Maurel & Prom - M'Bafou Well: Plugged and Abandoned

News provided by

Maurel & Prom

Feb 12, 2010, 01:45 ET

PARIS, February 12 /PRNewswire-FirstCall/ -- Marine III exploration permit (M&P operator, 75%)

Maurel & Prom is announcing the failure of the M'Bafou well drilled in the Marine III exploration permit in the Congo. This well reached a level of 2,701 m and met its oil targets. Nevertheless, the characteristics of the reservoir aren't good enough to allow a production. Thereof, the well will be plugged and abandoned.

Under the same permit, drilling on well NGO-1, drilled from the coast, will start up in the coming days.

Recap on the impact of exploration on the Group's income statement

The Group would like to remind you that it applies the "full costs" method. Therefore, exploration costs incurred for a permit that does not result in a commercial discovery for a particular well and which leads to the decision to definitively stop work are expensed in the year the failure is recognised.

In view of the scale of the drilling programme in 2009, all the exploration costs will have an exceptionally high impact on the accounts for 2009.

In addition, the Group would like to remind that drilling leading to a new discovery translates into an increase in reserves when sufficient work has been carried out for the auditor to be able to evaluate and to certify them.

For further information, visit http://www.maureletprom.fr

This document may contain predictions about the financial situation, results, activities and industrial strategy of Maurel & Prom. Predictions by nature include risks and uncertainties to the extent that they are based on events or circumstances whose future outcome is uncertain. These predictions are made on the basis of hypotheses that we consider to be reasonable but which may prove to be inaccurate and entail certain risk factors such as variations in the price of crude, the effective rate of production as well as its associated costs, operational problems, political stability, legislative or regulatory reforms, war, acts of terrorism or sabotage.

             Maurel & Prom is listed for trading on Euronext Paris -
                      Compartment A - CAC mid 100 Index

             ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA


    Next meeting:
    07/04/2010 2009 Results, after the market close
    08/04/2010 Analysts Presentation
    20/05/2010 Shareholders' Meeting
    Contact: INFLUENCES, +33(0)1-42-72-46-76,
[email protected]

SOURCE Maurel & Prom

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED