Maurel & Prom: valued production up 32% over the first nine months, driven by oil prices
Over the first nine months of 2026, Maurel & Prom recorded valued production of 521 M$, up 32%, while its total production in M&P share increased by only 4%. The gap is explained by the average selling price of oil, up 40% to 98.8 $/b compared to 70.6 $/b a year earlier. This price increase more than offset the decline in oil volumes in Gabon and Angola.
The press release published on October 22, 2026 also reports a positive net cash position of 40 M$ as of September 30 and a bank refinancing of 465 M$ finalized in early October. These elements occur while the acquisition of Gran Tierra assets in Colombia and Ecuador remains subject to regulatory approvals.
Production up 4%, consolidated revenue at 574 M$
The group's total production in M&P share (including Venezuela) stood at 39,126 bep/d over the first nine months of 2026, compared to 37,749 bep/d a year earlier, representing a 4% increase. The third quarter alone came to 41,555 bep/d, up 8% compared to the second quarter. Excluding Venezuela, which is not consolidated in sales, production reaches 30,568 bep/d, up 3%, with sequential growth of 10% between the second and third quarter.
Consolidated revenue amounts to 574 M$, compared to 489 M$, up 17%. It consists of valued production (521 M$), services activities (8 M$) and oil trading of third parties (57 M$, compared to 102 M$ over the first nine months of 2025). The adjustment of lifting timing discrepancies and inventory revaluation had a negative effect of 11 M$, compared to 18 M$ a year earlier.
By country, Gabon remains the leading source of income with 345 M$ (+ 22%), ahead of Angola (93 M$, + 29%), Tanzania (63 M$, + 62%) and Colombia (21 M$).
Price offsets oil decline, gas advances in Tanzania and Colombia
In Gabon, oil production in M&P share on the Ezanga permit stood at 13,710 b/d, down 10%. The company attributes this decline in particular to a scheduled production shutdown in June and water injection issues being resolved. In the third quarter alone, Gabonese production (13,345 b/d) was stable compared to the second quarter (13,341 b/d), and a well stimulation campaign is scheduled to begin by year-end.
In Angola, production declined 9% over nine months, to 3,973 b/d, but rose to 4,113 b/d in the third quarter compared to 3,770 b/d in the second. The average price of oil varied by quarter: 117.9 $/b in the second quarter, then 87.2 $/b in the third. In Venezuela, production in M&P Iberoamerica share increased 5%, to 8,558 b/d, with three liftings completed in the third quarter.
Gas is gaining weight in the portfolio. In Tanzania, production in M&P share reaches 67.0 Mpc/d (+ 12%), and the start of production from wells MB-5 and MS-2 brought current Mnazi Bay production to approximately 130 Mpc/d (78 Mpc/d in M&P share). The Kasa-1X exploration well revealed a discovery estimated at approximately 200 Gpc on a 100% basis (120 Gpc in M&P share), with production envisaged as early as November 2026.
In Colombia, production reaches 15.4 Mpc/d in M&P share in the third quarter, and the export capacity of the Sinu-9 block was increased to 40 Mpc/d in early October. The Magico-2X well was plugged and abandoned, however, due to insufficient thickness for commercial exploitation. In Angola, the Pacassa South West well confirmed volumes in place estimated at approximately 70 Mb on a 100% basis, with production expected in the first quarter of 2027 after a postponement of its completion.
Net cash of 40 M$ and Gran Tierra expected by end of 2026
As of September 30, 2026, Maurel & Prom reported a positive net cash position of 40 M$, with 133 M$ in available cash for gross debt of 93 M$. This position includes the payment in the third quarter of a dividend of 89 M$ and payment of a deposit of 50 M$ related to the acquisition of Gran Tierra assets.
This transaction is subject to a definitive agreement signed on August 5, 2026. Gran Tierra shareholders approved it on October 9 and bondholders with maturity in 2031 gave their consent. Regulatory approvals in Colombia and Ecuador remain to be obtained, and completion is expected by December 31, 2026.
On October 8, the group finalized the refinancing of its bank debt for a total of 465 M$ (300 M$ term loan and 165 M$ revolving credit), with maturity extended to October 2031 and a one-year grace period. Following the transaction, available bank liquidity stands at 505 M$, including 133 M$ in cash, excluding a 100 M$ shareholder loan facility not drawn.
