Maurel & Prom

Capex

This exploration activity will amount to a global investment of approximately €200 million in 2008 (firm + optional, Maurel & Prom share) and will go on to 2009. It should allow Maurel & Prom to attain its objective of renewing the reserves sold to Eni relative to the sale of M’Boundi, before the end of 2009.

The €239 million 2008 development program is 80% based on the development of the Onal field in Gabon (€191 million). In 2008, 10 oil production wells, 4 water injection wells and 2 water production wells will be drilled. Starting in April, a drilling rig will bring the pumps down to the production wells. The laying of the oil pipeline and the construction of 4 heating stations started in February. The work on the production centre as well as the associated work (pipes and electricity) are in the process of starting, the civil engineering phase being almost over.

The pre-production phase on Onal should end at the beginning of the fourth quarter 2008. The exploitation should quickly reach over 10,000 bbl/d (Maurel & Prom share). This level will be maintained thanks to the water injection that will start at the end of this fiscal year. The development investments, in Colombia, consist of a production maintenance program in the old fields and the start of gas exploitation (Don Pedro).

The start of 2008 saw favourable results on the development and appraisal wells in Colombia (Balcon 22, Pacande, La Canada Norte) and in Gabon on Onal.

In terms of production, the Company is projecting production for its share of an average of 19,000 bbl/d over the year (16,100 bbl/d net of in kind taxes, entitlement). Following the start of production from the Onal field in Gabon, planned for October 1, 2008, production at year-end will be 25,500 bbl/d for its share (i.e. production of 21,800 bbl/d net of in kind taxes, entitlement).

Production

Colombia - Maurel & Prom share, was 14,380 boepd in 2007 compared with 16,507 boepd in 2006, or a reduction of 13%. The Balcon-21 well restarted production on September 16 so that 1,000 boepd of Maurel & Prom's share in production could be recovered. The average selling price was US$ 62.79 per barrel after the effect of selling price hedging by Maurel & Prom.

Gabon - On the Nyanga Mayombe permit (Banio), work to build the station and Banio-2 oil evacuation pipeline meant that the well could be put into production for long-duration production testing. The well was shut down and then reopened so that the reserves associated with it could be assessed. Its total production in 2007 rose to almost 35 200 barrels.

Reserves

At year end 2007, the Company had 199.9 million barrels of proven and probable reserves. The Company’s average lifting rate for 2007 was 70.5 MBOEPD (2006: 78.1 MBOEPD). Average realized prices of USD 72.5 per barrel for oil and USD 3.2 per MMBTU for gas were achieved over the year (2006: USD 64.0 per barrel for oil and USD 2.8 per MMBTU for gas).

At January 1 2007, allowing for the Congo sale, proven reserves were 46 Mboe (P1) and proven and probable reserves were 112.6 Mboe (P1+P2). They represent the proportion of the Company's interests in each of the permits, with royalties deducted.

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