Etablissements Maurel & Prom (MAU) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 working-interest production reached 39,126 boepd, up 4% YoY, with Q3 production up 8% QoQ.

• Valued production rose 32% to $521 million and consolidated sales rose 17% to $574 million; the average oil sale price increased 40% to $98.8/bbl.

• A Tanzania gas discovery and progress on the Gran Tierra acquisition were key developments; refinancing strengthened liquidity and extended debt maturities.

Financial highlights

• Valued production was $521 million for 9M 2026, up 32% YoY; consolidated sales were $574 million, up 17%.

• Service activities generated $8 million and third-party oil trading generated $57 million in 9M 2026.

• Lifting imbalances and inventory revaluation had a negative $11 million impact on 9M 2026 sales.

Outlook and guidance

• Kasa-1X first production is envisaged as early as November 2026, with expected gross production potential of 50 mmcfd.

• First production from Angola's Impala-2 is expected in January 2027; Pacassa South West is planned to start production in Q1 2027.

• Gran Tierra transaction completion remains expected by 31 December 2026, subject to ongoing regulatory approval processes in Colombia and Ecuador.

• A Gabon well stimulation campaign is scheduled to begin before year-end; one to two wells at the Etekamba gas licence are being considered for 2027.