Paris, 27 April 2017

No. 11‐17

2017 Q1 sales: €90 million Stable in sequential (vs Q4 2016) thanks to a favorable price effect but an unfavorable quantity effect in Gabon Increase in annual (vs Q1 2016) thanks to a very favorable price effect

The Group's consolidated sales for the first quarter of 2017 totalled €90 million, broken down as follows:

Q2 2016 Q3 2016 Q4 2016

Q1 2017

Chg. Q1 17/ Q4 16

Q1 2016

Chg. Q1 17/ Q1 16

Total production sold in the period (M&P share)

million barrels of oil

1.89

1.95

1.91

1.63

‐14%

1.69

‐3%

million MMBTUs

2.28

1.55

1.78

1.91

7%

2.13

‐10%

Average selling price

OIL, in US$/bbl

45.1

44.2

47.5

52.8

11%

32.6

62%

GAS, in US$/BTU

3.11

3.16

3.16

3.18

1%

3.11

2%

€/US$ exchange rate

1.13

1.12

1.08

1.06

‐2%

1.10

‐4%

SALES

€m

€m

€m

€m

€m

Oil production

81

81

88

86

‐3%

55

56%

Gabon

76

77

84

81

‐3%

50

62%

Tanzania

5

4

4

5

9%

5

‐5%

Drilling activity

4

3

3

5

31%

3

75%

Consolidated sales 84 83 92 90 ‐1% 58 57%

Sales trends reflected a sharp rise in the average selling price of oil produced in Gabon (up 11% versus Q4 2016 and up 62% versus Q1 2016) while volumes sold were relatively stable compared to Q1 2016 (down 3%) but lower compared to Q4 2016 (down 14%).

The average selling price of oil has followed the rise in the market reference price, i.e. Brent. It has also benefited from higher prices for Rabi Light crude oil, which is discounted compared to Brent and averaged US$3.45/bbl in Q1 2016, US$1.49/bbl in Q4 2016 and US$1.35/bbl in Q1 2017.

Hydrocarbon production in Q1 2017 (M&P share)

Units

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Chg. T1 17/

Q1 2016

Chg. T1 17/

T4 16

T1 16

Oil

bopd

22,195

22,666

22,237

19,442

‐13%

19,910

‐2%

Gas

MMcf/d

24.5

16.5

18.9

20.8

10%

22.8

‐9%

TOTAL

boepd

26,279

25,413

25,392

22,905

‐10%

23,717

‐3%

Oil production in Q1 2017 stood at 19,442 bopd for M&P working interest (80 %), or 24,303 bopd for operated production. This level was below the fields' production capacity, which had been impacted by a strike that disrupted operations.

In Tanzania, gas output was 20.8 MMcf/d (M&P share: 48.06%), almost the same as the 2016 average (20.7 MMcf/d). Gas production capacity on the Mnazi Bay permit is currently around 80 MMcf/d for average operated production of around 43 MMcf/d (at 100%). This production level depends on industrial gas consumption in Dar Es Salam, which is routed through TPDC buying from the operator.

French

English

pieds cubes

pc

cf

cubic feet

pieds cubes par jour

pc/j

cfpd

cubic feet per day

milliers de pieds cubes

kpc

Mcf

1,000 cubic feet

millions de pieds cubes

Mpc

MMcf

1,000 Mcf = million cubic feet

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

milliers de barils

kb

Mbbl

1,000 barrels

millions de barils

Mb

MMbbl

1,000 Mbbl = 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

milliers de barils équivalent pétrole

kbep

Mboe

1,000 barrels of oil equivalent

millions de barils équivalent pétrole

Mbep

MMboe

1,000 Mbbl = million barrels of oil equivalent

For more information, go to www.maureletprom.fr MAUREL & PROM

Tel: +33 (0)1 53 83 16 00

Press, shareholder and investor relations Tel: +33 (0)1 53 83 16 45

ir@maureletprom.fr

This document may contain forward‐looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. 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.

Maurel & Prom is listed for trading on Euronext Paris ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

Établissements Maurel & Prom SA published this content on 27 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 April 2017 15:57:23 UTC.

Original documenthttp://www.maureletprom.fr/en/documents/download/910/chiffre-d-affaires-du-premier-trimestre-2017-90-me

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