6.445 €
(2.96 %)
30 January 2025
M&P working interest production in 2024: 36,222 boepd, up 29% on 2023, and up for each of the Group’s assets
- M&P working interest production of 15,582 bopd in Gabon, up 1% from 2023
- M&P working interest production of 4,302 bopd in Angola, up 5% from 2023
- M&P working interest gas production of 61.4 mmcfd in Tanzania, up 19% from 2023
- M&P Iberoamerica working interest oil production of 6,098 bopd in Venezuela
Valued production of $593 million and sales of $808 million
- Sale price of oil was $80.3/bbl for the period, up 1% versus 2023
- Contribution to sales of $39 million for the service activities
- Sharp increase in oil trading activity: $125 million in 2024 compared to $26 million in 2023
Acquisition underway of a stake in the Sinu-9 gas licence in Colombia
- Letter of intent signed in January 2025 for the acquisition from NG Energy of a 40% stake in the Sinu-9 licence for a consideration of $150 million
- Onshore gas asset, in production and development, with proven reserves and considerable exploration and upside potential
- Finalisation underway of the final agreement with NG Energy, signature expected in February 2025
Entry into the Quilemba Solar power plant project in Angola finalised at the end of January
- 19% stake in the project of an 80 MWp solar power generation project in Angola operated in partnership with TotalEnergies (51%, operator) and Sonangol (30%)
- Phase 1 (35 MWp) is due to come on stream by early 2026
With a positive net cash position, M&P is ideally positioned to capture new growth opportunities in parallel to shareholder returns
- Positive net cash position of $33 million as at 31 December 2024, up $153 million from end-2023 (net debt of $120 million as at 31 December 2023)
- Dividend of $64 million (€0.30 per share) paid in July 2024
- Available liquidity was $260 million as at 31 December 2024, of which $193 million in cash
Completion in December 2024 by Seplat Energy (20.46% owned by M&P) of the acquisition of MPNU from ExxonMobil
- Transformative acquisition for Seplat Energy: 148% increase in production to 120 kboepd, and 87% for 2P reserves to 878 mmboe
- Substantial increase expected in the net income contribution and dividend
