Etablissements Maurel & Prom — Earnings Release 2011

Feb 2, 2012

Paris,!2!February!2012 !No.!04412

Strong!growth!in!2011!sales,!up!72%!to!€374!million!vs!2010

2011!entitlements!up!21%!to!14,607!bopd!vs!2010

Sales!for!FY!2011!up!72%!over!2010
(In € m)	Q1 2011	Q2 2011	Q3 2011	Q4 2011	12 mths 2011	12 mths 2010	Chg
Exchange rate	1.367	1.440	1.413	1.347	1.392	1.326	5%
Gabon	93.7	108.3	92.4	120.5	414.9	253.9	63%
Tanzania	0.2	0.2	0.2	0.2	0.7	0.6
Congo	0.0	0.2	0.0	0.0	0.2	0
Oil production	93.8	108.7	92.6	120.7	415.9	254.5	63%
Impact of hedges	-8.7	-11.1	-10.8	-11.7	-42.3	-37.9
Consolidated sales	85.2	97.6	81.8	109.0	373.6	216.6	72%

Following the disposal of Caroil, the Oil Services activity has been reclassified in the income statement under "Net income from discontinued activities." Similarly, activity in Nigeria has been restated following the deconsolidation of these assets.

The Group's consolidated sales came to €373.6 million, a 72% increase on the previous year.

This improvement was due mainly to the growth in volumes sold in Gabon (+21%, see below) and a favourable price effect (+41%). Movements in the euro/US dollar exchange rate, however, were adversely affected (-5%).

In early 2009, while securing financing for the reserve-based loan, the company set up hedges for operating cash flows based on oil prices. In the first half of 2011, 4,417 bopd were hedged at a price of \$75/b while the average price of Brent was \$111/b. This produced a downward adjustment of €42.3 million.

Excluding the impact of hedges, the average sale price for 2011 was \$110.9/b.

	2011	2010
Environmental!data	12!mths	12!mths	Change
Exchange!rate!(€/US\$)	1.39	1.33	+5%
Exchange!rate!(US\$/€)	0.72	0.75
Brent!(US\$/barrel)	111.2	79.4	+40%

Q4!entitlements!of!14,217!bopd,!for!an!average!of!14,607!bopd!for!the!year!2011.

The following table summarises the various production data in barrels per day for Gabon¹ for the full year 2011.

						2011	2010
		Q1	Q2	Q3	Q4	12!mths	12!mths	Chg.
Operated!production	bopd	17,338!!!	18,685!!!	!18,864!!!	17,662!!!	18,140!!!	14,618	24%
M&P!share	bopd	14,784!!!	15,925!!!	!16,077!!!	15,048!!!	15,461!!!	12,774!!!	21%
Entitlements	bopd	13,968!!!	15,046!!!	!15,189!!!	14,217!!!	14,607!!!	12,051!!!	21%
Production!sold	bopd	13,884!!!	14,645!!!	!12,492!!!	16,051!!!	14,269!!!	11,768!!!	21%
Sale*price	\$/b	102.7*	116.6***	114.4***	110.2***	110.9***	78.5	41%

During!the!month!of!January!2012,!operated!production!averaged!at!19,000!bopd.!However,!a! landslide!on!the!platform!500 site!(field!OMOCNNorth)!led!to!the!interruption!of!production!(of! about! 1,500!bopd).!The! situation!is!being!analysed;! the!production!of! this!platform!would!be! certainly!stopped!for!several!months.

Colombia:!Sabanero!field!undergoes!production!test!

On!17!December!2011,!MP!Colombia!started!up!production!at!two!wells!in!the!Sabanero!field,! the! horizontal! SABN2Hz1! well! and! the! vertical! SABN2! well.! An! additional! well,! SABN4Hz1,! was! connected!on!14!January!2012!and!is!now!discharging.!

The!preliminary!field!development!drawing!makes!provisions!for!vertical!and!horizontal!wells!to! be!drilled!at!a!number!of!target!sites. Two!wells!will!also!be!drilled!to!reinject!production!water. This!drawing!is!subject!to!change!as!the!results!obtained!change. At!cruising!speed,!output!from! the!horizontal!well!should!reach!about!700!bopd!and!the!vertical!about!300!bopd.

¹ Onal, Omko, Ombg, Omgw, Omoc, Banio

Two!additional!horizontal!wells!should!come!into!production!during!February!2012.

According!to!the!MP!Colombia!works!programme,!Maurel!&!Prom's!share!of!output!could!reach! 7,000!bopd!by!the!end!of!the!year.!

No!sales!were!recognised!during!the!course!of!2011.

GLOSSARY

Gross!production: production!at!100%.

Working!interest!production: gross!production!N!partner's!share.

Mining!royalties!in!Gabon: royalties!are!paid!in!foreign!currencies!in!Gabon.

Entitlements: working!interest!production!N!inNkind!royalties!N!inNkind!State!share!of!profit!oil!+! corporation!tax!if!the!State's!profit!oil!is!paid!in!kind.

Production!sold: entitlements!N/+!stock.

Sale!price: in!Gabon,!prices!are!set!by!the!State!based!on!oil!quality!and!benchmark!prices. The! mutuallyNagreed!costs!to!achieve!commercial!viability!are!then!deducted!from!these!prices.

Sales: entitlements!x!sale!price. Sales!are!recognised!on!the!production!extraction!date.

Taxes!and!duties: profit!oil!due!to!the!Gabonese!State!is!paid!in!foreign!currencies!for!the!Banio! field! and! in! kind! for! the! Onal,! Omko,! Omgw! and! Ombg! fields. Corporation! tax! in! Gabon! is! included!in!the!State!profit!oil!and!systematically!recognised!as!revenue.

Second4quarter! sales: sales! for! the! second! quarter! are! calculated! by! deducting! sales! for! the! first!quarter!from!the!figure!for!halfNyear!sales.

Third4quarter! sales: sales! for! the! third! quarter! are! calculated! by! deducting! sales! for! the! first! half!of!the!year!from!sales!for!the!first!nine!months.

Fourth4quarter!sales: sales!for!the!fourth!quarter!are!calculated!by!deducting!sales!for!the!first! nine!months!of!the!year!from!the!aggregate!sales!for!the!full!12!months.

For!more!information,!visit!www.maureletprom.fr

Communication: INFLUENCES! :!01!42!72!46!76 :!communication@agenceNinfluences.fr

This*document*may*contain* forwardGlooking*statements*regarding*the* financial*position,*results,*business*and*industrial*strategy*of*Maurel*&* Prom.*By*nature,*forwardGlooking*statements*contain*risks*and*uncertainties*to*the*extent*that*they*are*based*on*events*or*circumstances*that* may* or*may* not* happen*in* the* future.*These* projections* are* based* on* assumptions*we* believe* to* be* reasonable,* but*which*may* prove* to* be* incorrect*and*which*depend*on*a*number*of*risk*factors*such*as*fluctuations*in*crude*oil*prices,*changes*in*exchange*rates,*uncertainties*related* to* the* valuation* of* our* oil* reserves,* actual* rates* of* oil* production* and* related* costs,* operational* problems,* political* stability,* legislative* or* regulatory*reforms,*or*even*wars,*acts*of*terrorism*or*sabotage.

Maurel & Prom is listed for trading on Euronext Paris – Compartment A N mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA