| |
property for sale in paphos polis cyprus
News and Information Article
PARIS, February 15 /-FirstCall/ --
- Operated Production Reaches 100,000 Barrels/Day in Q4 2005
- An Ambitious Exploration Program for 2006
- Revenue for the 4th Quarter of 2005 Up by 374 % Over the Same Period in
2004.
- Revenue (IFRS) for the 4th quarter 2005.
Euro Million Q4 2005 Q4 2004 Variance
Oil production 161.0 28.9 457.1%
Congo 63.2 28.9 118.7%
Latin America 97.8 0.0 na
Drilling services 5.9 4.4 34.1%
Other activities 1.3 2.2 -40.9%
Total 168.2 35.5 373.8%
Revenue for the fourth quarter of 2005 reached 168.2 million euros,
compared to revenue of 35.5 million euros in the fourth quarter of 2004 (an
increase of 373.8 %). This performance resulted from:
- an increase of 118.7 % of the share of revenue from Congo, which
increased from 28.9 million euros to 63.2 million euros;
- revenue from Hocol, at a level of 97.8 million euros being included for
the first time in the results of a full quarter (Colombian and Venezuelan
production).
In Congo, 1.534 million barrels were sold during the fourth quarter 2005,
net share of Maurel & Prom (net of all taxes paid in kind). Sales in Congo
equalled 0.947 million barrels for the same period in 2004.
In Latin America, 2.674 million barrels were sold in the fourth quarter
2005, net share of Maurel & Prom (net of all taxes paid in kind).
During the fourth quarter 2005, the average sale price in Congo attained
US$51.07 per barrel.
In Latin America, the weighted average sale price was US$43.44 per barrel
in the fourth quarter 2005, or:
- an average sale price of US$48.20/barrel for Colombia,
- and an average sale price of US$20.03/barrel for Venezuela.
Quadrupled revenue for fiscal year 2005 over revenue for fiscal year 2004.
Revenue (IFRS) for fiscal year 2005 (12 months).
Euro Million Q4 2005 Q4 2004 Variance
Oil production 381.9 80.6 373.8%
Congo 231.7 80.6 187.5%
Latin America 150.2 0.0 na
Drilling services 21.6 15.4 40.3%
Other activities 4.2 5.3 -20.8%
Total 407.7 101.3 302.5%
Consolidated revenue for fiscal year 2005 is 407.7 million euros, an
increase of 302.5% over revenue for fiscal year 2004 (101.3 million euros).
This increase resulted from:
- an increase in the contribution from Congo of 187.5% (231.7 million
euros in 2005, against 80.6 million euros in 2004).
- The integration of Hocol for the 149 days of production for the account
of Maurel & Prom (from 4 August to 31 December 2005), or 150.2 million Euros.
Please note that the revenue from Congo is net of all taxes paid in kind
(royalty of 15% and a marginal tax rate of 55%). In the absence of these
deductions, revenue would have been 347 million euros in 2005 and 112 million
euros in 2004.
Global Operated Production above 100,000 barrels/day.
A review of its production operations by country highlights the new
dimension achieved by Maurel & Prom, notably:
- A global operated production that is now above 100,000 barrels/day
(average for the fourth quarter 2005),
- Its own share of production is above 45,000 barrels/day (net of taxes
in kind, average for the fourth quarter 2005).
In Congo, a significant growth in taxation in kind is to be noted, having
reached nearly 42% in the fourth quarter of 2005. This evolution resulted
from the rapid growth in production volume combined with the increase in oil
prices, which led to the absorption of all of past recoverable costs.[1]
[1] The Kouilou production sharing agreement, which governs the
relationship between the Republic of Congo, Maurel & Prom and its partners,
provides that the 15% royalty on all production is payable in kind. On the
production remaining after payment of the royalty, oil & gas companies can
amortise all expenses incurred for exploration, development and exploitation
(recoverable costs), up to a limit of 60% of total production. The remaining
production is divided between the State and the oil & gas companies on a
basis of 55%/45% (Tax Oil).
