• M&P working interest production for the first nine months of 2024: 36,288 boepd, up 30%
compared with the first nine months of 2023
o M&P working interest production of 15,832 bopd in Gabon, up 1% from 2023
o M&P working interest production of 4,280 bopd in Angola, up 8% compared from 2023
o M&P working interest gas production of 62.5 mmcfd in Tanzania, up 26% from 2023
o M&P group working interest oil production of 5,753 bopd in Venezuela
• Valued production of $461 million and sales of $559 million
o Sale price of oil was $83.2/bbl for the period, up 7% compared with 2023
o Service activities contributed $30 million to sales, and $78 million for trading of third-party oil
• Substantial available liquidity ($238 million)
o Available liquidity of $238 million, including $171 million in cash and $67 million in undrawn RCF
o Net debt position of $2 million at 30 September 2024, down $118 million over the year (net debt
stood at $120 million at 31 December 2023), after payment of the dividend in July
• Award of the Etekamba permit and signature of a comprehensive agreement with the
Gabonese Republic
o Social investment programme for the town of Lambaréné, particularly in the areas of housing and
access to electricity
o Award of the Etekamba permit (EF-9), which encompasses several existing gas discoveries
o Adjustment of certain terms of the PSC for the Ezanga permit and extension of the associated
exploration licence from 2026 to 2029
o Settlement concluding various issues under discussion with the tax authorities
• Acquisition of stake in the Quilemba Solar power plant project in Angola
o Opportunity for M&P to diversify as part of an 80 MWp solar power generation project in Angola
operated by TotalEnergies
o 19% stake in the project in partnership with TotalEnergies (51%) and Sonangol (30%)
o Phase 1 (35 MWp) is due to come on stream at the end of 2025; M&P's share of the construction
costs for this phase is estimated at $7 million
• Announcement on 1 October by the Nigerian President of the imminent approval of the
acquisition by Seplat Energy (20.46% M&P) of ExxonMobil's conventional offshore assets in
Nigeria
o Closing of the transaction expected by year-end 2024
M&P’s working interest production in the first nine months of 2024 amounted to 36,288 boepd. The average
sale price of oil was $83.2/bbl for the period, up 7% compared with the first nine months of 2023 ($77.8/bbl).
The Group's valued production (income from production activities, excluding lifting imbalances and inventory
revaluation) was $461 million in the first nine months of 2024.
The restatement of lifting imbalances, net of inventory revaluation, had a negative impact of $9 million in the
first nine months of 2024. The Group also recorded $78 million in sales from the trading of third-party oil.
After incorporating the $30 million in income relating to service activities (drilling activities in Gabon and
support for the operations of the mixed company PRDL in Venezuela), consolidated sales for the first nine
months of 2024 stood at $559 million.
Production activities
Gabon
M&P’s working interest oil production (80%) on the Ezanga permit amounted to 15,832 bopd in the first nine
months of 2024, up 1% on the same period in 2023.
M&P’s working interest production came to 16,437 bopd in the third quarter, up 6% on the second quarter
(15,553 bopd).
Tanzania
M&P’s working interest gas production (60%) on the Mnazi Bay permit amounted to 62.5 mmcfd in the first
nine months of 2024, up 26% compared with the same period in 2023.
However, gas demand fell sharply in the third quarter (to 49.2 mmcfd on an M&P working interest basis) due
to the ramp-up of hydroelectric power generation in the country. Gas nominations are expected to increase
again. In any event, the take-or-pay clause in the gas sale contract protects sales from falling below a level
that is predefined annually.
Angola
M&P’s working interest production from Blocks 3/05 (20%) and 3/05A (26.7%) amounted to 4,280 bopd in
the first nine months of 2024, up 8% compared with the same period in 2023.
Production was down quarter-on-quarter in the third quarter (to 3,592 bopd on an M&P working interest
basis) due to a long-scheduled maintenance shutdown, which required operations to be suspended for three
weeks from September. Production has since resumed and returned to normal levels in early October.
Venezuela
M&P Iberoamerica’s working interest oil production (40%) at the Urdaneta Oeste field stood at 5,753 bopd
for the first nine months of 2024.
The rehabilitation of the compression facilities over the summer and the well interventions carried out since
July have already led to a significant increase in production, with M&P Iberoamerica’s working interest
production amounting to 6,428 bopd in the third quarter, up 17% on the second quarter (5,472 bopd). At the
end of September, production stood at around 7,600 bopd on an M&P Iberoamerica working interest basis
(19,000 bopd for 100%). The target is still to bring production up to 10,000 bopd on an M&P Iberoamerica
working interest basis (gross production of 25,000 bopd) by the end of 2024.
