of consistent production growth FY 2016: public information (Source: SEPLAT) Liquids production ‐65% at 10,091 bopd(1) Gas production +10% at 95 MMscfd Force majeure declared at Forecados terminal on 21 February 2016 19% uptime on oil production at OMLs 4, 38 and 41 Terminal r
Slide 17: Gas capacity and contracted volumes
Gas capacity and contracted volumes Demand for sales gas continues to out‐strip available supply GAS PLANTS CAPACITY AND CONTRACTED VOLUMES Commercial pricing moving beyond US$3.50/Mscf 600 New and existing gas sales agreements such as Azura Edo IPP – underpin investments to further upgrade th
Slide 18: Opportunities: Exploration and Appraisal
Developing a world‐class oil & gas company 3 Opportunities: Exploration and Appraisal Maurel & Prom continues to explore for new resources with a variety of exploration projects .
Slide 19: Exploration and Appraisal
Exploration and Appraisal CANADA FRANCE ITALY MYANMAR COLOMBIA TANZANIA GABON NAMIBIA Appraisal Exploration Developing a world‐class oil & gas company 19
Slide 20: Focus on appraisal in West-Canada
Focus on appraisal in West‐Canada Sawn Lake Central : contingent resources estimated by Sproule to 69 MMbbl (M&P WI) Sawn Lake (Alberta, Canada) • Excellent results higher than expected: production > 600 bopd and SOR < 3; • Despite these good results, deteriorating market conditions caused the proje
Slide 21: Finance
Developing a world‐class oil & gas company 4 Finance Maurel & Prom actively manages its financing structure and capital expenditure to ensure financial equilibrium
Slide 22: Key financial indicators
Key financial indicators Evolution of Sales, EBITDA, FCF, CAPEX (in €m) (according to actual IFRS methodology) Key considerations sales EBITDA operating cash flow Increase in sales over 2011‐2014 is mainly due to 571 550 higher volumes being sold in Gabon 452 421 374 339 322 326 352 394 317 272 23
Slide 23: Glossary
Glossary Reserves Units of measurement Description mmbo million barrels of oil mmboe million barrels of oil equivalent mboe thousand barrels of oil equivalent mmbbls million of barrels of 42 US gallons oil bscf billion standard cubic feet of natural gas tscf trillion standard cubic feet of natural g
Slide 24: www.maureletprom.fr
www.maureletprom.fr