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2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom

Maurel Et Prom · Apr 8, 2010 · 53 slides

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Slides

  1. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 1
    MAUREL & PROM Full year results presentation Paris, April 8th 2010
  2. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 2
    Highlights g g 2009
  3. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 3
    Key strategic indicators in 2009 9 Strengthening of the financial structure 9 Asset disposal in Colombia for US740m 9 Issue of a convertible bond : Oceane 2014 for 297m 9 Purchase of a part of Oceane 2010 for 201m 9 Signature of a…
  4. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 4
    1,2 1,3 1,4 1,5 1,6 1,25 1,35 1,45 1,55 01/01/2008 01/02/2008 01/03/2008 01/04/2008 01/05/2008 Analyst meeting 8/4/2010 01/06/2008 1.4711 01/07/2008 01/08/2008 01/09/2008 01/10/2008 01/11/2008 01/12/2008…
  5. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 5
    Strengthening of the financial structure of the Group New convertible debt Sale of Hocol Colombia Issue of an Oceane for 297 M Sale price: US740m Issue price : 15.6 Earnouts: US115m Maturity : July 2014 On oil price : US65m Rate :…
  6. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 6
    Mixed exploration results as of 31/12/2009 2009 % janvier fvrier mars avril mai juin juillet aot septembre octobre novembre dcembre janvier fvrier COLOMBIE SN 9 100% Sismique 2D : 300 km Muisca 100% Sabanero 100% Tangara 50%…
  7. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 7
    First oil of Onal - Omko Operating gross marging 2009 (in /b) Onals field characteristics Marketing fees 0,4 20 production wells Total expenses : 17,7 /b 10,2 Opex 4,0 Transport 15 injection wells, o/w 5 are operating 3,1…
  8. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 8
    Sart of the water injection program: 22/12/2009 8
  9. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 9
    Production 2009 in Gabon en b/j 14 000 13 261 Operated production 11 684 11 772 11 727 12 000 11 561 10 711 10 246 10 000 9 537 Entitlement 8 625 8 000 6 507 6 000 10 329 9 133 8 897 8 864 8 477 8 742 4 000 8…
  10. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 10
    10
  11. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 11
    Increase of ressources 2010
  12. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 12
    Reserves definition PRODUCTION RESERVES COMMERCIAL =P11P 2P=P1+P2 =P1+P2+P33P ROLEUM INITIALLY-IN-PLACE (PIIP) DICOVERED PIIP Possible= ng Chance of Commerciality Proved=P1 Probable= P2 P3 CONTINGENT RESOURCES…
  13. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 13
    Update on the reserves 2010 Oil reserves were certified on 1 January 2010 by DeGolyer & MacNaughton on the basis of the economic conditions and using existing geological and engineering data, making it possible to estimate the…
  14. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 14
    Reserves P1+P2 net of royalties 2010 en Mboe 250 Gas Oil 200 5 89 150 45 7 3 5 100 203 114 123 50 0 Certified reserves Sale of Colombia Certified reserves 2009 production Discoveries OMOC-N as of Oil reserves as…
  15. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 15
    Resources of the Group (excluding P3 and potential resulting from the exploration) en Mboe 300 2008 2009 2010 250 5 203 203 45 200 53 89 150 27 100 203 123 50 0 Certified reserves Sale of Colombia 2010 certified…
  16. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 16
    Financial indicators 2009
  17. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 17
    2009 Sales 183m 83 Hedge Oil services 26 Omko Onal Banio 19 22 84 17 6 10 10 29 34 26 21 1 1 -1 2 1 5 -6 -9 -16 T1 T2 T3 T4 2009 17 Analyst meeting 8/4/2010
  18. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 18
    2009 Operating income 2009 2008 Operated production 100% in bopd 8,973 360 Entitled production in bopd 6,975 345 Sales in m 183 92 Production 116 7 Oil services 84 85 Others - 16 0 Sales cost - 82 - 52 Gross margin 101 40…