The frequency of liftings is expected to increase to one cargo (around one million barrels) per month from
November 2024, and will continue to rise in 2025 in line with production growth.
Award of the Etekamba permit and signature of a comprehensive agreement with the Gabonese
Republic
On 17 September 2024, M&P signed a comprehensive agreement with the Gabonese Republic that includes
a number of provisions, namely:
• An ambitious social investment programme for the people of Lambaréné in the areas of housing and
access to electricity;
• The adjustment of certain terms of the Production Sharing Contract (“PSC”) relating to the Ezanga
permit and the extension of the associated exploration licence from 2026 to 2029;
• A settlement concluding various issues under discussion with the Gabonese tax authorities.
In addition, M&P applied for and obtained the Etekamba permit (EF-9) in the centre of the country, for which
a PSC has been signed with an initial exploration period running until 2026. The Etekamba permit, which
was part of M&P's exploration portfolio until 2013, contains several gas discoveries and prospects. With
domestic demand and gas infrastructure having expanded significantly over the last decade, this permit is an
attractive opportunity for M&P to contribute to the development of gas production and increase access to
electricity for the Gabonese population.
Olivier de Langavant, Chief Executive Officer of Maurel & Prom, said: “This agreement will enable M&P to
continue to expand our operations in Gabon, particularly in the gas sector. Going forward, it reflects our
confidence in the Group’s development prospects in the country, in close partnership with the Gabonese
authorities.
Acquisition of a stake in the Quilemba Solar power plant project in Angola
On 9 October 2024, M&P signed a sale and purchase agreement (“SPA”) to acquire 19% of the Angolan
company Quilemba Solar Lda (“Quilemba Solar”), with TotalEnergies (51%) and Sonangol (30%) as partners.
Quilemba Solar has a concession and a fixed-price power purchase agreement (“PPA”) for the construction
of the 35 MWp Quilemba solar plant, which is due to come on stream at the end of 2025, with the possibility
of adding 45 MWp in a second phase. M&P's share of the construction costs for the first phase is estimated
at $7 million.
Ideally located near Lubango in the south of the country, in one of the sunniest regions on the planet, the
plant will help to decarbonise Angola's energy mix. From phase one (35 MWp), it will eliminate around
55,000 tonnes of CO2 equivalent in annual emissions (at 100%), and will enable Angola to make substantial
savings when compared with the cost of the fuel needed to run the existing thermal power stations.
The deal will be completed once various administrative approvals have been secured and is expected to be
finalised by the end of 2024.
Olivier de Langavant, Chief Executive Officer of Maurel & Prom, said: “Our entry into the Quilemba Solar
project in Angola marks a move by M&P into new types of projects as part of the energy transition, in an
opportunistic and measured way, in our areas of activity. In addition to its double-digit returns, this project
will eliminate around 11,000 tonnes of CO2 emissions per year on an M&P working interest basis, which
equates to 7% of the Group's scope 1 and 2 emissions.”
Acquisition by Seplat Energy (20.46% M&P) of ExxonMobil’s offshore assets in Nigeria
During his Independence Day speech on 1 October, Nigerian President Bola Tinubu announced that the
acquisition by Seplat Energy (in which M&P holds a 20.46% stake) of the conventional offshore assets of
ExxonMobil in Nigeria would receive ministerial approvals very soon, in line with the recommendations of
the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”). As a result, the transaction is now
expected to close by year-end 2024.
This acquisition, announced in February 2022, represents a major step in the development of Seplat Energy:
it marks its entry into the Nigerian offshore sector, and will very substantially increase its production and
reserves.
Financial position
The Group had a net debt position of $2 million at 30 September 2024, compared with $120 million at 31
December 2023. After posting a positive net cash position of $27 million at 30 June 2024, the momentary
return to a net debt position was mainly attributable to the payment of the dividend in early July (for a total
of $65 million) and variations in working capital requirement (negative impact of $20 million in the third
quarter of 2024).
The cash position stood at $171 million at the end of September 2024. Available liquidity at 30 September
2024 was $238 million, including the $67 million undrawn RCF tranche.
Gross debt amounted to $173 million at 30 September 2024, including $113 million in a bank loan
(excluding the $67 million undrawn RCF tranche) and $60 million in a shareholder loan. M&P repaid a total
of $39 million of gross debt in the first nine months of 2024 ($28 million bank loan and $11 million
shareholder loan).
