Etablissements Maurel & Prom (MAU) H1 2025 TU earnings summary

Executive summary

• Working interest production reached 37,637 boepd in H1 2025, up 6% from H2 2024, with notable growth in Angola, Tanzania, and Venezuela.

• Valued production totaled $261 million; consolidated sales were $289 million in H1 2025.

• Average oil sale price was $70.9/bbl, down 8% from H2 2024.

• Service activities and third-party oil trading contributed $9 million and $52 million to sales, respectively.

• Acquisition of a 61% stake in Colombia's Sinu-9 gas permit expected to close by September 2025.

Financial highlights

• Positive net cash position of $91 million as of 30 June 2025, with $225 million in cash and $134 million in debt.

• Available liquidity of $404 million, including a $113 million accordion facility signed in April 2025.

• Dividend of €0.33 per share (approx. $75 million) to be paid at end of August 2025.

• Restatement for lifting imbalances and inventory revaluation had a negative $34 million impact.

• $26 million of gross debt repaid in H1 2025.

Outlook and guidance

• Sinu-9 production capacity expected to rise to 40 mmcfd (24 mmcfd net) by end of October 2025.

• Preparations underway for drilling three wells in Tanzania, starting Q4 2025.

• Bank loan refinancing planned for H2 2025 to extend maturity beyond July 2027.