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Sales for 2019: US$504m (+14%)

Feb 6, 2020

 

Group sales up 14% to US$504 million

  • Group valued production (income from production activities, excluding lifting imbalances) up 25% to US$519 million, driven by a substantial increase in production in Gabon and the consolidation of Angolan production from 1 August 2019
  • Average sale price of oil US$67.2/bbl in 2019 versus US$68.8/bbl in 2018

 

M&P’s total working interest production of 27,340 boepd in 2019, up 19%

  • Average 2019 oil production in Gabon of 19,828 bopd for M&P’s working interest (80%), up 22% from 2018 following the resolution of the pipeline export issues
  • Oil production in Angola of 4,484 bopd for M&P’s working interest (20%) for the period during which the asset was held (since 1 August 2019), corresponding to 1,879 bopd for the full year
  • Gas production in Tanzania of 33.8 MMcfpd for M&P’s working interest (48.06%)

 

2P reserves for M&P’s working interest as at 31 December 2019: 191.9 MMboe

  • Reserves in Gabon and Tanzania remain stable after being adjusted for 2019 production
  • Incorporation of reserves on new assets:
    • 8 MMbbl in Angola following the acquisition of a 20% stake in Blocks 3/05 and 3/05A
    • 8 MMbbl in France following the discovery in the Mios permit