Etablissements Maurel & Prom Sa · EURONEXT:MAU
Etablissements Maurel & Prom Sa — Maurel & Prom — Investor Presentation (March 2018)
21 slides from Etablissements Maurel & Prom Sa's investor presentation, March 2018
Slide 1: Corporate presentation March 2018
Corporate presentation March 2018
Slide 2: M&P is an EMEA-listed E&P company with a global footprint
M&P is an EMEA-listed E&P company with a global footprint Activities: Nigeria Production 20.46% stake in Seplat • OML 4, 38 and 41 – 2,650 sqkm France Exploration & Appraisal • Headquarters • Production – 45% (9.2% indirect to M&P) • OML 283 • Mios Historical presence • Production – 40% (8.2% indire
Slide 3: The successful Pertamina takeover opens a new chapter in M&P's long history
The successful Pertamina takeover opens a new chapter in M&P’s long history Geographic diversification of the Group's oil assets: - 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
Slide 4: M&P has 540 experienced, well trained employees globally
M&P has 540 experienced, well trained employees globally France 1% 13% 7% Gabon Tanzania 16% Colombia 63% Caroil France 37 M&P employees Tanzania 86 M&P employees (>95% local) 68 employees Colombia 7 M&P employees Gabon 340 M&P employees (>90% local) Technicians 29% Engineers 54% 17% Support Namibia
Slide 5: M&P as a listed company
M&P as a listed company Share price – Last two years M&P shareholders as of 31 December 2017 Employees, 0.80% Treasury Share price (EUR) Share price (USD) Institutional Other, 1.96% shares, investors, 4.65% 2.21% €4.50 $5.50 PIEP takeover period August 2016-February 2017 $5.25 €4.25 $5.00 Individual
Slide 6: A strong track record in developing projects in Africa and Latin America
A strong track record in developing 1 projects in Africa and Latin America Proven operator with extensive experience 6
Slide 7: The "M&P model": explore, develop, operate
The “M&P model”: explore, develop, operate Over the years, M&P has successfully discovered, brought to production and grown a number of high quality assets Portfolio management decision • Production optimisation and further reserves development Production • Partial or complete monetisation 3 • Opera
Slide 8: M&P has developed a deep understanding of the highly prospective basal sands
In particular, M&P has developed a deep understanding of the highly prospective basal sands formation between Gabon and the Republic of Congo Key facts Map of current and historical operations in the Congo Basin Since 2001 and the Mboundi discovery, M&P Basal sands formation in the Congo Basin: ha
Slide 9: M&P has managed to steadily increase production over the years
M&P has managed to steadily increase production over the years… Working interest production over time Congo Colombia Venezuela Gabon Tanzania Nigeria (equity interest) Sale of Congo Sale of Colombia in 2007 in 2009 35,000 2009-2017: 16% CAGR 30,000 Production (boepd) 25,000 20,000 15,000 10,000 5,00
Slide 10: …whilst maintaining a large, diversified reserves base
…whilst maintaining a large, diversified reserves base Working interest 2P reserves over time WI 2P reserves by country as of 31 December 2017 Gabon Tanzania of which 1P reserves Total WI 2P reserves: 21% 216mmboe 300mmboe 2009-2017 CAGR: 2P: 8% / 1P: 16% Gabon 250mmboe Tanzania 200mmboe 79% 150mmbo
Slide 11: Overview of current operations
2 Overview of current operations Operator of long-life, well developed assets in established oil & gas jurisdictions 11
Slide 12: M&P in Gabon – Overview
M&P in Gabon – Overview M&P history in Gabon Map of M&P permits and licenses in Gabon 2P reserves Gross production (100%, mmbls) (100%, mmbls) Cap Lopez AEE Gwedidi • Entry into Gabon 2005 0 0.0 • Acquisition of several permits Production center Omko • Discovery of the Onal field 2006 56 0.1 • EEA a
Slide 13: M&P in Gabon – Production history at Ezanga
M&P in Gabon – Production history at Ezanga Ezanga monthly average gross production Oil production (LHS) Water injection (RHS) 35,000bpd 70,000bpd 30,000bpd 60,000bpd 25,000bpd 50,000bpd Wtaer injection Oil production 20,000bpd 40,000bpd 15,000bpd 30,000bpd 10,000bpd 20,000bpd 5,000bpd 10,000bpd 0bp
Slide 14: M&P in Tanzania – Overview
M&P in Tanzania – Overview M&P history in Tanzania Map of operations M&P entry in Tanzania in 2009 In addition to Mnazi Bay, M&P owns a 60% stake in two exploration licenses (Mafia, Mkuranga) Mnazi Bay Ownership structure: • M&P (operator) : 48.06 % • Wentworth Resources: 31.94 % • Tanzania
Slide 15: M&P in Tanzania – Production history at Mnazi Bay
M&P in Tanzania – Production history at Mnazi Bay Mnazi Bay monthly average gross production 70mmcfd 62.9 62.7 60.6 61.0 61.1 59.8 60mmcfd 58.9 56.1 55.2 54.5 50mmcfd 47.4 46.3 45.9 44.8 44.8 41.6 42.2 39.9 39.4 40mmcfd 38.9 37.7 35.7 35.1 34.4 32.1 31.5 30mmcfd 24.4 24.0 20mmcfd 10mmcfd 0mmcfd Note
Slide 16: M&P in Nigeria – 20.46% equity stake in Seplat
M&P in Nigeria – 20.46% equity stake in Seplat Seplat working interest production over time Seplat WI reserves as of 31 Dec 2017 Oil Gas Source: Seplat FY 2017 results presentation (28 February 2018) 16
Slide 17: M&P in Nigeria – 20.46% equity stake in Seplat
M&P in Nigeria – 20.46% equity stake in Seplat Business outlook Key technical and operational priorities Oil business update Gas business update Source: Seplat FY 2017 results presentation (28 February 2018) 17
Slide 18: Finance review and outlook for 2018
3 Finance review and outlook for 2018 Strong performance in 2017 and robust capital structure 18
Slide 19: 2017: a year of consolidation with a return to profitability for M&P
2017: a year of consolidation with a return to profitability for M&P Key financial metrics Commentary in €mm 2017 2016 Operating performance up sharply EBITDA up by 19% at €168mm Sales 355 317 Positive net income at €7mm Cash flow generated by operations up by EBITDA 168 141 90% at €164mm EB
Slide 20: The debt refinancing is a significant step forward for M&P
The debt refinancing is a significant step forward for M&P, and it considerably strengthens the financial profile of the company Refinancing summary Financial debt structure Refinancing announced to the market on 12 December 2017 Bank loan Shareholder loan Repayment of $762mm of existing debt, i
Slide 21: Increased financial flexibility allows M&P to focus on growth projects
Increased financial flexibility allows M&P to focus on growth projects Resumption of a major development programme in Ezanga (Gabon) after a three-year interruption due to market conditions Development Drilling to start in the first half of 2018 11 wells planned for 2018 Exploration wells on