According to Boursier.com, the Maurel & Prom Group’s production in the first quarter of 2020 amounted to 28,916 boe / day, up 1% compared to the fourth quarter of 2019 (28,716 boe per day). It was the increase in production in Gabon that more than offset the slight withdrawal in Angola and Tanzania, bringing consolidated turnover to $ 80 million, or 48.6 billion CFA francs.
The oil group Maurel & Prom records consolidated sales in the first quarter of 2020 at 48.6 billion CFA francs, down from the 4th quarter of 2019.
The company indicates that the average selling price of oil in the first quarter of 2020 was $ 56.5 (34,357 CFA francs) / b, down from $ 66.8 (40,620 FCFA) / b for the 4th quarter of 2019. This price only takes into account the production actually sold; the average price recorded over the period (used for the calculation of valued production) is 49.9 $ (30,338 FCFA) / b.
The same source indicates that the Group’s valued production (revenue from production activities, excluding removal offsets) is down 23% compared to the fourth quarter 2019, and amounted to $ 103 million (62.6 billion CFA francs). The reprocessing of removal offsets had a negative impact of $ 28 million (17.02 billion CFA francs), which is mainly explained ($ 26 million) (15.80 billion CFA francs) per adjustment of the valuation of removal rights (1.3 million barrels between Angola and Gabon) during the period in force on March 31, 2020.
For the financial situation of the company, on March 31, 2020, Maurel & Prom posted a cash position of $ 249 million, or 151.37 billion CFA francs, an increase compared to the end of the 2019 financial year ($ 231 million (140.42 billion CFA francs) as of December 31, 2019)
