Maurel & Prom: in the black again (cash, not oil)

(CercleFinance.com) - Maurel & Prom said on Thursday that it has a positive net cash position for the first time since 2007, a position that ideally positions it to return value to shareholders.


The independent oil company had a net cash position of $11m at 31 March compared with net debt of $120m at end-2023.

M&P states that a dividend of E0.23 per share, representing a total payout of around $50m, will be proposed, as planned, to shareholders for approval at its AGM on 28 May.

This announcement comes as the company's working interestproduction rose 13% to 38,305 barrels of oil equivalent per day in Q1, compared with Q4 2023.

In detail, oil production rose by 8% in Gabon, 2% in Angola and 34% in Tanzania, while remaining stable in Venezuela.

Based on an average oil selling price of $84.3 per barrel, sales were also up 13% sequentially to $212m in Q1.

M&P shares - which joined the SBF 120 index last month - were up 0.2% on Thursday morning on the Paris Bourse following this trading update.


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