• M&P working interest production in Q1 2024: 38,305 boepd, an increase of
13% from Q4 2023
o M&P working interest oil production of 15,499 bopd in Gabon, up 8% from Q4 2023.
o M&P working interest oil production of 4,634 bopd in Angola, an increase of 2% from
Q4 2023.
o M&P working interest gas production of 76.9 MMcf/d in Tanzania, up 34% from Q4
2023.
o M&P working interest oil production of 5,353 bopd in Venezuela, stable compared to
Q4 2023
• Sales of $212 million in Q1 2024, an increase of 13% from Q4 2023
o Valued production of $153 million for the quarter, with an average oil sale price of
$84.3/bbl, an increase of 2% from Q4 2023 ($83.0/bbl)
o Favourable impact of third-party oil trading ($39 million) and restatement of lifting
imbalances and inventory revaluation ($11 million)
• With a positive net cash position for the first time since 2007, M&P is ideally
positioned to grow and return the value created to shareholders
o Positive net cash position of $11 million at 31 March 2024, an improvement of
$131 million over the quarter (net debt of $120 million at 31 December 2023)
o Dividend of €0.23 per share (approximately $50 million) proposed to be voted on at
the M&P General Shareholders’ Meeting on 28 May 2024, for payment in July
M&P’s working interest production in Q1 2024 was 38,305 boepd. The average oil sale price was $84.3/bbl
for the period, an increase of 2% from Q4 2023 ($83.0/bbl).
The Group’s valued production (income from production activities, excluding lifting imbalances and
inventory revaluation) in Q1 2024 was $153 million.
The restatement of lifting imbalances, net of inventory revaluation, had a positive impact of $11 million
for the quarter. In addition, the Group recorded $39 million in sales from third-party oil trading.
After incorporating the $9 million relating to drilling activities, consolidated sales for Q1 2024 stood at
$212 million.
Production activities
• Gabon
M&P’s working interest oil production (80%) on the Ezanga permit stood at 15,499 bopd for Q1 2024, an
increase of 8% from Q4 2023.
• Tanzania
M&P’s working interest gas production (60%) on the Mnazi Bay permit was 76.9 mmcfd for Q1 2024, an
increase of 34% from Q4 2023. This increase reflects the increase in M&P’s share from 48.06% to 60%; it
should be also noted that the Group temporarily retained an 80% share in January 2024, i.e. in the period
between the completion of the acquisition of Wentworth Resources at the end of December 2023 and
TPDC’s exercising its call option at 20% at the end of January 2024.
• Angola
M&P’s working interest production from Blocks 3/05 (20%) and 3/05A (26.7%) was 4,634 bopd for Q1
2024, an increase of 2% from Q4 2023.
• Venezuela
M&P’s consolidated working interest oil production (40%) in the Urdaneta Oeste field stood at 5,353 bopd
in Q1 2024, stable compared to Q4 2023. M&P marketed two cargoes on behalf of the mixed company
during Q1 2024, generating $33 million in cash inflows (of which $17 million was received at 31 March
2024). Two more liftings are expected between April and May.
Regardless of the status of General License 44 (“GL 44”) of the Office of Foreign Assets Control (“OFAC”),
which governs the temporary lifting of US sanctions on Venezuela and expires today, 18 April 2024, M&P
hopes and expects to be able to continue its activities in the country in accordance with the agreements
signed with PdVSA in November 2023, under a new license, either general or specific; this situation should
be clarified shortly.
Financial position
For the first time since 2007 and the completion of the sale of the M’Boundi field in Congo, the Group had
a positive net cash position of $11 million at 31 March 2024, compared to a net debt position of $120
million at 31 December 2023.
The cash position stood at $210 million at the end of March 2024. Available liquidity at 31 March 2024
was $277 million, including $210 million in cash and $67 million in undrawn RCF tranche.
Gross debt amounted to $199 million at 31 March 2024, including $132 million of bank loan (excluding
the $67 million in undrawn RCF tranche) and $68 million of shareholder loan. M&P repaid a total of
$18 million in gross debt during the quarter ($14 million of bank loan and $4 million of shareholder loan).