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FULL YEAR 2014 RESULTS – Maurel Et Prom

Maurel Et Prom · Mar 26, 2015 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 1
    Management presentation FY 14 26 March 2015
  2. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 2
    A difficult economic environment BRENT EUR/USD 1,4 120 110 1,35 100 1,3 90 1,25 80 70 1,2 60 1,15 50 1,1 40 MAR MAR JAN JAN JAN AOU AOU MAI JUI JUI MAI JUI JUI DEC SEP…
  3. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 3
    Balance sheet protection Strong cash management and new longer debt maturity Cash in hand as of 1st January 2015: 229m Issue of a new CB 2019 for 253m New Revolving Credit Facility of 400m (December 2020) Focus on high potential…
  4. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 4
    2014 Key Financial Information Difficult economic environment Strong balance sheet Operating cash flow: +376m Sales: 550m, -4% 2014 Capex: 331m EBITDA: 352m, -17% Cash in hand as of 1/1/2015: 229m Write-offs: 113m, +94.5m EBIT:…
  5. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 5
    2014 share price and brent performance 120 14 Signature of a GSA in Tanzania 110 13 100 12 New RCF: 400m 90 11 New PSA terms in Gabon BRENT MAU 80 10 Strategic partnership in Qubec 70 9 Issue of CB 2019:…
  6. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 6
    Financial performance and highlights 2014
  7. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 7
    Ezanga sales and cash-flow Sales of the producing fields in Gabon Per barrel cash-flow /b m 2014 2013 Var. Gross operated production in bopd 25,018 23,763 +5% Sales 96.7 669 Opex -10.7 -74 Entitlement in bopd 18,963 19,079…
  8. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 8
    Consolidated EBIT In millions 31/12/2014 31/12/2013* Arbitrage of current investments 31/12/2014 Sales 550.4 570.7 Gross margin 422.1 479.3 Impairment related to exploration -101.3 EBITDA 351.9 421.7 Mozambique -39.3 as % of sales…
  9. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 9
    Financial loss in 2014 2014 2013 CB 2019/CB 2015 -25 -36 Bank debt -13 -12 Gross cost of financial debt -38 -47 Impact of exchange rate fluctuations 28 -19 Fees -3 Premium on CB 2014 -6 Option linked to CB 2019 12 Others -4…
  10. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 10
    FY 14 consolidated net income 2014 2013* Var. Sales m 550.4 570.7 -4% EBITDA 351.9 421.7 -17% EBIT 140.6 338.2 -58% Financial loss m -10.8 -67.1 -84% Income before tax 129.8 271.1 Income tax -101.6 -134.5 Net income from…
  11. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 11
    2014 cashflow In m Opening cash Operating Capex New debts Debt Debt service Others Closing cash cash flow reimbursement (exc. fees) 11 Management presentation
  12. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 12
    2014 balance sheet Total 2014: 2,116m 2013: 1,865m 328 Exploration Exploration 345 888 Development Production Equitymis Titres associates en quivalence 763 Non recurring Autre assets actif non courant Actif courant…
  13. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 13
    Outlook 2015
  14. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 14
    E&P activities in 2015 In m 2015e 2014 Exploration expenses 44 118 Production capex 186 207 230 325 CANADA* Alberta Production test (SAGD) Analysis before next step CANADA* Anticosti Stratigraphic wells MYANMAR*…
  15. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 15
    Production: increase the pressure in the reservoir in 2015 30 000 30 day moving average production from producing fields in Gabon Preparation of the water injection optimization 25 000 3D seismic 20 000 acquisition Start…
  16. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 16
    Onal: surface facilities 16 Management presentation
  17. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 17
    Last two discoveries in Gabon AEE OMGW Production center OMKO OMBG ONAL OMOC-NORD OMOC EZMAB-1 EZNI-1 17 Management presentation
  18. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 18
    First gas in Tanzania 4 existing wells expected to produce combined 80 mmcfpd Pipeline nearing completion providing access to market Government-owned 36 pipeline from Madimba to Dar Es Salam Pipeline capacity: 750 mmcfpd…
  19. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 19
    Surface facilities 19 Management presentation
  20. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 20
    Gasline and connexion to the facilities 20 Management presentation
  21. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 21
    Global overview of Mnazi Bay surface facilities 21 Management presentation
  22. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 22
    Exploration update: Mozambique and Myanmar Myanmar: Results of the SP-1X Mozambique: Kifaru-1, dry well under review 22 Management presentation
  23. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 23
    Anticosti: presence of gas and oil fluorescence confirmed Chicotte Cerf-Sau Bell Jupiter South Drilled in 2014 (5 wells) To be completed in 2015 (4 wells) To be drilled in 2015 (6 to 9 wells) 0 25 50 km Lac…
  24. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 24
    Alberta: long term production test Start of the steam injection in May 2014 First oil on 12 September 2014 Long term production test Well location Increase in production Decrease in SOR Capex program on-hold 24 Management…
  25. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 25
    Alberta: long term production test Oil production in Alberta 600 10 9 Pipe rack tank farm 500 8 7 400 6 Sawn Lake Prod (bopd) BOPD SOR 300 5 Sawn Lake SOR 4 Injector well 200 3 2 100 1 0 0 0 2 4…
  26. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 26
    Conclusion Q&A
  27. FULL YEAR 2014 RESULTS – Maurel Et Prom – slide 27
    2015, a strategic year Maurel & Prom owns all the following items a strong cash position as of 1/1/2015 of 229m a cash flow generation from two assets in Tanzania and Gabon an exploration acreage with a high potential a long…

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