ENP Newswire -
Release date- 29082014 - The increase in production in
It was up by 29% at
Following the issue of ORNANE 2019 bonds to raise a total of
Net income, Group share, was
New exploration and production sharing contract signed in
The new PSA called 'Ezanga', which replaces the 'Omoueyi' PSA, was the subject of a contract between Maurel & Prom Gabon and the
The corresponding exploration and production sharing contract (PSA) renews the five existing Exclusive Exploitation Authorisations (AEE) for a period of 20 years. The company also has a pre-emptive right, should it wish to use it, to extend the AEEs for a further twenty years.
Such an agreement gives Maurel & Prom strategic mobility to build its future.
New Exclusive Exploitation Authorisation (AEE) obtained
In the first half of 2014, the Group obtained a new AEE for the Maroc zone.
Maurel & Prom Gabon now holds six AEEs (Onal, Omko, Ombg, Omgw, Maroc-Nord and Omoc) under the Ezanga PSA.
Works programme launched at production fields in
In the first half of 2014, gross output from production fields under the Ezanga CEPP averaged 25,134 bopd. This was 7% higher than the average production in the same period in 2013.
A major works programme was launched at water injection and oil production wells with the aim of improving their performance.
These works require that water injection into the reservoirs concerned be suspended. This results in an automatic reduction in production, which should gradually return to normal levels. The complexity of the phenomena involved makes it difficult to make any predictions as regards the date when the deposit can be fully repressurised, which is a pre-requisite for an increase in production.
Work begins in
This joint venture holds exploration permits on
The first phase of the exploration programme, consisting of 15 to 18 stratigraphic wells, is underway.
This summer campaign will use four drilling rigs. Well sampling at Caribou,
Other exploration work undertaken in the first half of 2014
Two seismic data acquisition campaigns are underway on the
M&P Colombia has entered into negotiations with the
Three stratigraphic wells have been drilled on the CPO-17 permit operated by Hocol. The results and discoveries are currently being interpreted in order to define an appraisal programme. On
The key features of these ORNANE bonds are as follows:
Nominal value per unit:
Number of bonds: 14,658,169
Issue premium: 40%
Nominal interest: 1.625%
The net proceeds from the bond issue were used for the redemption of the OCEANE 2014 bonds. As at
Outlook for the second half of 2014
The works programme undertaken on injection and production wells in
With regard to exploration activities, the drilling programme in progress in
MAUREL & PROM
Tel: +33 (0)1 53 83 16 45
This document may contain forward looking statements about Maurel & Prom's financial position, income, activities and industrial strategy. 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.
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