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Results for the first half of 2021

Aug 4, 2021



  • Sharp improvement in the Group’s financial results
    • Sales up 32% to $188 million ($142 million in H1 2020), significant rise in EBITDA to $117 million ($18 million in H1 2020), and net income before non-recurring items of $33 million (-$61 million in H1 2020)
    • M&P’s working interest production of 25,182 boepd in H1, including 15,189 bopd on the Ezanga permit in Gabon before resumption of development drilling in mid-July
    • Average sale price of oil up to $63.0/bbl, a sharp increase from the previous year ($34.6/bbl H1 2020 and $45.5/bbl in H2 2020)


  • Cash generation up and continuing cost control
    • Financial discipline maintained: opex & G&A of $77 million in H1 2021, versus $86million in H1 2020 and $78 million in H2 2020
    • $101 million in cash flow from operating activities before change in working capital; $40 million in free cash flow, despite a -$42 million change in working capital (only two liftings over the period)
    • Net debt down to $413 million at 30 June 2021 (versus $455 million at 31 December 2020) thanks to a $41 million debt repayment during the period and a stable cash position ($167 million at 30 June 2021)
    • Agreements being finalized with the Gabonese authorities to find a constructive and mutually satisfactory solution to various financial cases related to Maurel & Prom, and in particular the issue of the $43 million currently held in escrow


  • Resumption of development operations
    • Development drilling on the Ezanga permit resumed in mid-July in parallel with a stimulation campaign on existing wells to restore the production potential of the fields
    • Ongoing workover campaign in Angola to support production from blocks 3/05 and 3/05A


Results for the first half of 2021

Half-Year Report at 30 June 2021