Etablissements Maurel & Prom Sa · EURONEXT:MAU
Etablissements Maurel & Prom Sa — Maurel & Prom — Shareholder Meeting (December 2015)
21 slides from Etablissements Maurel & Prom Sa's shareholder meeting presentation, Dec 17, 2015
Slide 1: Mixed General Meeting
Mixed General Meeting Creating a leader among junior oil companies 17 December 2015
Slide 2: MPI story
MPI story Listing of MP Acquisition of OMLs 4, Seplat operator of the Nigeria MP Nigeria 38 and 41 OMLs in Paris becomes independent 15 October 29 January 12 December 15 December April 2010 August 2010 2011 2009 2010 2011 Capital increase: €105m MP Nigeria, wholly owned by Production restart Maurel
Slide 3: SEPLAT, MPI and M&P share price, Brent price
SEPLAT, MPI and M&P share price, Brent price Share price and Brent since MPI first trading date (based on MPI) 6.0 5.0 4.0 3.0 2.0 MPI: 6.7% Seplat: (64.8%) Depuis le 08/04/2014 1.0 Brent: (63.5%) M&P: (76.3%) - 15/12/2011 15/05/2012 15/10/2012 15/03/2013 15/08/2013 15/01/2014 15/06/2014 15/11/2014
Slide 4: Rationale for a merger
Rationale for a merger Combined Group Operated and developed assets Increased geographical No big capex needed diversification with cashflows Nigeria through 21.76% stake in Gabon from 3 key Sub-Saharan oil & Seplat Tanzanie gas countries Development of the gas business Recent discoveries in Gabon H
Slide 5: A leader among independent European E&Ps
A leader among independent European E&Ps The combined group ranks in the top tier compared to key UK listed independents in terms of EV 3-month average entreprise value ($bn, as of 27 August 2015) 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 - Groupe fusionné Source: Datastream (based on 3-month average
Slide 6: A leader among independent European E&Ps
A leader among independent European E&Ps The combined group ranks in the top tier compared to key UK listed independents in terms of market capitalisation 3-month average market capitalisation ($bn, as of 27 August 2015) 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 - Groupe fusionné Source: Datastream (b
Slide 7: Focus on already developed assets
Focus on already developed assets Combined WI 2P reserves pre-royalties as of 01/01/2015 (mmboe) Operated and already developed assets Maurel & Prom, operator, defines work program and P1+P2 reserves budget: 289 mmboe Nigeria 61 - End of the intensive capex program in Gabon - Rapid and low cost firs
Slide 8: A diversified producing assets base
A diversified producing assets base Production Exploration NIGERIA (61 mmboe(1)) Production Gas Oil • OML 4, 38, 41: 45 % 51% 49% • OPL 283: 40 % • OML 53: 40 % • OML 55: 22.5 % TANZANIA (35 mmboe(2)) Production Gas GABON (193 mmbo(2)) • Mnazi Bay: 48.06% ← Op 100% Production Huile • Ezanga: 80% ← O
Slide 9: Potential synergies
Potential synergies Debt repayments(1) (€m) Rationalization of structures No major debt repayment in the short term Rationalization and simplification of legal structures 350 Yearly recurring cost synergies estimated around €2.5m (excluding tax savings): 300 HQ costs Listing fees 250 H1 2015 tax sav
Slide 10: To be a leader in a difficult environment
To be a leader in a difficult environment In the current macro-economic environment, the O&G industry is facing numerous challenges … The new group brings answers Production-driven model with a geographically diversified assets base Onshore operated assets, material 2P reserves, favourable PSC terms
Slide 11: Share price and exchange rate
Share price and exchange rate Share price since 27 August 2015 Share price since 15 October 2015 120 105 110 100 95 100 90 MPI: (14%) €2.2 90 85 MPI: (11%) €2.2 Brent: (15%) $38/bbl 80 Brent: (20%) $38/bbl 80 75 70 70 M&P: (30%) €2.8 60 M&P: (41%) €2.8 65 50 60 27/08 10/09 24/09 08/10 22/10 05/11 19
Slide 12: Exchange parity
Exchange parity Exchange parity (post dividend) 1.6 14/12/2015 Cours de bourse au 14/12/2015 1.8 Share price Depuis révision de la parité (16/12/2015) 1.6 1.9 (post merger (16/10/2015) announcement) 1.9 Depuis l'annonce de la fusion 1.6 2.1 (27/08/2015) 2.3 Cours de bourse au 27/08/2015 2.5 Moyenne
Slide 13: Distribution of a €0,45 dividend
Distribution of a €0,45 dividend An exceptional distribution allowing 1. to the shareholders to take advantage of a substantial yield (equivalent to a two year dividend) 2. to the company to keep its future investment capability • In keeping a significant cash position, • In using the income from ac
Slide 14: Long-term strategy
Long-term strategy A long term strategy adapted to the current environment Cash-flow generation Decrease in capex No more exploration activity at risk Research in new producing assets Restore and maximize the distribution capabilities to the shareholders A new leader with strong characteristics Sign
Slide 15: Annexes
PROM MAURELW® Annexes
Slide 16: Gabon : leading production assets
Gabon : leading production assets Operated assets with material oil reserves and production offering long-term visibility in a stable O&G country 80% interest in onshore, operated assets 100% oil production Gross production H1 2015: 22kbopd Ezanga Material 2P reserves 6.100 km2 WI 2P reserves pre-ro
Slide 17: Tanzania: a new source of cash flows
Tanzania: a new source of cash flows Exposure to promising East Africa gas assets: operated asset with first gas delivery in August 2015 48% interest in operated assets Significant 2P reserves WI 2P reserves pre-royalties: 35mmboe (63% P1) Production started in August 2015 Pipeline providing access
Slide 18: Nigeria: SEPLAT (21.76 %)
Nigeria: SEPLAT (21.76 %) One of the leading indigenous operators of onshore producing OMLs with a portfolio of strategically located high-quality assets 2P reserve WI SEPLAT pre-royalties (01/01/2015): SEPLAT’s assets portfolio 281 mmboe OPL 283 8% 23mmboe 40% liq. OML 38 21% OML 4 44% 57mmboe P1 8
Slide 19: Saint-Aubin Energie
Saint-Aubin Energie Assets Location Owned by Saint-Aubin Energie, a common vehicle with MPI (2/3) Myanmar (Block M2) and M&P (1/3) Myanmar 40% of block M2 located offshore Partners: PetroVietnam 45% (operator) and Eden Group 15% Quebec / Canada 50% in 13 exploration licenses in Gaspésie 21.7% in 38
Slide 20: Transaction summary
Transaction summary Merger of Maurel & Prom (“M&P”) and MPI, M&P being the acquiring company Transaction Listing of 73,773,030 new M&P shares Distribution by MPI of a €0.45 exceptional cash dividend per share before the merger, subject to shareholders’ approval Key terms Exchange ratio: 1 M&P share
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