锟� Solid operational and financial performance
o M&P working interest production in 2025: 37,096 boepd, up 2%
o Scope 1 and 2 emissions: 14.4 kg of CO2 equivalent per barrel of oil equivalent
o Lower oil price environment: oil sale price of $69.4/bbl vs. $80.3/bbl in 2024
o Sales of $578 million, EBITDA of $249 million, consolidated net income of $428 million and Group share of net income of $410 million; free cash flow of $236 million
锟� Confirmation of the asset potential in Venezuela, and new regulatory framework following
the issue of General License 50A by OFAC
o Production up sharply by 34% in 2025, or 8,194 bopd for the M&P Iberoamerica working interest
o Significant increase in 2P reserves, standing at 148 mmbbls vs. 80 mmbbls at the end of 2024
o Resumption of liftings expected soon following the issuance of General License 50A; intensive
work programme to deliver the asset锟絪 full potential
锟� High level of development and exploration activity across an expanding portfolio
o Development capex: $169 million in 2025; $240 million budgeted for 2026
o Exploration capex: $15 million in 2025; $42 million budgeted for 2026
o 6-well campaign in Colombia: drilling of first well Hechicero-1X in progress
o 3-well campaign in Tanzania: MB-5 drilling completed, field potential at 130 mmcfd (gross)
o In Gabon, the Mouletsi-2 well on Etekamba demonstrated a production potential of 25 mmcfd
锟� Expanding portfolio through external growth
o Acquisition of a 61% interest in the Sinu-9 gas licence in Colombia and takeover of operatorship
o Entry into Block 3/24 in Angola, adjacent to Blocks 3/05 and 3/05A
锟� Considerably strengthened financial structure, notably thanks to the sale of the 20.07%
stake in Seplat Energy
o Cash of $460 million and a positive net cash position of $179 million at 31 December 2025
o Position before the impact of M&A in January 2026: $170 million of additional net cash ($248
million from the sale of Seplat Energy, less $78 million for completion of Sinu-9)
锟� Growth combined with increased shareholder returns
o Dividend of $77 million (锟�0.33 per share) paid in 2025
o Dividend of 锟�0.38 per share (approximately $90 million) proposed to the General Meeting for
payment in August 2026, an increase of 15%
Audio conference for analysts and investors
M&P will hold an analyst/investor conference today at 10 a.m. via a webcast in French and English, followed by
a question and answer session.
To take part in the live or recorded webcast, please click on the following link:
https://maureletprom.engagestream.euronext.com/2026-03-12-resultats-annuels
The Board of Directors of the Maurel & Prom Group (锟組&P锟�, 锟絫he Group锟�), meeting on 11 March 2026, chaired
by Wisnu Santoso, approved the financial statements1
for the year ended 31 December 2025 for publication.
Olivier de Langavant, Chief Executive Officer of M&P, declared: 锟�2026 opens a particularly exciting chapter
in M&P锟絪 history. The sale of our stake in Seplat Energy has significantly strengthened our balance sheet,
with a cash position giving us considerable means to accelerate our development. The potential of Venezuela
continues to be confirmed with a strong increase in production and a significant increase in reserves, which
we had no doubt about for this high-quality asset. In this context, the issuance of General License GL 50A by
OFAC provides a stable framework to undertake a real phase of growth and development in a changing
Venezuela, broadening opportunities for engagement in its energy sector. In Colombia, Sinu-9 marks our
return as operator of a high-quality gas asset, for which we are very confident about future development and
on which we have begun our exploration drilling campaign with the Hechicero-1X well. We do not forget
our other assets, with development and exploration drilling underway in Gabon and Tanzania. We also have
significant ambitions in terms of external growth, in order to materially increase the Group锟絪 production. Given
our very strong financial position, we are pleased to propose a dividend of 锟�0.38 per share, up 15% compared
with last year. This clearly illustrates our intention to combine ambitious growth with attractive returns for
shareholders. M&P is entering a new phase of growth and value creation, and we look to the future with
confidence and determination.锟�
Financial position
Comments on FY25
Consolidated sales for 2025 amounted to $578 million. The fall in the average oil selling price ($69.4/bbl
compared with $80.3/bbl in 2024), as well as the effect of restatement for lifting imbalances and inventory
revaluation (negative impact of $42 million in 2025 compared with a positive impact of $51 million in 2024),
explain the marked decline of 29% compared with 2024 ($808 million).
