Maurel & Prom is a Gabon-centered mid-cap upstream producer (Ezanga oil core), diversified into Angola offshore oil, Tanzania gas (post-Wentworth) and a Venezuela Lake Maracaibo interest, controlled ~71% by Indonesia's Pertamina since 2017.
FY2025 revenue fell ~29% to ~$0.58bn on lower oil prices, but net income jumped to ~$0.41bn on one-off/tax items; the company runs a net cash position (~$0.28bn) yet FCF turned slightly negative on elevated capex. Thin free float and Pertamina control limit M&A optionality and liquidity.
Its EV/EBITDA of 5.9x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 14.4% is higher than the 6.5% median, and at $8.74/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Maurel & Prom scores 61/100, strongest on valuation (73/100). Sub-scores: value 73, quality 58, growth 47, risk 48 (higher = riskier).
Maurel & Prom holds approximately 0.17 billion boe of proved (1P) reserves with FY2025 production of about 37 thousand boe/d (70% liquids), a reserve life of roughly 12.3 years. Break-even: ~$40 (Brent breakeven) — Low-cost onshore Gabon oil (Ezanga) anchors a full-cycle Brent breakeven around $40/bbl; net cash balance sheet adds resilience through the cycle.
For Maurel & Prom, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Gabon | 65% | 74 | 2023 coup, debt stress, mature fields, fiscal renegotiation. |
| Angola | 10% | 76 | High debt, FX/repatriation risk, mature declining fields. |
| Tanzania | 10% | 74 | Stalled LNG negotiations, fiscal-terms uncertainty. |
| Venezuela | 10% | 96 | Sanctions, expropriation history, PDVSA collapse, regime risk. |
| Other | 5% | 50 | diversified/unspecified exposure — universe-average proxy |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Ezanga (Onshore oil) | Gabon | Oil | Core producing licence, ~80% WI; low-cost onshore |
| Kari / Gabon exploration | Gabon | Oil | Near-field development & exploration upside |
| Block 3/05 | Angola | Oil | Offshore mature waterflood, ~20% WI |
| Block 3/05-A & 3/11 | Angola | Oil | Development and appraisal upside |
| Mnazi Bay | Tanzania | Gas | Domestic gas supply (Wentworth-acquired) |
| Ruvuma (Tanzania gas) | Tanzania | Gas | Gas development, growth optionality |
| Petroregional del Lago | Venezuela | Oil | Lake Maracaibo JV; high country risk |
| Colombia licences | Colombia | Oil | Non-core exploration acreage |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 24 | 28 | 42 | 44 | 37 |
| Proved reserves (bnboe) | 0.16 | 0.17 | 0.19 | 0.18 | 0.17 |
| Revenue ($bn) | 0.5 | 0.7 | 0.7 | 0.8 | 0.6 |
| EBITDA ($bn) | 0.2 | 0.4 | 0.3 | 0.4 | 0.2 |
| Net income ($bn) | 0.1 | 0.2 | 0.2 | 0.2 | 0.4 |
| Free cash flow ($bn) | 0.1 | 0.3 | 0.2 | 0.1 | 0.2 |
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✓ FY2025 figures verified against primary sources: