(AOF) – Maurel & Prom generated a turnover of $495 million over its first nine months of activity in 2023 compared to $506 million a year ago. The Group’s production in M&P share amounts to 27,944 boe/d (barrels of oil equivalent per day) over its nine months. The average selling price of oil stood at $77.8 per barrel for the period, down 26% compared to 2022. The group’s valued production (revenue from production activities, excluding removal delays and inventory revaluation) stands at $449 million for the first nine months of 2023.
It should be noted that the evolution of valued production in Tanzania was uncorrelated with the variation in production due to the desaturation of recoverable costs.
Available liquidity as of September 30, 2023 is $112 million and includes only the cash position, with the RCF tranche of $67 million fully drawn. This excludes the amount placed in escrow account as part of the offer announced on December 5, 2022 for Wentworth Resources and whose value amounts to $79 million as of September 30, 2023.
Gross debt amounts to $292 million as of September 30, 2023 (compared to $337 million as of December 31, 2022), including $217 million of bank loan and $75 million of shareholder loan. In total, the group repaid $45 million in debt during the first nine months of 2023.
In addition, the $183 million increase in M&P’s current bank loan announced as part of the Assala acquisition and initially scheduled to draw down at the end of August 2023 has been postponed. The finalization of this increase is underway, and should occur by the end of 2023.
Net debt therefore amounts to $181 million as of September 30, 2023, down $19 million compared to December 31, 2022 ($200 million), and this after the payment of $49 million in dividends in July (0.23 euros per share) and the payment of a security deposit of $20 million in August as part of the ongoing acquisition of Assala.
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