Operating and administrative expenses were $212 million, compared with $202 million in 2024. Royalties
and production taxes decreased to $64 million, compared with $72 million in 2024, due to their
proportionality to the selling price. The change in the over/underlift position was positive at $50 million.
Purchases of oil from third parties as part of the Group锟絪 trading activities amounted to $102 million in 2025.
EBITDA amounted to $249 million. Depreciation and amortisation charges amounted to $108 million,
compared with $112 million in 2024. The Group recorded $15 million in exploration expenses during the
year. Other income and expenses include in particular a $287 million gain recognised on the sale of the
20.07% stake in Seplat Energy. Operating income therefore amounted to $403 million.
Net financial expenses amounted to $14 million. Income tax totalled $117 million for the 2025 financial year.
The share of income from equity-accounted entities amounted to $156 million, including $24 million from
the 20.07% stake held in Seplat Energy until the end of December 2025, and $132 million corresponding to
the 40% stake in Petroregional del Lago (锟絇RDL锟�) in Venezuela.
and $410 million, up 74% and 72% compared with their record levels in 2024 ($246 million and $233
million).
Operating cash flow before changes in working capital amounted to $135 million (compared with $285
million in 2024). The change in working capital had a positive impact of $28 million. Operating cash flow
therefore amounted to $162 million.
Development investments amounted to $169 million, compared with $123 million in the previous year. These
include $115 million related to development activities in Gabon, $40 million in Angola, $12 million in
Tanzania, and $2 million for the drilling subsidiary Caroil. Exploration investments amounted to $15 million,
including $12 million in Gabon and $2 million in Tanzania.
Acquisitions and disposals generated a net cash inflow of $197 million, corresponding to the $248 million
received in 2025 from the sale of the 20.07% stake in Seplat Energy, less deposits paid in connection with
announced acquisitions in Colombia ($43 million) and Angola ($8 million).
In 2025, M&P received a total of $61 million in dividends, including $32 million from its 40% stake in PRDL
(net of the 20% paid to the minority shareholder of M&P Iberoamerica) and $28 million from its 20.07% stake
in Seplat Energy.
Free cash flow therefore amounted to $236 million, stable compared with the previous year ($241 million).
In terms of financing flows, net debt service was positive at $109 million, and includes:
锟� $180 million of debt drawn, including $50 million corresponding to the amortising accordion tranche
drawn in the second half of 2025, and $130 million drawn under the RCF as at 31 December 2025
锟� $58 million repaid in respect of amortising debt maturities
锟� $13 million net cost of debt for the year
M&P also distributed $77 million in dividends during the 2025 financial year, corresponding to 锟�0.33 per
share paid in August 2025.
The change in cash during the year was therefore positive at $267 million.
Borrowings and financing
The Group posted a positive net cash position of $179 million as at 31 December 2025, compared with $34
million at the end of December 2024, reflecting a significant strengthening of its financial structure.
Cash amounted to $460 million at the end of December. Gross debt reached $282 million, including $240
million of bank debt, comprising $110 million in term loans and $130 million drawn under the revolving
credit facility (RCF), as well as $42 million in shareholder loans.
This cash position is explained in particular by the receipt on 31 December 2025 of a first payment of $248
million relating to the sale by M&P of its stake in Seplat Energy. It should be noted however that this position
does not include:
锟� The $78 million payment made in early January in connection with the completion of the acquisition of the 61% interest in Sinu-9; and
锟� The receipt of a second payment of $248 million in early February, corresponding to the balance of
the sale of the stake in Seplat Energy.
Discussions regarding the refinancing of the bank loan are at an advanced stage, with the objective of
increasing the amount and extending its maturity beyond the current maturity in July 2027.
