Group business activities in the first half
of 2025 1
1.1 Financial performance ..................................................... 2
1.2 Production activities ........................................................ 3
1.3 Exploration activities ....................................................... 3
1.4 Information on the acquisition under way of a
61% stake in the Sinu-9 gas permit in Colombia .... 4



Shareholders' equity and corporate life 5
2.1 General Shareholders’ Meeting .................................... 5
2.2 Total number of voting rights and shares
comprising the share capital ......................................... 5
2.3 Risks and uncertainties ................................................... 5



Group's condensed consolidated
financial statements 6
3.1 Consolidated statement of financial position ......... 6
3.2 Consolidated statement of profit & loss
and other comprehensive income .............................. 7
3.3 Changes in shareholders’ equity .................................. 8
3.4 Consolidated statement of cash flow ........................ 9
3.5 Notes to the condensed consolidated
financial statements ......................................................... 10



Statutory Auditors’ review report
on the half-yearly financial information 25


Person responsible for the half-year
financial report 26
GROUP BUSINESS ACTIVITIES IN THE FIRST HALF OF 2025
Introduction




1 GROUP BUSINESS ACTIVITIES
IN THE FIRST HALF OF 2025
(in US$ millions)
Income statement S1 2025 S1 2024 Change
Sales 289 412 (30%)
Opex & G&A (102) (105)
Royalties and production taxes (34) (42)
Change in overlift/underlift position 39 (3)
Purchase oil from third parties (52) (76)
EBITDA 140 186 (25%)
Depreciation, amortisation and provisions and impairment
on assets in production and development (42) (51)
Expenses and impairment of exploration assets (2) (1)
Other 3 (8)
OPERATING INCOME 98 126 (22%)
Financial income (4) (8)
Income tax (46) (49)
Share of income/loss of associates 59 35
NET INCOME 107 105 2%
O/w net income before non-recurring items (a) 106 96 10%
O/w Group share of net income 104 101 3 %
O/w non-controlling interests 4 4 — %
(a) Reconciliation of net income before non-recurring items can be found in note 3.5.4.1



Cash flows S1 2025 S1 2024 Change
Cash flow before income tax 145 180
Income tax paid (72) (29)
OPERATING CASH FLOW BEFORE CHANGE
IN WORKING CAPITAL 73 151 (52%)
Change in working capital requirement 35 (12)
CASH FLOW FROM OPERATING ACTIVITIES 108 139 (22%)
Development capex (65) (54)
Exploration capex (4) (10)
M&A (22) 40
Dividends received 47 44
FREE CASH FLOW 64 158 (59%)
Net cost of debt (34) (41)
CHANGE IN CASH POSITION 31 116 (73%)
Opening cash 193 97
CLOSING CASH 225 213



Cash and indebtness S1 2025 31/12/2024 Change
Closing cash 225 193
Closing gross debt 134 160
CLOSING NET DEBT (91) (34) 171%


At its meeting of 4 August 2025, the Board of Directors of "Despite the sharp fall in crude oil prices, M&P has once
the Maurel & Prom Group (“M&P” or “the Group”) again demonstrated the strength of its business model
approved the financial statements for the half year ended and its ability to generate value. Thanks to our operational
30 June 2025. and financial discipline we have posted resilient results and
show a stronger balance sheet together with greater
Olivier de Langavant, Chief Executive Officer of Maurel & strategic flexibility. With the imminent completion of our
Prom, said: acquisition in Colombia and a solid cash position, we are
fully committed to pursuing this growth and development
momentum while maintaining our shareholder return
policy.”




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 1
GROUP BUSINESS ACTIVITIES IN THE FIRST HALF OF 2025
Financial performance




1.1 FINANCIAL PERFORMANCE
The Group's consolidated sales for the first half of 2025 acquisitions corresponds to the payment of deposits to
came to $289 million, down sharply compared with the NG Energy and Etu Energias for acquisitions in progress,
first half of 2024 ($412 million) due to the fall in both respectively in Colombia for the Sinu-9 licence and in
M&P’s share of consolidated production (down 7% to Angola for Block 3/05.
29,620 boepd) and in the average selling price of oil
(down 16% to $70.9/b). Lower third-party oil trading M&P received $47 million in dividends in the first half of
activities ($52 million compared with $77 million in 2024) 2025, including $33 million from PRDL in Venezuela (net
also explains this decrease. of the 20% paid to M&P Iberoamerica’s minority
shareholder), and $14 million from Seplat Energy.
Operating and administrative expenses came to
$102 million for the period. Royalties and taxes from Free cash flow stood at $64 million at the end of the first
operations amounted to $34 million, and oil purchases half of 2025
from third parties to $52 million. Net debt servicing amounted to $34 million, of which
EBITDA was $140 million. Depreciation and amortisation $26 million in principal repayments. As a result, the change
amounted to $42 million while exploration expenses came in cash position is positive at $31 million.
to $2 million. Operating income came out at $98 million, The Group had a positive net cash position of $91 million at
after taking into account other income of $3 million 30 June 2025, compared with $34 million at 31 December
After factoring in the financial result (a structural financial 2024. Its cash position was $225 million versus gross debt
loss of $4 million), income tax ($46 million) and the share of $134 million, of which $85 million in bank loan and
of income of associates ($59 million, of which $52 million $49 million in shareholder loan. M&P repaid $26 million of
for its 40% interest in Petroregional del Lago ("PRDL") in gross debt in the first half of 2025 ($19 million of bank loan
Venezuela, and $7 million for its 20.46% interest in Seplat and $7 million of shareholder loan).
Energy), the Group's consolidated net income amounted Thanks to the completion on 11 April 2025 of an accordion
to $106 million for the first half of 2025 (of which $107 facility of $113 million on the bank loan, available bank
million in recurring consolidated net income). The Group liquidity at 30 June amounted to $404 million (excluding
share of net income came to $104 million. the $100 million tranche of the shareholder loan available
Cash flow from operating activities before changes in and undrawn to date), and includes:
working capital was $73 million for the first half of 2025. • $225 million in cash;
Changes in working capital requirements had a positive • $50 million undrawn from the amortised loan, available
impact of $35 million over the period, resulting in until January 2026; and
operating cash flow of $108 million.
• $130 million undrawn RCF (revolving credit facility),
The Group recorded development capex of $65 million available until July 2027.
(including $43 million in Gabon, $18 million in Angola and
Refinancing of the bank loan is scheduled for the second
$2 million in Tanzania) and exploration capex of $4 million
half of 2025, to extend its term beyond its current
(including $3 million in Gabon, mainly for the ongoing
maturity in July 2027.
acquisition of seismic data). The $22 million spent on asset




