Production
Maurel & Prom's working interest production for 2007 was 14,552 boepd, including 14,380 boepd in Colombia, 76 boepd in Congo and 96 boepd in Gabon.
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.