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property for sale in paphos polis cyprus
News and Information Article
PARIS, November 14 /-FirstCall/ --
Third quarter and 9-month 2006 sales
Highlights of third quarter and 9-month 2006
- 80% increase in total 9-month sales to EUR430.3 million compared with
EUR 239.5 million for the same period in 2005.
- Full year sales guidance maintained at circa EUR555million
- Sales for the third quarter 2006 fell slightly to EUR121.6 million
compared with EUR136.3 million for the third quarter 2005, due to a stock
effect in Congo valued at EUR25 million.
Sales for the third quarter 2006 fell 11% compared with the same period
in 2005 due to a stock effect in Congo.
Sales (IFRS), third quarter 2006
EUR million 3Q 2006 3Q 2005 Change
Oil production 110.2 130.1 -15%
o/w Congo 45.7 77.7 -41%
o/w Latin America 64.5 52.4 +23%
Drilling 11.4 6.2 +84%
Other activities 0.0 0.0 -
TOTAL 121.6 136.3 -11%
Sales for the third quarter 2006 were EUR121.6 million compared with
EUR136.3 million in the third quarter 2005. This reduction is explained by
a stock effect (+530 Kboe) valued at EUR25 million (or US$32 million) with
an average selling price of US$59.7/barrel, through the unfavourable
EUR/US$ exchange rate variance (+4.5%) and through the sale of 10% of the
MBoundi rights to the SNCP on January 1, 2006.
This stocked production over the third quarter is a sporadic event and
was sold during the fourth quarter 2006. Subsequently, Maurel & Prom
maintains its 2006 sales estimates at circa EUR555 million.
9-month sales (IFRS)
EUR million 9 months 2006 9 months 2005 Change
Oil production 402.0 220.9 +82%
o/w Congo 198.6 168.5 +18%
o/w Latin America 203.4 52.4 +288%
Drilling 26.8 15.7 +71%
Other activities 1.5 2.9 -48%
TOTAL 430.3 239.5 +80%
Over the first nine months of the year, total sales were EUR430.3
million or an 80% increase over the same period in 2005. This advance is
due to Hocol being incorporated on August 4, 2005 and included in the
accounts for 57 days in 2005, but also to the improved selling price and to
the production increase. The increase in taxes paid in kind, due to the
Production Sharing Agreements (PSA) effect and the desaturation of
recoverable costs (cost oil), slowed down progress in sales from the
beginning of 2006.
Environmental data
3Q 2006 3Q2005 Change 9 months 2006 9 months 2005 Change
1.27 1.22 5% EUR/US$ 1.24 1.26 -1%
FX rate
69.5 61.5 13% Brent 67.0 53.7 25%
US$/barrel
Maurel & Proms share of third quarter production was 42 252 b/d of
which 27 099 b/d in Congo and 15 153 b/d in Colombia (before royalties).
Congo 3Q 3Q Change
2006 2005
100% daily production b/d 55 733 46 653 +19%
operated by M&P
Daily production, b/d 27 099 25 189 +8%
Maurel & Prom share
Total quarterly production Kboe 2 493.1 2 317.4 +8%
Tax in kind (Royalties and Tax Oil) (1) % 43.2 29.7 +45%
Net production (entitlement) Kboe 1 415.0 1 628.9 -13%
Quantities sold Kboe 885.2 1 695.7 -48%
(net of stock change)
Average selling price US$/Barrel 66.80 55.87 +20%
(1) Royalties = 15%
The average selling price in Congo was US$66.8/b or a 20% increase over
the third quarter 2005.
Maurel & Proms share of production increased by 8% over the same
period last year whereas tax in kind, therefore deducted from published
sales, rose to 43.2% (a 45% increase over the third quarter 2005 when it
was 29.7%). This effect is due to the desaturation of recoverable costs
(cost oil). The reduction in quantities sold is explained by first, a 530
Kboe stock effect, valued at EUR25 million (or US$32 million) second, the
sale of 10% of the MBoundi rights to the SNPC on January 1, 2006.
Colombia (purchased on August 4, 2005) 3Q 3Q Change
2006 2005
Daily production, Maurel & Prom share b/d 15 153 25 766 -41%
Total quarterly production Kboe 1 394.1 1 468.6 -5%
Tax in kind (Royalties) % 13.7 16.6 -17%
Net production (entitlement) Kboe 1 202.7 1 224.3 -2%
Quantities sold (net of stock change) Kboe 1 273.7 1 063.3 +20%
Average selling price US$/Barrel 63.20 53.05 +19%
Daily production in Colombia, Maurel & Prom share, was 15 153 b/d on
the third quarter 2006. It was achieved by the Hocol subsidiary purchased
by the Group on August 4, 2005. Only 57 days of third quarter production
2005 were booked, which is why the quantities are not comparable from one
year to the next. In addition, the retrocession of Tello in February 2006
is fully effective in this period.
Venezuela (purchased on August 4, 2005) 3Q 3Q
2006 2005
Daily production, Maurel & Prom share b/d - 5 145
Total quarterly production Kboe - 293.3
Tax in kind (Royalties) % - 0.0
Quantities sold (net of stock change) Kboe - 293.3
Average selling price US$/Barrel - 25.56
Maurel & Prom and the Venezuelan authorities are still in discussion to
determine Maurel & Proms percentage in the new mixed economy company. For
reasons of prudence, no production has been booked since April 1, 2006.
Drilling activities: Caroil
In the third quarter 2006, Caroil sales were EUR11.4 million (an
increase by 84% over the third quarter 2005).
Caroils full nine-month sales were up 71% to EUR26.8 million compared
with EUR15.7 million for the same period in 2005.
This press release may contain forward-looking statements with respect
to the financial condition, results of operations, business, strategy and
plans of Maurel & Prom. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. These forward-looking
statements are based on assumptions which we believe are reasonable but
that could ultimately prove inaccurate and are subject to a number of risk
factors, including but not limited to price fluctuations in crude oil;
exchange rate fluctuations; uncertainties inherent in estimating quantities
of oil reserves; actual future production rates and associated costs;
operational problems; political stability; changes in laws and governmental
regulations; wars and acts of terrorism or sabotage.
Maurel & Prom is listed on Eurolist of Euronext Paris - compartment A -
CAC mid 100 Index
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
Investor Relations
Financial Dynamics
Laurent Wormser
Tel. : +33-1-47-03-68-55
Mob : +33-6-13-12-04-04
Laurent.Wormser@fd.com
Pierre Mas
Tel. : +33-1-47-03-68-14
Mob : +33-6-79-44-66-55
Pierre.Mas@fd.com
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