2 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP BUSINESS ACTIVITIES IN THE FIRST HALF OF 2025
Production activities




1.2 PRODUCTION ACTIVITIES

Change H1 2025 vs.
Q1 2025 Q2 2025 H1 2025 H1 2024 H2 2024 H1 2024 H2 2024
M&P WORKING INTEREST PRODUCTION
Gabon (oil) bopd 15,684 15,350 15,516 15,526 15,638 —% (1%)
Angola (oil) bopd 4,478 4,155 4,316 4,628 3,981 (7%) 8%
Tanzania (gas) mmcfd 60,8 56,7 58,7 69,3 53,7 (15%) 9%
TOTAL INTERESTS IN
CONSOLIDATED ENTITIES BOEPD 30,297 28,949 29,620 31,701 28,566 (7%) 4%
Venezuela (oil)(a) bopd 8,236.0 7,912.0 8,017.0 5,412.0 6,775.0 48% 18%
TOTAL BOEPD 38,534 36,861 37,637 37,113 35,341 1% 6%

AVERAGE SALE PRICE
Oil $/bbl 74,9 69,7 70,9 84,0 77,1 (16%) (8%)
Gas $/mmBtu 4.02 4.02 4.02 3.90 3.90 3% 3%

(a) Production of equity associates not consolidated in the Group's turnover.


Gabon Venezuela
M&P working interest oil production (80%) on the Ezanga M&P Iberoamerica working interest oil production (40%)
permit amounted to 15,516 bopd in the first half of 2025, on the Urdaneta Oeste field amounted to 8,017 bopd in
down 1% compared to the second half of 2024. the first half of 2025, up 18% compared to the second half
of 2024.

Angola Three liftings were made in the first half of 2025, totalling
around one and a half million barrels. Between January
M&P working interest production from Blocks 3/05 (20%) and the end of May 2025, M&P received $33 million in
and 3/05A (26.7%) amounted to 4,316 bopd in the first dividends (net of the 20% paid to M&P Iberoamerica’s
half of 2025, up 8% compared to the second half of 2024. minority shareholder) thanks to the debt payment
mechanism in place with Petroregional del Lago.
Tanzania The licence issued to M&P by the US Treasury
Department's Office of Foreign Assets Control (“OFAC”)
M&P working interest gas production (60%) on the Mnazi
to operate in Venezuela expired on 27 May 2025. M&P has
Bay permit amounted to 58.7 mmcfd in the first half of
adjusted its operations accordingly, and these are now
2025, up 9% compared to the second half of 2024.
limited to maintenance work to ensure the safety of
Preparations are continuing for the drilling of three wells personnel and facilities while production continues.
due to start in Q4 2025. The main contracts have been
M&P remains actively in contact with the US authorities
awarded for the start of this campaign.
and continues to monitor developments closely.




1.3 EXPLORATION ACTIVITIES

Gabon Italy
A 2D seismic data acquisition campaign is underway on Preparations are ongoing for a drilling campaign of one to
the Ezanga permit. This will continue throughout the two exploration wells on the Fiume Tellaro license. Drilling
second half of 2025. operations are now scheduled to begin in Q1 2026,
targeting primarily oil reservoirs.




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 3
GROUP BUSINESS ACTIVITIES IN THE FIRST HALF OF 2025
Production activities




1.4 INFORMATION ON THE ACQUISITION UNDER WAY OF A 61%
STAKE IN THE SINU-9 GAS PERMIT IN COLOMBIA
On 9 February 2025, M&P signed a definitive agreement • a payment of $125.8 million to be made upon
with NG Energy International Corp. (“NG Energy”), for the completion of the transactions ($50 million for NG
acquisition of a 40% operating working interest in the Energy and $75.8 million to the minority partners);
Sinu-9 gas permit in Colombia for $150 million. The • two deferred payments of $30 million each to NG
effective economic date of the transaction was 1 February Energy will follow: the first, three months after closing,
2025. In addition, a second agreement was signed on and the second, six months after closing.
2 July 2025 with the minority partners of Sinu-9, for M&P
to acquire an additional 21% interest, for a consideration of An adjustment reflecting cash flows for the period from
$78.75 million. the effective economic date (1 February 2025) to
completion will be made for the transaction with NG
Closing of the transactions remains subject to the receipt Energy.
of regulatory approvals, including the approval of
Colombia’s ANH, and the satisfaction of other customary In addition, M&P will have a 12-month option from
closing conditions. completion to acquire an additional 5% working interest in
Sinu-9 from NG Energy for a consideration of
The original interest assignment agreement with NG $18.75 million, with an effective economic date of
Energy was submitted to Colombia’s ANH shortly after 1 February 2025.
signing in February 2025. M&P anticipates that the ANH
will now review all transactions in parallel, with all Sinu-9 achieved first gas production in November 2024,
necessary approvals expected to be received by under the ongoing long-term test of the Magico-1X and
September 2025. Brujo-1X wells. Gross production capacity has been around
15 mmcfd (9 mmcfd net to the acquired 61% working
A $20 million deposit was paid to NG Energy at the end of interest) since early July, following the commissioning of a
February. At 30 June 2025, the balance outstanding second compressor on the mobile unit installed on the
amounted to $205.8 million: Brujo-1X platform. Evacuation infrastructure is in place
• a supplemental payment of $20 million to NG Energy today for 30 mmcfd, which will be increased up to
was made in early July; 40 mmcfd (24 mmcfd net to the acquired 61% working
• a deposit of $2.95 million to the minority partners, interest) by the end of October 2025.
which was also paid in early July;




4 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
SHAREHOLDERS' EQUITY AND CORPORATE LIFE
Change in corporate governance




2 SHAREHOLDERS' EQUITY AND CORPORATE LIFE

2.1 GENERAL SHAREHOLDERS’ MEETING
The Combined General Meeting of Maurel & Prom shareholders, held on 27 May 2025 and chaired by Jaffee Suardin,
adopted all resolutions on the agenda and in particular approved the company financial statements and the consolidated
financial statements for the fiscal year ended 31 December 2024.



2.2 TOTAL NUMBER OF VOTING RIGHTS AND SHARES
COMPRISING THE SHARE CAPITAL
Pursuant to Article L. 233-8 II of the French Commercial Code and the French Financial Markets Authority (AMF) General
Regulations, Maurel & Prom informs its shareholders that the total number of voting rights and shares comprising its share
capital at 30 June 2025 was as follows:

Date Number of shares comprising the capital Number of voting rights
30 June 2025 201,261,570 Theoretical*: 345,557,416
Exercisable: 343,102,793
* Theoretical voting rights = total number of voting rights attached to the total number of shares, including treasury shares without voting rights.




2.3 RISKS AND UNCERTAINTIES
The risks linked to Maurel & Prom’s activities are described in Chapter 2 of the Group’s 2024 Universal Registration
Document. As a reminder, the main risk factors identified are as follows:

Category Risk Significance
Financial risks Risk of volatility of hydrocarbon prices High
Counterparty risk High
Risk related to competitive position Moderate
Risk related to the illiquidity of the company's shares Moderate
Liquidity risk for the company Low
Interest rate risk Low
Operational risks Risks related to oil and gas exploration and production activities
Risk related to exploration and the renewal of reserves, geological risk High
of exploration and production
Risks related to safety, security and the environment Moderate
Risks of technical and skilled labour shortages Moderate
Risks of lower-than-expected production Moderate
Risks related to equity associates and joint operating agreements Low
with third-party operators
Security of information systems
Cybersecurity risk Moderate
Political and regulatory risks Risks related to the geopolitical, political and macroeconomic High
environment
Regulatory risks High
Environmental, social Risks related to the financial impacts of climate change and biodiversity High
and governance risks protection policies
Risks related to site remediation obligations Moderate
Ethical and non-compliance risks Moderate
Risk related to social factors independent of the company Low




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 5
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of financial position




3 GROUP'S CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

3.1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets
(in US$ thousands) Notes 30/06/2025 31/12/2024
Intangible assets (net) 4.3 194,448 220,734
Property, plant and equipment (net) 4.4 895,066 864,120
Right-of-use assets 6.3 5,460 5,971
Equity associates 3.2 263,823 242,898
Non-current financial assets (net) 5.1 219,166 228,642
Other non-current assets (net) 4.7 8,430 —
NON-CURRENT ASSETS 1,586,392 1,562,364
Inventories (net) 4.5 36,194 23,922
Underlift positions receivables 4.8 12,528 —
Trade receivables and related accounts (net) 4.6 68,293 132,930
Current tax receivables 6.1 178 170
Other current assets 4.7 45,235 75,363
Other current financial assets 5.1 68,128 42,262
Cash and cash equivalents 5.2 224,806 193,445
CURRENT ASSETS 455,362 468,093
TOTAL ASSETS 2,041,754 2,030,458



Liabilities
(in US$ thousands) Notes 30/06/2025 31/12/2024
Share capital 193,831 193,831
Additional paid-in capital 26,274 26,559
Consolidated reserves* 870,961 713,599
Net income, Group share 103,630 233,183
EQUITY, GROUP SHARE 1,194,697 1,167,173
Non-controlling interests 40,240 36,664
TOTAL EQUITY 1,234,937 1,203,836
Deferred tax liabilities 6.1 239,625 264,052
Non-current provisions 4.11 84,588 82,082
Other non-current borrowings and financial debt 5.3 46,608 64,900
Non-current Shareholder loans 5.3 34,186 41,599
Non-current lease liabilities 5.3 4,916 5,516
NON-CURRENT LIABILITIES 409,922 458,150
Current provisions 4.11 14,831 16,761
Other current borrowings and financial debt 5.3 39,129 39,561
Current Shareholder loans 5.3 15,632 15,831
Current lease liabilities 5.3 1,024 1,110
Overlift position liability 4.8 8,206 35,104
Trade payables and related accounts 4.10 94,199 92,890
Current tax liabilities 6.1 9,542 11,256
Other current liabilities 4.9 214,332 155,958
CURRENT LIABILITIES 396,895 368,472
TOTAL LIABILITIES 2,041,754 2,030,458
* Including treasury shares




6 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of profit & loss and other comprehensive income




3.2 CONSOLIDATED STATEMENT OF PROFIT & LOSS
AND OTHER COMPREHENSIVE INCOME

3.2.1 Net income for the period
(in US$ thousands) Notes 30/06/2025 30/06/2024
Sales 4.2 288,626 412,053
Change in overlift/underlift position 39,426 (2,788)
Third party marketing oil (52,450) (75,872)
Other operating expenses (136,019) (147,367)
EBITDA 4.1 139,583 186,026
Depreciation and amortisation & provisions related to production
activities net of reversals (50,858) (48,852)
Depreciation and amortisation & provisions related to drilling
activities net of reversals 8,576 (1,751)
Current operating income 97,301 135,423
Expenses and impairment of exploration assets net of reversals (2,455) (1,340)
Other non-current income and expenses 3,497 (7,712)
Income from asset disposals (131) (12)
OPERATING INCOME 4.1 98,211 126,359
• Cost of gross debt (6,983) (9,558)
• Income from cash 1,609 1,614
Cost of net financial debt (5,374) (7,944)
Net foreign exchange adjustment 3,084 2,062
Other financial income and expenses (1,381) (1,736)
FINANCIAL INCOME 5.6 (3,671) (7,618)
Income tax 6.1 (46,078) (48,620)
Net income from consolidated companies 48,462 70,121
Share of income/loss of associates 3.2 58,744 34,944
CONSOLIDATED NET INCOME 107,206 105,065
Of which:
• Net income, Group share 103,630 100,925
• Non-controlling interests 3,576 4,140



3.2.2 Comprehensive income for the period
(in US$ thousands) 30/06/2025 30/06/2024
Net income for the period 107,206 105,065
Foreign exchange adjustment for the financial statements of foreign entities (2,267) 371
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 104,939 105,436
• Group share 101,362 101,295
• Non-controlling interests 3,576 4,140



3.2.3 Earnings per share

30/06/2025 30/06/2024
Net income attributable to Group equity holders for the period (in US$ thousands) 103,630 100,925
Share capital 201,261,570 201,261,570
Treasury shares 2,454,623 3,215,442
AVERAGE NUMBER OF SHARES OUTSTANDING 198,806,947 198,046,128
NUMBER OF DILUTED SHARES 199,330,919 199,519,469


Earnings per share ($) 30/06/2025 30/06/2024
Basic 0.52 0.51
Diluted 0.52 0.51




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 7
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Changes in shareholders’ equity




3.3 CHANGES IN SHAREHOLDERS’ EQUITY

Other
reserves
Additional and Currency Income Equity, Non-
paid-in treasury translation for the Group controlling Total
In US$ thousands Capital capital shares adjustment period share interests equity
JANUARY 01, 2024 193,831 26,559 602,134 (13,748) 210,195 1,018,971 35,260 1,054,231
Net income 100,925 100,925 4,140 105,065
Other comprehensive income 87 284 371 — 371
TOTAL COMPREHENSIVE
INCOME — — 87 284 100,925 101,295 4,140 105,436
Appropriation of income –
dividends 145,357 (210,195) (64,838) — (64,838)
Bonus shares 1,618 1,618 1,618
Changes in treasury shares — (3,315) (3,315) (3,315)
TOTAL TRANSACTIONS
WITH SHAREHOLDERS — — 143,660 — (210,195) (66,536) — (66,536)
JUNE 30, 2024 193,831 26,559 745,881 (13,464) 100,925 1,053,731 39,400 1,093,131
JANUARY 01, 2025 193,831 26,559 726,766 (13,167) 233,183 1,167,173 36,664 1,203,836
Net income 103,630 103,630 3,576 107,206
Other comprehensive income 7 (2,274) (2,267) — (2,267)
TOTAL COMPREHENSIVE
INCOME — — 7 (2,274) 103,630 101,362 3,576 104,939
Appropriation of income –
dividends 158,676 (233,183) (74,507) — (74,507)
Bonus shares 1,207 1,207 1,207
Changes in treasury shares (284) (254) (539) (539)
TOTAL TRANSACTIONS
WITH SHAREHOLDERS — (284) 159,629 — (233,183) (73,838) — (73,838)
JUNE 30, 2025 193,831 26,274 886,403 (15,441) 103,630 1,194,697 40,240 1,234,937




8 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of cash flow




3.4 CONSOLIDATED STATEMENT OF CASH FLOW

(in US$ thousands) Notes 30/06/2025 30/06/2024
Net income 107,206 105,065
Tax expense for continuing operations 46,078 48,620
Consolidated income before taxes 153,284 153,685
Net increase (reversals) of amortisation,
depreciation and provisions 4.3 & 4.4 & 4.6 & 4.11 39,823 50,603
Exploration expenses 4.3 2,455 1,340
Share of income from equity associates 3.2 (58,744) (34,944)
Other income and expenses calculated on bonus shares 1,207 1,618
Gains (losses) on asset disposals 131 12
Other financial items 6,755 7,618
CASH FLOW BEFORE TAX 144,912 179,932
Income tax paid (72,227) (29,060)
Inventories 4.5 (1,587) (773)
Trade receivables 4.6 64,113 (49,428)
Trade payables 4.10 986 47,372
Overlift/underlift position 4.8 (39,426) 2,788
Other receivables 4.7 & 5.1 29,349 (6,381)
Other payables 4.9 (18,269) (5,660)
Change in working capital requirements for operations 35,165 (12,082)
NET CASH FLOW FROM OPERATING ACTIVITIES 107,849 138,791
Proceeds from disposals of property, plant and equipment
and intangible assets (112) 23,617
Disbursements for acquisitions of property, plant and equipment
and intangible assets 4.3 & 4.4 (68,921) (64,118)
Dividends received from equity associates (a) 46,868 39,797
Change in deposits (21,750) 20,000
NET CASH FLOW FROM INVESTMENT ACTIVITIES (43,914) 19,297
Treasury share acquisitions/sales (534) (3,315)
Loan repayments 5.3 (26,918) (31,845)
Proceeds from new loans 5.3 — —
Interest paid on financing 5.3 (6,996) (9,585)
Interest received on investment 1,551 1,614
NET CASH FLOW FROM FINANCING ACTIVITIES (32,898) (43,131)
Impact of exchange rate fluctuations 323 973
CHANGE IN CASH POSITION(b) 31,360 115,930
CASH AT BEGINNING OF PERIOD 193,445 97,313
CASH AT END OF PERIOD 224,806 213,242
(a) PRDL dividends are shown net ($33m), the compensation reflecting the economic substance of the transaction between dividends paid to fully-
consolidated M&P Iberoamerica ($40m) and the portion immediately returned to the minority shareholder (-$7m).
(b) Bank overdrafts are included in cash and cash equivalents.




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 9
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5 NOTES TO THE CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

3.5.1 General information
Établissements Maurel & Prom S.A. ("the Company”) is specialising in the extraction and production of
domiciled in France. The Company's registered office is at hydrocarbons (oil and gas).
51 rue d'Anjou, 75008 Paris, France. The Company's
condensed consolidated financial statements include the The condensed consolidated financial statements,
Company and its subsidiaries (collectively referred to as presented in thousands of dollars, were approved by the
"the Group” and each individually as "Group entities”) and Board of Directors on 4 August 2025.
the Group's share of its joint ventures. The Group, which is Financial statements are presented in US Dollars ($).
listed on Euronext Paris, primarily acts as an operator



