Maurel & Prom Reports Consolidated Sales and Production Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Production and Investment Guidance for 2016
For the year, total production sold over the period was 5,836,810 barrels of oil against 6,918,181 barrels of oil last year. In 2015, the group produced the equivalent of 18,367 barrels per day, working interest, broken down between conventional oil in Gabon (93%) and dry gas production in Tanzania (7%).
For the quarter, sales were 71 million against 47 million for the third quarter of 2015.
For the year, sales were 276 million against 550 million last year. Sales were hit by the drop in oil prices with a 51% drop in the average price of a barrel of oil during fiscal 2015 ($47.1 per barrel against $96.7 for 2014). Moreover, oil production in Gabon was mainly limited to causes that were external to the group.
For 2016, the group's oil production is expected to increase markedly against 2015. The group plans to stabilize production from producing oil fields to 28,000 bopd (22,400 bopd for M&P share), for investments valued at $42 million (M&P's share). This amount also includes connection to the Addax-Shell network to southern Gabon in the first half of 2016. 2016 production level is expected to increase to 70-80 MMcf/d, depending on calls for the supply of gas from TPDC and expected investments are $2 million.
The company expects 2016 investments of $45 million, down 70% from 2015.