More than 99% of the shares held by the majority shareholder PT Pertamina International Eksplorasi Dan Produksi (“PIEP”) should have been eligible for double voting rights (at the end of August 2020 and at the end of February 2021) under a holding period of registered shares of more than four years in accordance with the provisions of the French Commercial Code and the Articles of Association of Maurel & Prom S.A. (“M&P”).
- Working interest production of 28,916 boepd, a slight increase compared to Q4 2019
- Working interest production of 19,594 boepd on Ezanga, a 5% increase
- Valued production of $103 million, down 23% compared to Q4 2019
- Valued production significantly impacted by the drop in oil price
- Consolidated sales of $80 million after adjustment for the valuation of lifting rights at the end of March
- Well positioned to face current market conditions
- Active implementation of announced cost saving initiatives
- Cash balance of $249 million at the end of March, an increase compared to December 2019 ($231 million)
- Annual General Meeting of shareholders rescheduled to 30 June 2020
Since 2015, Maurel & Prom has participated in the CDP study which aims to assess the impact of large listed companies on climate change and and sets the standard for climate rating.
With an A- score for the second consecutive year, Maurel & Prom confirms its ranking among a list of companies perceived internationally for their transparency in terms of climate reporting.
This note rewards Maurel & Prom's efforts in terms of managing its environmental footprint and is part of the Group's commitments to sustainable development.