3.5.2 Accounting rules and method
3.5.2.1 Declaration of compliance financial statements and the reported amounts of
revenues and expenses during the reporting period.
The Group's condensed consolidated financial statements Changes in facts and circumstances may cause the Group
(including the notes) have been prepared in accordance to revise such estimates.
with the International Accounting Standard on Interim
Financial Reporting (“IAS 34”). Pursuant to IAS 34, the The actual results may differ materially from those
notes to the financial statements deal only with significant estimates if different circumstances or assumptions are
events that occurred during the first half of 2025, and do applied.
not present all the information required for full annual
financial statements. They should therefore be read in In addition, when a particular transaction is not addressed
conjunction with the annual consolidated financial by a standard or interpretation, the Group's management
statements for the year ended 31 December 2024. uses its judgement to determine and apply the accounting
policies that will provide relevant and reliable information.
The financial statements give a true and fair view of the
3.5.2.2 Principal accounting methods
financial position, results of operations and cash flows of
The interim consolidated financial statements have been the Group. They reflect the substance of the transactions,
prepared in accordance with International Financial have been prepared prudently and are complete in all
Reporting Standards (IFRS) as adopted by the European material respects.
Union and the IFRS rules issued by the International
Accounting Standards Board (IASB). The management estimates used in the preparation of the
financial statements relate principally to:
As at 30 June 2025, the Group has applied the existing
• the recognition of oil carry transactions;
standards, interpretations, accounting principles and
methods in the consolidated financial statements for 2024, • impairment testing on oil assets;
with the exception of the mandatory changes introduced • provisions for site remediation;
by the IFRS mentioned below, applicable from 1 January • the valuation of equity method investments and
2025: underlying assets;
• amendments to IAS 21 – Lack of exchangeability. • underlift/overlift positions;
The application of these standards has no impact on • the recognition of deferred tax assets;
Group’s financial statements. • estimates of proven and probable hydrocarbon
The Group has applied the IFRS consistently for all periods reserves:
presented, with the exception of the changes mentioned, • the measurement of receivables at fair value.
and reference should be made to the Group's 2024
Universal Registration Document for a detailed In preparing these interim financial statements, the
explanation. judgements used by management in making significant
estimates and in applying the Group's accounting policies
The consolidated financial statements have been prepared were the same as those used for the consolidated financial
using the historical cost convention, with the exception of statements for the year ended 31 December 2024.
certain categories of assets and liabilities which are
measured at fair value (PRDL dividend receivables) in 3.5.2.4 Seasonality
accordance with IFRS.
The Group's business is affected by seasonal variations,
3.5.2.3 Estimates and the annual results depend to a large extent on the
performance achieved in the second half of the year. The
The preparation of consolidated financial statements in upstream oil sector is affected by international demand
conformity with IFRS requires the Group to make and the price of a barrel of oil. Consequently, the results
judgements, estimates and assumptions that affect the for the first half of 2025 are not necessarily indicative of
reported amounts of assets and liabilities and disclosure of the results expected for the full 2025 financial year.
contingent assets and liabilities as at the date of the




10 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.3 Basis for consolidation
3.5.3.1 List of consolidated entities

Consolidation % control
Company Registered office method(a) 30/06/2025 31/12/2024
Consolidating Consolidating
Établissements Maurel & Prom S.A. Paris, France Parent company company
Maurel & Prom Assistance Technique
International S.A. Geneva, Switzerland FC 100% 100%
Caroil S.A.S Paris, France FC 100% 100%
Maurel & Prom Exploration Production
Tanzania Ltd Dar Es Salaam, Tanzania FC 100% 100%
Maurel & Prom Gabon S.A. Port-Gentil, Gabon FC 100% 100%
Maurel & Prom Mnazi Bay Holdings S.A.S. Paris, France FC 100% 100%
Maurel & Prom Namibia S.A.S. Paris, France FC 100% 100%
Maurel & Prom Amérique Latine S.A.S. Paris, France FC 100% 100%
Maurel & Prom West Africa S.A. Brussels, Belgium FC 100% 100%
Maurel & Prom Italia Srl Ragusa, Sicily FC 100% 100%
Cyprus Mnazi Bay Limited Nicosia, Cyprus FC 100% 100%
Maurel & Prom Colombia BV Rotterdam, Netherlands FC 100% 100%
Seplat Lagos, Nigeria EM 20.46% 20.46%
Deep Well Oil & Gas, Inc Edmonton, Alberta, Canada EM 19.57% 19.57%
MP Anjou 3 S.A.S. Paris, France FC 100% 100%
Maurel & Prom Angola S.A.S. Paris, France FC 100% 100%
Maurel & Prom Exploration Production
France S.A.S. Paris, France FC 100% 100%
Maurel & Prom Iberoamerica S.L. Madrid, Spain FC 80% 80%
M&P Servicios Intregrados UW S.A. Caracas, Venezuela FC 80% 80%
Petroregional Del Lago (PRDL) Caracas, Venezuela EM 40% 40%
Caroil Assistance Technique International
S.A. Geneva, Switzerland FC 100% 100%
Maurel & Prom Trading S.A.S. Paris, France FC 100% 100%
Maurel & Prom Services S.A.S. Paris, France FC 100% 100%
Caroil Drilling Solution S.A. Port-Gentil, Gabon FC 100% 100%
MPC Drilling S.A.S Paris, France FC 100% 100%
Maurel & Prom Central Africa S.A. Brussels, Belgium FC 100% 100%
Wenworth Resources Ltd Saint-Helier,Jersey FC 100% 100%
Wenworth Gas Ltd Dar es Salaam, Tanzania FC 100% 100%
Maurel & Prom Gas Gabon S.A. Port-Gentil, Gabon FC 100% 100%
MP Anjou 2 S.A.S. Paris, France FC 100% 100%
Quilemba Solar L.D.A. Luanda, Angola EM 19% N/A
(a) FC: Full consolidation / EM: equity method


The controlling percentages are identical to the percentages of interest held in Group companies, with the exception of
PRDL, for which the percentage of interest is 32%.




