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Activity for the year 2023

Jan 5, 2024

 

  • M&P’s working interest production in 2023: 28,057 boepd, up 10% compared to 2022
    • M&P’s working interest production of 15,354 bopd on the Ezanga permit in Gabon, an increase of 5%
    • M&P’s working interest production of 4,103 bopd in Angola, up 10%
    • M&P's working interest gas production of 51.6 mmcfd in Tanzania, an increase of 19%

 

  • Sales of $682 million in 2023, up 1% from 2022
    • Average oil saleprice of $79.3/bbl in 2023, versus $97.8/bbl in 2022
    • Valued production of $608 million in 2023

 

  • Group development continues
    • Resumption of activity in Venezuela: two liftings in December and January, ongoing restart of interventions on the Urdaneta Oeste field
    • Acquisition of Wentworth Resources finalised in December 2023; after TPDC exercised its call option in January 2024, M&P now holds a 60% interest in the Mnazi Bay gas field
    • Following the Gabonese government's announcement of its project to preempt the acquisition of Assala, M&P has been able to confirm that it will maintain its partnership proposals and remains at disposal of Gabonese authorities

 

  • Significant liquidity and substantial decrease in net debt
    • Available liquidity of $159 million as at 31 December 2023, of which $97 million in cash
    • Net debt of $120 million at end-2023, down $80 million from end-2022 ($200 million), prior to the collection of $98 million of receivables in January 2024

 

  • 2P reserves for M&P’s working interest as at 31 December 2022: 182 mmboe
    • Reserves up by 12% after restatement of 2023 production