Contacter Bordier
Disclaimer
Informations Légales
Plan du site
Rechercher ...
...........................
DE
ES
Maurel &Prom has published lacklustre exploration results for the past year and is refocusing its activity on a less risky model. This will now be based essentially on production and its growth, in Gabon and Nigeria. That being so, and given the group’s reserves, we believe that the share, more risky than most companies in the sector, is currently priced at a significant discount.
Maurel & Prom published turnover figures for H1 2010 up 68% at EUR 131.3 million. The company confirmed its presence in Gabon with the doubling of production of the Onal field. Despite several investments which may well worry the market, the company still offers an attractive valuation.
We met Mr Hochard, CFO of Maurel et Prom, in Paris. Gabon has confirmed its production growth potential. Nigeria is increasingly becoming a major low cost development option. The Mafia Deep field is to be sold. PLUS-R code confirmed.
Maurel et Prom has published lacklustre results for 2009, impacted by non-recurring factors. The company has restructured its balance sheet and is very well placed for 2010. Its reserves are rising, its production will more than double in Gabon and its Nigerian operation is likely to be finalized. On the exploration side, nine significant results are expected by the end of the 1st half. PLUS-R code confirmed.
The share price of M & P, which is well capitalized, reflects the value of the production assets (Gabon) but does not take on board the true potential of discoveries. Seventeen drilling results are expected in 2010, including several which are likely to significantly increase the company’s worth. M & P has recently announced that it will be beginning operations in Nigeria under favourable conditions. In view of the potential and associated risk level, we are giving this share a PLUS-R code.
version française