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 11
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements



3.5.3.2 Equity associates
Petroregional Quilemba
(in US$ thousands) Seplat Deep Well Oil Del Lago Solar Total
Equity associates as at 31/12/2024 215,163 44 27,691 — 242,898
Income 4,829 — 27,587 32,416
Change in OCI 2,101 2,101
Dividends (13,842) (13,842)
Perimeter entry 250 250
EQUITY ASSOCIATES AS AT 30/06/2025 208,251 44 55,278 250 263,823


Data for Seplat Energy and PRDL, the main contributors to the results of equity-accounted companies, are presented
below:

(in US$ thousands) SEPLAT PRDL
Location Nigeria Venezuela
Associate Associate
Activity Production Production
% Interest 20.46% 40.00%
Total non-current assets 4,269,345 245,985
Other current assets 1,283,925 1,840,393
Cash and cash equivalents 552,405 0
Asset held for sale 12,270
TOTAL ASSETS 6,117,945 2,086,378
Total non-current liabilities (2,788,722) (197,775)
Total current liabilities (1,516,574) (1,634,752)
TOTAL LIABILITIES (EXCL. EQUITY) (4,305,296) (1,832,527)
Reconciliation with balance sheet values — —
TOTAL SHAREHOLDERS’ EQUITY OR NET ASSETS 1,812,649 253,851
Share held 370,881 101,540
(a)
IFRS 3 fair value adjustment (160,852)
Value of diluted shares(b) 6,328
Acquisition price difference and net asset value 2018 (51,853)
Minority interest for the period (782)
Reclassification minority interests 2016-2024 period(e) (7,323)
(f)
Standardization adjustments 5,591
BALANCE SHEET VALUE AT 30/06/2025 208,252 55,278
Sales 1,397,721 155,650
Operating Income 387,813 83,331
Financial income (91,779) 24,649
Income from JV and deconsolidation (3,098) 0
Corporate income tax (265,513) (44,136)
NET INCOME FROM EQUITY ASSOCIATES 27,423 63,844
Share held 5,611 25,538
Minority interest for the period (782)
Restatements for standardisation(c)/(f) 2,101 2,049
Dividends receivables actualisation (d) 24,226
P&L VALUE AT 30/06/2025 6,931 51,813
(a) Fair value adjustment for Seplat under IFRS 3 (consolidated at the stock market value) recorded in 2015 in connection with the merger with MPI.
(b) Seplat issued 25 million bonus shares which resulted in a 0.9% dilution of M&P’s equity stake less the IFRS 3 fair value adjustment from 2015.
Equity was thus reduced by $6.5 million. At the same time, the diluted shares were valued at the market price of $6,3 million. On a net basis, the
dilution profit on the equity share, recorded in “Other income from operations”, was $2 million.
(c) For Seplat, this is recognition through profit or loss of share-based payments.
(d) Effect of changing the fair value of the dividend receivable in application of IFRS 9.
(e) Corresponds to the reversal of the excess distribution noted previously.
(f) Corresponds to the difference between dividends distributed and the value of the participation before distribution at the closing.




12 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.4 Operating activities
3.5.4.1 Segment reporting

In accordance with IFRS 8, segment reporting is presented on the same basis as that used for internal reporting and
reflects the internal segment reporting used to manage and measure the Group's performance.

Exploration
and other
non-
recurring
(in US$ thousands) Production Exploration Drilling Other 30/06/2025 Recurring items
Sales 226,476 6,303 55,847 288,626 288,626
Operating Income and expenses (69,090) (5,033) (6,126) (68,795) (149,044) (149,044)
EBITDA 157,386 (5,033) 177 (12,948) 139,583 139,583
Depreciation and amortisation,
impairment loss & provisions for
assets in production and drilling
assets (48,057) (37) 8,576 (2,764) (42,282) (42,282)
CURRENT OPERATING INCOME 109,328 (5,069) 8,754 (15,712) 97,301 97,301
Expenses and impairment
of exploration assets net
of reversals (1,789) 360 — 187 (1,242) — (1,242)
Other non-recurring expenses (1,427) (1,027) (3) 4,741 2,283 2,283
Gain (loss) on asset disposals (112) (19) (131) (131)
OPERATING INCOME 106,112 (5,848) 8,750 (10,803) 98,211 97,301 910
Share of current income
of equity associates 58,744 58,744 58,744
SHARE OF INCOME OF EQUITY
ASSOCIATES 58,744 58,744 58,744
Financial result (1,508) (10) (49) (2,103) (3,671) (3,671)
Income tax (43,908) (47) (163) (1,960) (46,078) (46,078)
NET INCOME 119,439 (5,906) 8,538 (14,866) 107,206 106,296 910
Intangible investments 4,761 837 73 144 5,815
INTANGIBLE ASSETS (NET) 176,943 1,570 83 15,851 194,448
Investments in property,
plant and equipment 62,023 (267) 1,217 134 63,106
PROPERTY, PLANT
AND EQUIPMENT (NET) 864,438 2,924 26,993 711 895,066


M&P marketed the equivalent of $52 million of oil on behalf of a partner in its joint venture in Angola.
Sales related to oil trading on behalf of third parties are included in “Other.”




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 13
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements



Data for the previous half year are shown below:

Exploration
and other
non
recurring
(in US$ thousands) Production Exploration Drilling Other 30/06/2024 Recurring items
Sales 313,907 18,758 79,389 412,053 412,053
Operating Income and expenses (118,087) (5,968) (11,443) (90,530) (226,027) (226,027)
EBITDA 195,820 (5,968) 7,315 (11,141) 186,026 186,026
Depreciation and amortisation,
impairment loss & provisions for
assets in production and drilling
assets (46,416) 390 (1,751) (2,826) (50,603) (50,603)
CURRENT OPERATING INCOME 149,404 (5,578) 5,564 (13,967) 135,423 135,423
Expenses and impairment
of exploration assets net
of reversals — (1,340) 300 — (1,040) — (1,040)
Other non-recurring expenses (447) (231) (7,334) (8,012) (8,012)
Gain (loss) on asset disposals 8 (19) (12) (12)
OPERATING INCOME 148,957 (6,910) 5,633 (21,321) 126,359 135,423 (9,064)
Share of current income
of equity associates 34,944 34,944 16,956 17,989
SHARE OF INCOME OF EQUITY
ASSOCIATES 34,944 34,944 16,956 17,989
Financial result (1,720) 33 (79) (5,852) (7,618) (7,618)
Income tax (47,292) (277) (1,051) (48,620) (48,620)
NET INCOME 134,889 (6,877) 5,277 (28,223) 105,065 96,141 8,925
Intangible investments 13,994 1,844 30 15,868
INTANGIBLE ASSETS (NET) 181,991 2,119 10 1,164 185,285
Investments in property,
plant and equipment 45,923 1 2,210 115 48,249
PROPERTY, PLANT
AND EQUIPMENT (NET) 846,649 83 26,825 818 874,375