Production and quantities sold by country
Congo 2005 Q4 2005
Fiscal
Year
92 Days 365 Days
Gross field production Barrels 5,245,595 16,819,005
Working interest (average) % 53.9% 53.9%
Gross share of Maurel & Prom Barrels 2,829,679 9,066,234
In kind taxes (Royalties & Tax Oil)(1) % 41.8% 33.1%
Net sales (net of stock variances) Barrels 1,534,134 5,946,743
Average sales price US$ / Barrel 51.07 48.16
(1) Royalties : 15 %
Tax Oil : Floor 13,75 % / Cap 46,75 %
Colombia 2005 Q4 2005
Fiscal
Year
92 Days 149 Days
Gross field production Barrels 4,560,525 7,464,355
Working interest (average) % 50.2% 50.9%
Gross share of Maurel & Prom Barrels 2,291,535 3,796,408
In kind taxes (Royalties & Tax Oil)(1) % 17.0% 16.8%
Net sales (net of stock variances) Barrels 2,222,199 3,285,536
Average sales price US$ / Barrel 48.20 49.77
(1) Royalties : 17 %
Net income taxes to be paid in foreign currency
Venezuela 2005 Q4 2005
Fiscal
Year
92 Days 149
Days
Gross field production Barrels 564,552 861,547
Working interest (average) % 80.0% 85.8%
Gross share of Maurel & Prom Barrels 451,642 739,080
In kind taxes
(Royalties & Tax Oil) (1) % 0.0% 0.0%
Net sales (net of stock variances) Barrels 451,642 739,080
Average sales price US$ / Barrel 20.03 23.49
(1) Royalties : 30 % (to be paid in foreign currency)
Net income taxes to be paid in foreign currency
An ambitious exploration program for 2006.
The new dimension achieved by Maurel & Prom gives it the opportunity to
put in place a very ambitious exploration program for fiscal year 2006. The
objective of this program is to consolidate the leadership position of Maurel
& Prom among junior European oil & gas companies. Among the principal areas
of exploration to be undertaken are:
- In Colombia, finalisation of the Tangara well is expected by the end of
the first quarter of 2006 and 4 exploration wells are planned during the
course of fiscal year 2006;
- In Sicily, the testing of the Nobile 1 well (drilled in 2005) is
planned for the end of February. The reopening of Eureka 1 (drilled in 2005)
and a new exploration/assessment well are planned during the course of fiscal
year 2006;
- In Gabon, after the positive results of ONAL 3, ONAL 4 should provide
an understanding of the extent of the deposit;
- In Tanzania, the Bigwa-Rafijii-Mafia well will be completed during the
first quarter;
- In Hungary, the Nagyleugel well is in progress and should be completed
by the end of March;
- In Congo, two wells are planned for the beginning of March on the
Kouakouala licence in order to verify the existence of hydrocarbons in the
NDjeno formation. The exploration wells Loufika, NDongo, Kitombo, Kilougi,
MBoundi South-East as well as the MBoundi 2001 and 2002 wells on the
Kouilou licence are planned for 2006 with the target of the Vandji formation.
Together this exploration program represents a budget for fiscal year
2006 of more than 80 million Euros for the part financed by Maurel & Prom, or
a total works program of more than 100 million Euros including the
contribution of its partners.
Maurel & Prom is listed on Eurolist dEuronext Paris - compartment A -
CAC mid 100 Indice
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
Enquiries
FINANCIAL DYNAMICS
Laurent Wormser Pierre Mas
Tel: +33-1-47-03-68-55 Tel: +33-1-47-03-68-14
Mob: +33-6-13-12-04-04 Mob: +33-6-79-44-66-55
Laurent.Wormser@fd.com Pierre.Mas@fd.com
| |
|
|
 |
property for sale in paphos polis cyprus |
|
|
|
|
|
|
|
|
|
Locations