  19. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 19
    Convertible bonds : OCEANE 2014 Date value 07/07/2009 Maturity date 31/07/2014 Value at maturity 297,562,496 Nominal value 297,562,496 Constituent stockholders equities 25,069,856 Issuing costs 11,733,049 issue amount recorded…
  20. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 20
    2009 Financial income 2009 OCEANE - 35 OCEANE 2010 Interests - 19 Purchase bonus - 3 OCEANE 2014 Interests - 13 Hedge 35 Brent 13 / 22 Translation adjustment - 31 Others 6 Implementation of the RBL - 3 Others 9 Financial…
  21. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 21
    Net income 2009 2009 2008 Sales 183 92 Operating income - 28 - 10 Financial income -25 -18 Income before taxes - 53 - 28 Income tax -3 -4 Net income off consolidated l d d entities - 56 - 32 Equity associates 10 10 Net…
  22. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 22
    Balance sheet of december 31st, 2009 ASSETS LIABILITIES In m 1 895 1 895 1 645 1 645 1 036 Shareholders equity Non-current assets 1 488 940 1 107 375 Convertible bonds 273 Oceane 2014 110 457 Current assets 215 183…
  23. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 23
    Cash flow statement In m 457 428 189 53 75 78 -32 -6 6 604 -439 -386 Opening cash Operating cash flow Investment Dividend Hocol sale Debt restructuring Tulipe Oil Others Closing cash reimbursment (15% of the…
  24. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 24
    Strategy gy and perspectives p p 2010
  25. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 25
    Improvement in risk profile Progressive reduction of the risk profile of the group Focus on appreciation and development Concentration of the activity in Gabon and in Nigria and other significant opportunities Strengthening of…
  26. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 26
    Acquisition in Nigeria Benin city Onitsha OML 4 OML 38 OML 41 Warri Forcados Purchase of 3 licences (OML 4, OML 38, OML41) including : 4 developed fields 9 undeveloped fields 1 pipeline (section…
  27. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 27
    Transaction presentation Shareholding structure M&P M&P 45% shareholder Financial guarantor Shebah Petroleum Development Company Maurel & Prom 33% 45% SEPLAT SPDC Platform Petroleum TOTAL NNPC 22% AGIP Opportunities : 9…
  28. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 28
    Potential of the nigerian assets Producing fields Discovered but undeveloped fields Reserves P1+P2 (oil + condensates) Reserves C1+C2 (oil + condensates) P1 + P2 in Mboe P1 + P2 in Mboe 100% 169 100% 333 45% (share of SEPLAT) 76…
  29. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 29
    Strategy gy and perspectives p p Exploration-Appreciation
  30. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 30
    An exploration portfolio of more than 80 000 km Exploration Exploration Fiume Tellaro 60% 750km Lavignolle 20% 50km Mios 20% 60 km Exploration 2009 Al Asi Block XI 75% 8,425 km Mozambique 10 Exploration Tanzanie 4% Congo…
  31. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 31
    AFRICA and MIDDLE EAST Syrie Al Asi 75% Nigeria Tanzania OML 4 20.25% OML 38 20.25% Bigwa - Rufiji & Mafia 60% OML 41 20.25% Mandawa 90% Kisangire 35% Mnazi Bay 47.8% Gabon Omoueyi 100% Nyanga Mayombe 100% Kari…
  32. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 32
    GABON : Omoueyi potential A North Basin D B Existing fields Omoueyi : 4 179 km A Aeras off interests i t t A: Lambarn banquette 1 well in 2011 B: Lambarn Lobes 2 well in 2010 C: Onal satellites OMBG : 1 well South…
  33. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 33
    GABON : Nyanga Mayombe Nyanga Mayombe : 2 831 km Wellhead of Banio-2 33 Analyst meeting 8/4/2010
  34. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 34
    TANZANIA: valuation of the potential Bigwa Rufiji Mafia: 12,025 km Tests of the superior area Report of the independent expert on the intermediate area Mandawa: 6,811 km Increase of the group interest from 50% to 90%…