14 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.4.2 Operating income

Sales

H1 H1 H2 Variation H1 2025 vs.
2025 2024 2024 H1 2024 H2 2024

M&P WORKING INTEREST PRODUCTION
Gabon (oil) bopd 15,516 15,526 15,638 —% (1%)
Angola (oil) bopd 4,316 4,628 3,981 (7%) 8%
Tanzania (gas) mmcfd 58,7 69,3 53,7 (15%) 9%
TOTAL CONSOLIDATED
COMPANIES BOEPD 29,620 31,701 28,566 (7%) 4%

AVERAGE SALE PRICE
Oil $/bbl 70,9 84,0 77,1 (16%) (8%)
Gas $/mmBtu 4.02 3.90 3.90 3% 3%

SALES
Gabon ($M) M$ 190 224 213 (15%) (11%)
Angola ($M) M$ 48 60 48 (20%) (1%)
Tanzania ($M) M$ 23 26 23 (10%) 2%
VALUED PRODUCTION ($M) M$ 261 310 284 (16%) (8%)
Drilling activities ($M) M$ 9 20 20 (54%) (54%)
Trading of third-party oil ($M)(a) M$ 52 77 47 (32%) 11%
Restatement for lifting imbalances
($M) M$ (34) 5 46 (720%) (174%)
CONSOLIDATED SALES ($M) 289 412 396 (30%) (27%)
(a) M&P Trading buys and trades the Group’s production in Angola and Gabon. Third-party production can also be traded by M&P Trading. In such
instances, it is presented in the Group’s consolidated sales.


The Group's total production (M&P working interest) was Service activities and trading of third-party oil generated
37,637 boepd in the first half of 2025, an increase of 6% income of $9 million and $52 million respectively in the
compared to the second half of 2024. period. The restatement of lifting imbalances, net of
inventory revaluation, had a negative impact of
The Group's consolidated production (M&P working $34 million.
interest) was 29,620 boepd, an increase of 4% compared
to the second half of 2024. The average sale price of oil Consolidated sales for the first half of 2025 amounted to
was $70.9/bbl for the period, down 8% compared to the $289 million.
second half of 2024.
The Group's valued production (income from production
activities, excluding lifting imbalances and inventory
revaluation) was $261 million in the first half of 2025.

Operating income
Other operating expenses are:

(in thousands of dollars) 30/06/2025 30/06/2024
Purchases and external services (57,706) (66,008)
Taxes, contributions & royalties (34,164) (42,143)
Personnel expenses (44,150) (39,216)
OTHERS OPERATING EXPENSES (136,019) (147,367)


Current operating income amounted to $97 million.
Non-current income and expenses mainly include costs related to external growth projects in the amount of $3 million,
insurance proceeds in the amount of $6 million and impairment of exploration assets, mainly in Gabon, of $2 million.




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 15
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.4.3 Intangible assets

Currency
translation Operating
(in US$ thousands) 31/12/2024 adjustment Investments Transfer expenses Amortisation 30/06/2025
Gabon 177,182 4,249 (20,212) (1,789) (5,519) 153,910
Tanzania 24,192 512 (1,671) 23,033
Venezuela 9 (9)
TOTAL ASSETS ATTACHED
TO PERMITS
IN PRODUCTION 201,382 4,761 (20,221) (1,789) (7,190) 176,943
Assets attached to permits
in exploration 1,544 7 837 (777) (40) 1,570
Drilling 15 73 — (4) 83
Other 17,793 144 9 (19) (2,076) 15,851
INTANGIBLE ASSETS (NET) 220,734 7 5,815 (20,212) (2,586) (9,310) 194,448

Intangible investments for the period mainly relate to $20 million of exploration expenditure to be reclassified as
exploration costs at Ezanga. oil assets.
The granting of exclusive development and operating Data for the first half of the previous year are shown
authorisations (AEDE) for the Ezanga fields enabled below:

Currency
translation Operating
(in US$ thousands) 31/12/2023 adjustment Investments Transfer expenses Amortisation 30/06/2024
Assets attached to permits
in production 174,287 13,994 1,071 (7,362) 181,991
Assets attached to permits
in exploration 1,776 — 1,844 (1,340) (161) 2,119
Drilling 13 — (3) 10
Other 1,440 30 4 (19) (291) 1,164
INTANGIBLE ASSETS (NET) 177,516 — 15,868 1,076 (1,359) (7,816) 185,285




3.5.4.4 Property, plant and equipment

Currency
translation
(in US$ thousands) 31/12/2024 adjustment Investments Transfer Exit Amortisation 30/06/2025
Gabon 773,314 43,020 9,527 (36,040) 789,822
Angola 35,534 17,141 — (2,000) 50,675
Tanzania 23,669 1,861 — (1,590) 23,940
TOTAL ASSETS ATTACHED
TO PERMITS
IN PRODUCTION 832,517 62,023 9,527 (39,629) 864,438
Assets attached to permits
in exploration 3,223 (14) (267) (18) 2,924
Drilling 27,625 1,217 — (1,849) 26,993
Other 755 134 (177) 711
PROPERTY, PLANT
AND EQUIPMENT (NET) 864,120 (14) 63,106 9,527 (41,673) 895,066


Investments in property, plant and equipment during the A net amount of $10 million was reclassified to oil assets,
period relate mainly to development capex for the Ezanga corresponding to the reclassification of $20 million in
permit. exploration expenditure, offset by the reclassification of an
expense of $10 million for spare parts to consumables
inventories.




