Maurel : Activity for the first nine months of 2023

Paris, 19 October 2023

N° 19-23

Activity for the first nine months of 2023

• M&P's working interest production for the first nine months of 2023:

27,944 boepd

1. M&P working interest production of 15,710 bopd in Gabon, an increase of 10% compared to the first nine months of 2022

1. M&P working interest production of 3,957 bopd in Angola, up 3% compared to the first nine months of 2022

• 1. M&P working interest gas production of 49.7 mmcfd in Tanzania, up 15% compared to the first nine months of 2022
• Sales of $495 million for the first nine months of 2023
• 1. The average sale price of oil was $77.8/bbl for the period, down 26% on the first nine months of 2022 ($105.5/bbl)

1. Valued production of $449 million for the first nine months of 2023

• 1. Drilling activities contributed $17 million over the period, while third-party oil marketing contributed $26 million
• Update on completion of ongoing M&A transactions
• 1. In Gabon, discussions are underway with the authorities to obtain the necessary approvals for the acquisition of Assala; completion of the transaction is still expected between the end of Q4 2023 and Q1 2024

• 1. In Tanzania, discussions are continuing with TPDC for the acquisition of Wentworth Resources
• Further reduction in net debt and redistribution to shareholders
• 1. Net debt of $181 million at 30 September 2023, down $19 million over the first nine months of 2023 ($200 million at 31 December 2022)

1. Dividend of €0.23 per share ($49 million) paid in early July

M&P notes the release last night of General License 44 issued by the United States' Office of Foreign Assets Control (OFAC) on Venezuela's oil and gas sector as a result of the agreement reached between the Venezuelan government and the Venezuelan opposition. Due to the timing of this publication, it has not been possible to include this piece of information in this press release. M&P is reviewing implications for its activities in Venezuela and will publish a specific announcement on this matter shortly.

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Production activities

• Gabon

M&P working interest oil production (80%) on the Ezanga permit amounted to 15,710 bopd for the first nine months of 2023, up 10% on 2022.

A small discovery was made on the Ezal structure. It was immediately connected and put into production. An injector well was drilled in sequence to complete the development.

The political changes that have taken place in Gabon since the end of August have not caused any disruption to the Group's operations in the country. Neither production at the Ezanga site nor operations at the Port-Gentil head office have been affected.

• Tanzania

M&P's working interest gas production (48.06%) on the Mnazi Bay permit in Tanzania was 49.7 mmcfd for the first nine months of 2023, up 15% compared to 2022.

M&P working interest production rose to 54.5 mmcfd in the third quarter (gross production of

113.5 mmcfd for the Mnazi Bay asset) thanks to the significant increase in production potential resulting in particular from well interventions carried out in 2023.

The desaturation of recoverable costs took place as expected in June 2023, with a notable impact on production sharing. As the Group has now recovered its past costs, the majority of production is now recognised as "profit gas", with the State taking around 70% of this portion.

• Angola

M&P working interest production from Blocks 3/05 (20%) and 3/05A (26.7%) amounted to 3,957 bopd for the first nine months of 2023, up 15% compared to 2022.

The new, improved tax terms obtained as part of the extension of the Block 3/05 license until 2040 came into force on 1 October 2023.

Information on the ongoing acquisition of Assala

Discussions with the Gabonese authorities are currently underway to obtain the necessary approvals to finalise the acquisition of Assala announced on 15 August. Several constructive meetings have been held with the relevant ministries and administrations since the appointment of the transition government in early September.

The administrative procedures required to obtain the approval of CEMAC (the Economic and Monetary Community of Central Africa) are being carried out in parallel.

Completion of the transaction is expected between the end of Q4 2023 and Q1 2024.

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Contacts

Maurel & Prom

Press, shareholder and investor relations Tel: +33 (0)1 53 83 16 45ir@maureletprom.fr

NewCap

Financial communications and investor relations/Media relations Louis-VictorDelouvrier/Nicolas Merigeau

Tel: +33 (0)1 44 71 98 53/+33 (0)1 44 71 94 98 maureletprom@newcap.eu

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

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