  35. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 35
    TANZANIA : update on Mafia 35 Analyst meeting 8/4/2010
  36. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 36
    TANAZANIA : tests of Mafia Deep SW MAFIA-Deep-1 NE Miocne Zone 1970m Zone 2430m Eocene Zone 3050m Zone 3400m Zone 4200m Upper Cretaceous Lower Cretaceous TD MAFIA-Deep-1 36 Analyst meeting 8/4/2010
  37. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 37
    LATIN AMERICA Venezuela Colombia Lagopetrol 26.35% Tangara 24.5% Muisca 100% SSJN 9 100% Sabanero 100% Paraguay Peru Study in progress Block 116 100% Brazil : validation in progress Bloque TUC-T-141 : 50% Bloque…
  38. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 38
    Colombia : drilling of the Cascabel-1 well 38 Analyst meeting 8/4/2010
  39. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 39
    COLOMBIA Sabanero: 434 km 1 exploration well SSJN-9: 2,648 km 360 km of sismic 3D Policy of exchange of interests with the licence CPO 17 SSJN-9 Muisca: 2,320 km 2 exploration wells Possibility of farm in with…
  40. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 40
    Muisca: drilling plateform of Bachue-1 40 Analyst meeting 8/4/2010
  41. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 41
    PERU Block 116: 6,600 km 41 Analyst meeting 8/4/2010
  42. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 42
    PERU : prospects 1 2 42 Analyst meeting 8/4/2010
  43. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 43
    Strategy gy and perspectives p p Production
  44. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 44
    Appraisal of the potential of the area of Onal OMGW OMAL Onal OMBG CP OMOE OMKO ONAL OMOC-N-1 in K Gabon OMOC Omko 5 Ombg 5 Omoc N 32 Omgw 15 Onal 40 US97m 44 Analyst meeting 8/4/2010
  45. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 45
    Development 2010 Grs de Base - Onal Production Production Completion Onal- Work on existing wells 1201 Water injection Drilling Onal-1601 Conversion in injector Onal-1203 Reperforing Onal-302 Conversion in injector Onal-601 -…
  46. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 46
    OMGW OMBG line OMGW Onal OMBG Production centre 46 Analyst meeting 8/4/2010
  47. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 47
    2010 Production profile in Gabon (100%) 30 000 b/j 28 500 26 550 25 000 22 550 21 871 21 897 22 200 2010 average: 20 617 bopd 20 400 20 000 18 910 Banio Omoc-Nord 15 000 Ombg 13 401 Omgw 11 624 Omko 10 860 10 628…
  48. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 48
    Evolution of the entitlement in Gabon In b/j 25 000 + 149% 20 000 15 000 + 115 % 22 100 10 000 15 000 5 000 8 864 6 975 - Moyenne 2009 Dcembre 2009 Moyenne 2010 Dcembre 2010 48 Analyst meeting…
  49. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 49
    Works program in 2010 % janvier fvrier mars avril mai juin juillet aot septembre octobre novembre dcembre COLOMBIE SN 9 100% Sismique 3D : 360 km Muisca 100% Bachue 84 Suamox 20 Nemqueteba 24 Sabanero 100% Sab-1 Sab-2 Tangara…
  50. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 50
    2010 Exploration expenses 8 Exploration-Appraisal expenses in 2010 (USm) 44 100 Forages Exploration Exploration drillings 90 19 US218m Forages Apprciation Appraisal drillings Sismique Seismic 80 148 G&G G&G 70 60…
  51. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 51
    A strong story with the communities Maurel & Prom 12, rue Volney 75002 Paris : +33 1 53 83 16 00 Fax : +33 1 53 83 16 05 www.maureletprom.fr Agence Influences Investor Relations / Press : +33 1 44 82 67 02 :…
  52. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 52
    Appendices
  53. 2010 FULL YEAR RESULTS PRESENTATION – Maurel Et Prom – slide 53
    Update of the oil hedges Quantity and sale price 7 500 bopd 60.2 6 750 bopd 60.7 2 500 bopd 2 500 bopd 63.1 63.1 S1 S2 S1 S2 2010 2011 53 Analyst meeting 8/4/2010

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