Operating and financial forecasts for 2026
The Group expects production (M&P share) to reach 42,700 boepd in 2026, of which:
锟� 14,800 bopd in Gabon (equivalent to 18,500 bopd of 100% production on Ezanga)
锟� 4,300 bopd in Angola (equivalent to 21,000 bopd of 100% production on Block 3/05 and 500 bopd
of 100% production on Block 3/05A)
锟� 10,000 bopd in Venezuela (equivalent to 25,000 bopd of 100% production at Urdaneta Oeste)
锟� 66.0 mmcfd in Tanzania (equivalent to 110.0 mmcfd of 100% production on Mnazi Bay)
锟� 15.3 mmcfd in Colombia (equivalent to 25.0 mmcfd of 100% production on Sinu-9)
With these production assumptions, operating cash flow forecasts for 2026 under various Brent price
assumptions are as follows:
锟� At $50/bbl: $190 million
锟� At $60/bbl: $240 million
锟� At $70/bbl: $290 million
锟� At $80/bbl: $340 million
M&P also expects to receive $100 million in dividends in 2026 from its 40% stake in PRDL in Venezuela (net
of the 20% paid to M&P Iberoamerica's minority shareholder), subject to the resumption of liftings.
Other significant cash movements budgeted for the year:
锟� Development investments: $240 million, broken down as follows:
o $130 million in Gabon
o $30 million in Angola
o $40 million in Tanzania
o $40 million in Colombia
锟� Exploration investments: $42 million, broken down as follows:
o $20 million in Gabon for exploration drilling and a seismic campaign on the Ezanga permit
o $10 million in Colombia
o $12 million in Italy for possible exploration drilling on the Fiume Tellaro permit in the second
half of 2026 (contingent)
锟� Acquisitions and disposal: Positive impact of $31 million, broken down as follows:
o $190 million for the completion of the acquisition of the 61% interest in Sinu-9, of which
$78 million was already paid at completion in early January
o $258 million inflow, corresponding to the balance of the sale of the stake in Seplat Energy,
of which $248 million had already been received in early February 2026
o Reimbursement of a $6 million deposit in Angola in the event of the exercise of a preemption right on the announced acquisition of an interest in Blocks 14 & 14K
锟� Financing: $ 308 million, split as follows:
o $208 million in debt repayments (excluding refinancing), including $130 million of RCF
repaid in January 2026
o $10 million net cost of debt
o $90 million in dividends
Proposed dividend
After reviewing the Group锟絪 financial position and performance in 2025, the Board of Directors proposes the
payment of a dividend of 锟�0.38 per share in August 2026, corresponding to a total amount of approximately
$90 million.
2025 activity
Environmental, health, safety and security performance (EHS-S)2
In 2025, safety performance improved significantly, reflecting the effectiveness of the corrective measures
implemented following the incidents that occurred in 2024. The Group recorded no lost-time incidents,
bringing the Lost Time Injury Frequency Rate (LTIR) to 0.
The Total Recordable Incident Rate (TRIR) per million hours worked was 0.34 in 2025, a sharp decrease
compared with 2.41 in 2024.
This significant improvement reflects strengthened prevention policies, increased training initiatives and
strong mobilisation of teams, particularly in Gabon. The Group continues its efforts to maintain the highest
standards in health and safety and to ensure that this performance is sustained over time.
The carbon intensity (Scope 1 and 2) of the Group锟絪 operated production amounted to 14.4 kg of CO2
equivalent per barrel of oil equivalent, an increase of 14% compared with 2024 (12.7 kg). This increase is
mainly explained by higher carbon intensity in Gabon (27.2 kg CO2e/boe vs. 23.2 kg in 2024) due to higher
volumes of flared gas. Gas production in Tanzania remains very low-carbon (0.3 kg CO2e/boe in 2025).
Greenhouse gas emissions and intensity per barrel for operated assets in production:
The Group's total M&P working interest production (including Venezuela) amounted to 37,096 boepd for
2025, up 2% compared with 2024. The Group's consolidated M&P working interest production (excluding
Venezuela, not consolidated in sales) was 28,902 boepd, down 4% compared with 2024.
In Gabon, M&P锟絪 working interest oil production (80%) on the Ezanga permit was 14,662 bopd in 2025, down
6% from 2024 due to challenges on the oil export line during the second half of the year.
In Tanzania, M&P锟絪 working interest gas production (60%) on the Mnazi Bay permit amounted to 59.7 mmcfd
in 2025, down 3% from 2024.
In Angola, M&P锟絪 working interest production from Blocks 3/05 (20%) and 3/05A (26.7%) amounted to 4,289
bopd in 2025, virtually unchanged from 2024.
In Venezuela, M&P Iberoamerica锟絪 working interest oil production (40%) at the Urdaneta Oeste field was
8,194 bopd in 2025, up 34%.
