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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Montage Gold Corp | TSXV:MAU | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.51 | 1.50 | 1.50 | 0 | 12:30:02 |
Regulatory News:
Maurel & Prom (Paris:MAU):
Key indicators for the first half of 2023
Q1
2023
Q2
2023
H1
2023
H1
2022
H2
2022
Change H1 2023 vs.
H1 2022
H2 2022
M&P working interest production
Gabon (oil)
bopd
15,839
15,719
15,779
13,828
15,451
+14%
+2%
Angola (oil)
bopd
3,424
4,097
3,763
3,902
3,580
-4%
+5%
Tanzania (gas)
mmcfd
46.7
47.6
47.2
44.4
42.1
+6%
+12%
Total
boepd
27,054
27,755
27,406
25,126
26,053
+9%
+5%
Average sale price
Oil
$/bbl
75.2
74.0
74.8
105.0
90.5
-29%
-17%
Gas
$/mmBtu
3.76
3.77
3.77
3.50
3.51
+8%
+7%
Sales
Gabon
$mm
105
106
211
262
265
-20%
-20%
Angola
$mm
19
22
41
57
47
-28%
-13%
Tanzania
$mm
18
18
36
32
36
+13%
+0%
Valued production
$mm
142
147
289
352
349
-18%
-17%
Drilling activities
$mm
5
6
11
1
10
Restatement for lifting imbalances and inventory revaluation
$mm
42
-43
-1
1
-37
Consolidated sales
$mm
190
109
299
355
322
-16%
-7%
M&P’s working interest production in the first half of 2023 was 27,406 boepd. The average sale price of oil for the period was $74.8/bbl.
The Group’s valued production (income from production activities, excluding lifting imbalances and inventory revaluation) was $289 million in the first six months of 2023.
The restatement of lifting imbalances net of inventory revaluation had a limited impact over the period (negative $1 million). After incorporating the $11 million relating to drilling activities, consolidated sales for the first six months of 2023 are therefore $299 million.
Production activities
M&P’s working interest oil production (80%) on the Ezanga permit stood at 15,779 bopd for the first half of 2023, an increase of 2% compared to the second half of 2022.
M&P’s working interest gas production (48.06%) on the Mnazi Bay permit was 47.2 mmcfd for the first half of 2023, up 12% from the second half of 2022.
M&P working interest production from Blocks 3/05 (20%) and 3/05A (26.7%) in the first half of 2023 was 3,763 bopd in Q1 2023, an increase of 5% on the second half of 2022.
Following publication of the decree of approval on 10 May, the licence of Block 3/05 has now been extended from 2025 to 2040. Discussions between the operator of the block and the regulator with a view to finalising the improved tax terms associated with the extension of the licence have successfully concluded and implementation of the terms is now pending validation by the authorities.
Exploration activities
M&P launched a farm-out process in November 2022 with a view to finding a partner for exploration licences PEL 44 and PEL 45, operated by M&P with an 85% working interest. The process ended during the first half of 2023 without resulting in any offers from companies invited to examine technical data on the two assets.
M&P therefore decided not to apply to enter the next exploration phase, which includes drilling obligations, and the licences for both PEL 44 and PEL 45 expired on 15 June 2023. This marks the end of the Group’s operations in Namibia.
After exploratory drilling operations on the COR-15 permit ended in February 2023, M&P analysed the data collected to determine the prospectivity remaining on the permit. This exercise did not enable identification of any new targets, in an asset for which the Group is now free of any obligation for works.
Drilling activities
The C18 Maghèna drilling rig newly acquired by the Group and operated by Caroil was commissioned in March and is currently carrying out the drilling campaign on the Ezanga permit.
As part of its drilling services for third parties, in June 2023 Caroil signed an agreement with Perenco for a five-month drilling campaign starting in Q4 2023, for which the C3 drilling rig is currently being upgraded. The C16 drilling rig continues to be deployed on the drilling campaign for Assala Energy in the south of the country.
Information on the current offer for Wentworth Resources
On 23 February 2023, Wentworth Resources shareholders approved M&P's offer by voting in favour of the Scheme at the Court Meeting and in favour of its implementation at the General Shareholders’ Meeting.
As part of the approvals process for this transaction as detailed in Part III of the Scheme Document, M&P requires approvals of Tanzania’s Fair Competition Commission (the “FCC”). The FCC issued a decision notice that M&P’s application shall not be determined at this time and will be marked closed by the FCC. M&P is consulting with the relevant Tanzanian government stakeholders in order to find a solution and bring the acquisition to a successful conclusion. M&P is also consulting with relevant Tanzanian government stakeholders about national oil and gas company TPDC’s demand to exercise a right of first refusal to the acquisition.
The completion of the acquisition of Wentworth Resources remains subject to these approvals by the Tanzanian authorities, which is expected in the second half of 2023. M&P will communicate on this subject in due course.
Financial position
Available liquidity as at 30 June 2023 was $137 million (compared to $138 million as at 31 December 2022) and covered only the cash position, as the $67 million RCF tranche was fully drawn. This excludes the sum placed in escrow as part of the offer announced on 5 December 2022 for Wentworth Resources, which amounted to $81 million as at 30 June 2023.
Gross debt amounted to $315 million at 31 March 2023, including $236 million in a bank loan and $79 million in a shareholder loan. The first quarterly maturities on both instruments since the 2022 refinancing were paid in April 2023, for a total amount of $23 million ($19 million for the bank loan and $4 million for the shareholder loan).
Net debt therefore amounted to $178 million at 30 June 2023, a decrease of $21 million compared to 31 December 2022 ($200 million).
Français
English
pieds cubes
pc
cf
cubic feet
millions de pieds cubes par jour
Mpc/j
mmcfd
million cubic feet per day
milliards de pieds cubes
Gpc
bcf
billion cubic feet
baril
B
bbl
barrel
barils d’huile par jour
b/j
bopd
barrels of oil per day
millions de barils
Mb
mmbbls
million barrels
barils équivalent pétrole
bep
boe
barrels of oil equivalent
barils équivalent pétrole par jour
bep/j
boepd
barrels of oil equivalent per day
millions de barils équivalent pétrole
Mbep
mmboe
million barrels of oil equivalent
For more information, please visit www.maureletprom.fr/en/
This document may contain forecasts regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forecasts 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 forecasts 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 CAC All-Tradable – CAC Small – CAC Mid & Small – Eligible PEA-PME and SRD Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
View source version on businesswire.com: https://www.businesswire.com/news/home/20230719241079/en/
Maurel & Prom Press, shareholder and investor relations Tel: +33 (0)1 53 83 16 45 ir@maureletprom.fr
NewCap Financial communications and investor relations/Media relations Louis-Victor Delouvrier/Nicolas Merigeau Tel: +33 (0)1 44 71 98 53/+33 (0)1 44 71 94 98 maureletprom@newcap.eu
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