Maurel & Prom : Tanzania - Promising results of the MB-4 development well

Paris, 17 June 2015
 No. 11-15
Tanzania:

Promising results of the MB-4 development well

The MB-4 development well, drilled 800 m from the MB-2 and MB-3 wells at the Mnazi Bay gas field, has crossed Miocene gas reservoirs with net pay of 24 metres (Upper Mnazi Bay) and 43 metres (Lower Mnazi Bay) respectively, both ranked among the best of the five wells drilled at this field so far. Pressure measurements have confirmed the lateral and the vertical connectivity of each reservoir.

The two reservoirs have been selectively tested at different two-hour stabilised flows, with the following results:

The well will be connected to the production faculties currently being installed at the field, for start-up in the third quarter of 2015.

MB-4 well deepening to the Oligocene was interrupted after encountering high-pressure intervals of unknown origin.

The well's results confirm the Group's ability to produce additional output over and above the initial 80 MMscfd, to deliver 110 to 130 MMscfd.

Based on these results and on the initial production scheduled for third quarter 2015, the next assessment of reserves at the Mnazi Bay field should confirm the previously accepted gas volumes.

Maurel & Prom is the operator of this permit with a 48.06% interest.

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This document may contain forward looking statements about Maurel & Prom's financial position, income, activities and industrial strategy. By nature, forward-looking 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. Such forward looking statements are based on assumptions that are in our opinion reasonable but nevertheless may be inaccurate and are subject to various risks such as fluctuations in the price of crude, exchange rate movements, uncertainties over the valuation of our oil reserves, the effective rate of oil production and associated costs, operational problems, political instability, legislative or regulatory changes, war, terrorism and sabotage.

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