Service activities
Caroil, M&P锟絪 wholly owned drilling services subsidiary, operated in Gabon with the C3, C16 and C18
Magh锟絥a drilling rigs. The subsidiary generated $9 million in external revenues (excluding intra-group
services) in 2025.
The C18 Magh锟絥a rig drilled 12 wells on Ezanga in 2025. The C16 rig was mobilised on the Etekamba permit,
where drilling began in December. The C3 rig had no activity during the year.
In Venezuela, the technical assistance subsidiary M&P SIUW supported the joint venture PRDL throughout
the year, generating $4 million in revenues.
Other highlights of the year
Sale of the 20.07% stake in Seplat Energy
On 30 December 2025, M&P entered into a definitive agreement to sell its entire holding of 120.4 million
shares, representing 20.07% of the share capital, in Seplat Energy Plc (锟絊eplat锟�), one of Nigeria's leading
independent energy producers, listed on the London Stock Exchange and the Nigerian Exchange, to Heirs
Energies Ltd (锟紿eirs Energies锟�).
The sale was completed at a price of 305 pence per share, corresponding to a total consideration of $496
million, including an initial payment of $248 million received on 31 December 2025, with a second payment
of $248 million received in early February 2026. An additional payment of $10 million also became due in
mid-February 2026.
M&P is one of the three founders of Seplat and has been its largest shareholder since its creation in 2010.
The Group has supported Seplat throughout its development, helping to make it a leading player in the
Nigerian energy sector, with a diversified portfolio in oil and gas, and playing a key role in Nigeria's energy
security.
This transaction comes at a time that M&P considers particularly opportune to monetise this stake and
reallocate resources towards direct investments in oil and gas assets, in line with the growth strategy that
the Group is determined to step up. M&P also welcomes the transfer of its stake to Heirs Energies, a
subsidiary of leading pan-African investment group Heirs Holdings, and expresses its confidence in Seplat's
ability to continue its development with the support of a strong and committed long-term shareholder.
Acquisition of a 61% interest in the Sinu-9 gas licence in Colombia
The acquisition by M&P of a total 61% working interest and operatorship in the Sinu-9 gas licence in
Colombia was successfully completed on 5 January 2026.
The transactions comprise two acquisitions, for a total consideration of $229 million:
锟� A 40% working interest acquired from MKMS Enerji Anonim Sirketi S.A. (a subsidiary of NG Energy
International Corp). The agreement was signed on 9 February 2025, with effective economic date of
1 February 2025;
锟� An additional 21% working interest acquired from Desarrolladora Oleum S.A. de C.V. and Clean
Energy Resources S.A.S, which includes the transfer of operatorship. The agreements were signed
on 2 July 2025, with effective economic date at closing.
Taking into account the advance payments already made by M&P, the total outstanding consideration
amounted to $185 million. Of this amount, $78 million was paid at completion, with the balance of $108
million payable in instalments during 2026.
M&P now holds a 61% working interest in the Sinu-9 licence and assumes operatorship of the asset. M&P
also retains an option to acquire an additional 5% working interest in Sinu-9 from NG Energy for a
consideration of $18.75 million within 12 months, subject to adjustments for cash flows from the effective
date on 1 February 2025.
Sinu-9 started production in November 2024 as part of the ongoing long-term test of the Magico-1X and
Brujo-1X wells. Evacuation infrastructure is in place today for gross production of 30 mmcfd, which will be
increased to 40 mmcfd by Q2 2026. Current production (January 2026) stands at around 14 mmcfd (gross).
The six-well exploration campaign began in late February 2026.
Entry into Block 3/24 in Angola
In early September 2025, M&P signed heads of terms with Angola's National Oil, Gas and Biofuels Agency
(锟紸NPG锟�) for the risk service contract (锟絉SC锟�) covering offshore Block 3/24. The RSC was formally approved
by presidential decree on 8 October 2025. Under the agreed terms, Maurel & Prom Angola S.A.S. will hold a
40% interest in Block 3/24, alongside Afentra Plc (operator, 40%) and Sonangol P&P (20%).
The heads of terms for Block 3/24 set out an initial five-year period to review the development potential of
existing discoveries and exploration prospects, followed by a 25-year production period that would
subsequently be awarded when a discovery is developed.
