Maurel & Prom - 2011 First Quarter Sales EUR137.2 Million (up 180% on Q1 2010)

    PARIS, May 10, 2011 /PRNewswire-FirstCall/ --
    - Entitlements 18,568 boepd
    - 1st Quarter 2011 Sales

    (In EUR m)          Q1 2011  Q1 2010   Chg

         Exchange rate    1.367    1.383

        Oil production    124.3     33.6  270%
                 Gabon     93.7     33.5  180%
               Nigeria     30.5      0.0   n/a
              Tanzania      0.2      0.1   81%
          Oil services     21.6     23.5   -8%
                 Sales    145.9     57.0  156%
      Impact of hedges     -8.7     -8.1

    Consolidated sales    137.2     49.0  180%

Group sales in the first quarter of 2011 were EUR137.2 million, against EUR49.0 million in the same quarter of the previous year.

The increase in sales reflects the increased production from Gabon fields due to consolidating the sales from the OMGW and OMBG fields in Gabon over the entire period, as well as the consolidation of Nigerian sales.

In Tanzania, the Group posted EUR0.2 million sales for the Mnazi Bay field.

In early 2009, when securing financing for the Reserve Based Loan, the Group set up hedges of operating cash flows based on the price per barrel.

In the first quarter of 2011, 4,167 boepd were hedged at a price of $73/b while the average price of Brent was $105/b. This produced a downward adjustment of EUR8.7 million.

Excluding the impact of hedges, the average sale price in Q1 2011 was $102.7/b ($103.5/b in Nigeria and $102.4/b in Gabon).

Caroil's contribution to sales in the first quarter of 2011 (oil services) was EUR21.6 million compared to EUR23.5 million in the same period of 2010. Expressed in US dollars, its contribution to sales was $29.5 million.

Caroil's corporate revenue in the 1st quarter of 2011 was EUR27.3 million. Expressed in US dollars, Caroil's corporate revenue was EUR37.3 million.

Caroil provides 15% of the Group's total business and 79% of its activity was with customers other than Maurel & Prom.

    Environmental data          2011     2010  Change
                            3 months 3 months
    Exchange rate (EUR/US$)     1.37     1.38       -
    Exchange rate (US$/EUR)     0.73     0.72       -
    Brent (US$/barrel)         105.0     76.2    +38%

Maurel & Prom entitlements 18,568 boepd

The consolidation of Nigerian production and the increased production from the Gabon fields saw the Group post average entitlements of 18,568 boepd in the first quarter of 2011.

The following table summarises the production data, in barrels per day, based on taxes and fields in production.

    2011                 Gross      Working interest  Entitlement Production
                       production   production (WI):                 sold
    in boepd                Q1 2011           Q1 2011     Q1 2011    Q1 2011

    Gabon                    17,338            14,783      13,968     13,883
    Banio         100%          311               311         297        357
    Onal           85%       12,441            10,575       9,989      9,945
    Omko           85%        2,217             1,884       1,780      1,673
    Omgw           85%        2,207             1,876       1,772      1,780
    Ombg           85%          162               137         130        128

    Nigeria     20.25%       22,718             4,600       4,600      4,479

    Total Group              40,056            19,383      18,568     18,362

In Nigeria, the gross production is increasing after the reconnection of Ovhor-2 well. The production level was 19,000 boepd in January, 24,000 boepd in February and 25,000 boepd in March 2011 (provisional figures).

For more information, visit http://www.maureletprom.fr

This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.

             Maurel & Prom is listed for trading on Euronext Paris -
    compartiment A - CAC(R) mid 60 - SBF120(R) - CAC(R) Mid & &Small - CAC(R)
                       All-Tradable - CAC(R) All-Share

             ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

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SOURCE Maurel & Prom