Information on SPA for the acquisition of Azule Energy's interests in Blocks 14 & 14K offshore Angola
On 10 December 2025, M&P signed, together in a consortium with BW Energy Limited (锟紹W Energy锟�), a
Sale and Purchase Agreement (锟絊PA锟�) with Azule Energy Angola B.V. (锟紸zule Energy锟�) for the joint
acquisition of a 20% interest in Block 14 (10% net to M&P) and a 10% interest in Block 14K (5% net to M&P),
both located offshore Angola.
Completion of these joint transactions is subject to receipt of the requisite regulatory approvals, the fulfilment
of a number of customary conditions precedent and the possible exercise of applicable pre-emption rights.
In this context, one of the existing partners in Blocks 14 and 14K in Angola gave notice at the beginning of
February 2026 of its intention to exercise its right of pre-emption.
It is specified that the SPA entered into between M&P, BW Energy, and Azule Energy remains effective until
the definitive execution of a new sale and purchase agreement between the holder of the pre-emption right
and the seller.
Information on activities in Venezuela and the Group's inclusion in OFAC's General License 50A
On 18 February 2026, the Office of Foreign Assets Control (锟絆FAC锟�) of the United States Department of the
Treasury issued General License 50A (锟紾L 50A锟�) authorising certain international operators to resume oil
and gas operations in Venezuela and specifically mentioning M&P among the authorised entities.
GL 50A authorises the entities listed in its annex, including M&P, to engage in transactions otherwise
prohibited under the Venezuela Sanctions Regulations relating to oil and gas operations. In practical terms,
GL 50A:
锟� Allows M&P to resume and conduct oil and gas operations in Venezuela, including transactions
involving the Government of Venezuela and Petr锟絣eos de Venezuela S.A. (锟絇dVSA锟�) entities;
锟� Requires M&P to amend its agreements with PdVSA to be governed by U.S. law and dispute
resolution within the U.S.;
锟� Requires payments (including taxes and royalties) to the Government of Venezuela or PdVSA to be
made in accordance with the mechanisms specified by U.S. authorities.
This development provides a stable regulatory framework for M&P's activities in Venezuela. The Group will
continue to work closely with its partners and the relevant authorities to advance operations in the Urdaneta
Oeste field, operated by PRDL, in which M&P Iberoamerica (an 80% subsidiary of M&P) holds a 40% interest.
M&P also welcomes the recent reform of the hydrocarbon sector voted by the Venezuelan authorities and
the associated tax provisions, enabling accelerated development aimed at maximising production, while
strengthening operational autonomy and supporting investment in the sector.
Update on ongoing development and exploration activities
Gabon
Drilling of the Mouletsi-2 well on the Etekamba gas permit was completed at the end of February 2026. The
well encountered 43 metres of net gas pay in the Gamba and Dentale formations; it was tested and
demonstrated a production capacity of 25 mmcfd. Start-up of production is expected by the end of 2026.
Tanzania
On the Mnazi Bay permit, drilling of the MB-5 well, the first well drilled on the licence since 2014, began on
6 February 2026. The well encountered the expected reservoir. It is currently being completed and will
increase the field锟絪 production potential from 100 to 130 mmcfd (100%). The drilling campaign will continue
with the MS-2X development well, which will be followed by the KASA-1X exploration well.
Colombia
On the Sinu-9 permit, the six-well exploration campaign began on 24 February 2026. Drilling of the
Hechicero-1X well is progressing well. The well has successfully drilled through the CDO formation,
confirming its gas potential and fully in line with expectations. The results are now pending evaluation.
Italy
M&P expects to obtain the environmental licence very shortly, which will allow the drilling of an exploration
well on the Fiume Tellaro permit.
Group reserves at 31 December 2025
The Group锟絪 reserves correspond to technically recoverable hydrocarbon volumes representing the Group锟絪
share of interests in permits already in production and those revealed by discovery and delineation wells that
can be commercially exploited. These reserves at 31 December 2025 were certified by DeGolyer and
MacNaughton.
The Group锟絪 2P reserves amounted to 294.8 mmboe at 31 December 2025, including 167.3 mmboe of proven
reserves (1P).
M&P working interest 2P reserves:
Gabon
The significant increase in reserves in Venezuela is due to geoscience studies carried out during 2025, which
largely confirm the potential of zones previously considered unproven.
These reserves do not include reserves for the Sinu-9 asset in Colombia, as the acquisition was completed
in early January.