16 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements



Data for the first half of the previous year are shown below:

Currency
translation Scrapping
(in US$ thousands) 31/12/2023 adjustment Investments Transfer & disposal Amortisation 30/06/2024
Assets attached to permits
in production 842,293 45,923 (1,245) (40,322) 846,649
Assets attached to permits
in exploration 97 — 1 — (7) (8) 83
Drilling 26,279 2,210 (1,664) 26,825
Other 734 115 183 (214) 818
PROPERTY, PLANT
AND EQUIPMENT (NET) 869,403 — 48,249 (1,061) (7) (42,209) 874,375




3.5.4.5 Inventories

Currency
translation Impairment/
(in US$ thousands) 31/12/2024 adjustment Change Transfer Reversals 30/06/2025
Ezanga (Gabon) 3,196 1,592 4,788
Chimicals products Ezanga
(Gabon) 4,059 (418) 3,640
Stock of consumables Ezanga
(Gabon) 14,213 10,685 24,898
BRM (Tanzania) 11 11
Colombia 571 — 571
Drilling 1,884 402 2,286
INVENTORIES (NET) 23,922 1,587 10,685 36,194


Oil inventories related to Ezanga correspond to oil quantities in the pipeline and are valued at production cost.



3.5.4.6 Trade receivables and related accounts

Currency
translation Impairment/
(in US$ thousands) 31/12/2024 adjustment Change Transfer Reversals 30/06/2025
Ezanga (Gabon) 9,574 18,359 27,933
Trading 75,801 (71,373) 4,428
Mnazi Bay (Tanzania) 40,833 (10,762) 30,071
Drilling 5,629 (979) 4,649
Other 1,094 19 642 (543) 1,212
TRADE RECEIVABLES AND
RELATED ACCOUNTS (NET) 132,930 19 (64,113) (543) 68,293


The trade receivables with Ezanga related to hydrocarbon The trade receivables with Mnazi Bay related to natural
sales essentially comprise receivables from Sogara, to gas sales are mainly due from the state company TPDC
which part of the production from the fields under the and Tanesco. These receivables are accompanied by an
Ezanga licence is sold. equivalent amount in payables to TPDC (see note 4.9).
If this receivable is not paid within the normal deadline, it The recoverability of all these receivables is not in
is recovered in accordance with M&P's option in kind in question.
the form of a monthly allocation of part of the oil profit
accruing to the State in accordance with the contractual
compensation agreements in place with the Gabonese
Republic.




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 17
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.4.7 Other assets


Currency
translation Impairment/
(in US$ thousands) 31/12/2024 adjustment Change Transfer Reversals 30/06/2025
Supplier advances 4,685 8,673 13,358
Partners’ carry receivables 161 1 (141) 20
Loan issuance fees 4,723 (1,109) 257 3,870
Prepaid and deferred expenses 2,513 5 1,259 3,777
Tax and social security
63,281 161 (41,053) 10,251 32,640
receivables
OTHER ASSETS (NET) 75,363 166 (32,372) 257 10,251 53,665
Gross 99,585 166 (32,372) 2,116 — 69,495
Impairment (24,222) — — (1,859) 10,251 (15,830)
Non-current — 8,430 8,430
Current 75,363 166 (32,372) (8,173) 10,251 45,235


Tax and social security receivables mainly comprise VAT The drilling company in Gabon benefited from an
receivables from the Gabonese government. Following the agreement in May 2025 enabling it to recover its VAT
agreement signed with the latter in 2021 setting up a debt. A reversal of $10 million was recorded in this respect.
mechanism for recovery in kind of this receivable.
Receivables from the Gabonese government have been
offset against oil costs without any tax loss, in accordance
with the global agreement signed in 2024.




3.5.4.8 Overlift/underlift position


Currency
translation Impairment/
(in US$ thousands) 31/12/2024 adjustment Change Transfer Reversals 30/06/2025
Underlift position receivable — 12,528 — 12,528
Overlift position liability (35,104) 26,898 — (8,206)
NET OVERLIFT/UNDERLIFT
POSITION (35,104) 39,426 4,322


The Group recognises the difference between offtakes and As at 30 June 2025, receivables for underlift come solely
its theoretical entitlement as part of the cost of sales by from Angola, and liabilities for overlift come solely from
establishing an under-offtake or over-offtake position, Gabon.
which is valued at market price as at the balance sheet
date and recorded under current assets (under-offtake
receivable) or current liabilities (over-offtake liability).




18 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.4.9 Other current liabilities

Currency
translation Impairment/
(in US$ thousands) 31/12/2024 adjustment Change Transfer Reversals 30/06/2025
Social security liabilities 18,250 37 (1,796) 16,490
Tax liabilities 37,163 — (8,768) 28,395
TPDC advances 27,180 — 27,180
Angola operator liability 14,197 (5,605) 8,592
Tanzania partner liability 43,980 (12,587) 31,393
Miscellaneous liabilities 13,128 (55) — 13,073
Dividends to be paid 76,899 76,899
OTHER CURRENT LIABILITIES 155,958 37 58,374 — 214,332


Operator liabilities represent cash calls to be issued by the The dividend of €0.33 per share approved at the
operator Sonangol in Angola. Combined General Shareholders’ Meeting of 27 May 2025
will be paid at the end of August 2025.
The TPDC advance represents a deposit received in 2015
as a sales guarantee. It will be repaid when TPDC provides
another type of financial guarantee.




3.5.4.10 Trade payables

Currency
translation Impairment/
(in US$ thousands) 31/12/2024 adjustment Change Transfer Reversals 30/06/2025
Ezanga (Gabon) 50,944 7,666 58,610
Mnazi Bay (Tanzania) 1,581 — (19) 1,563
Drilling 1,258 26 135 1,419
Venezuela 30,786 (5,098) 25,689
Trading 1,729 (1,694) 35
Other 6,591 40 (4) 257 6,884
TRADE PAYABLES AND
RELATED ACCOUNTS 92,890 66 986 257 94,199




3.5.4.11 Provisions

Currency
translation
(in US$ thousands) 31/12/2024 adjustment Increase Reversal Transfer 30/06/2025
Site remediation 74,852 455 1,573 (187) — 76,694
Pension commitments 7,230 — 665 — — 7,894
Other 16,761 — 718 (2,648) — 14,831
PROVISIONS 98,843 455 2,956 (2,835) — 99,419
NON-CURRENT 82,082 455 2,238 (187) — 84,588
CURRENT 16,761 — 718 (2,648) — 14,831


Site remediation provisions for production sites are The other provisions cover various risks including tax
established based on an appraisal report and updated (excluding corporation tax) and employee-related risks in
using US Bloomberg Corporate AA rates to remain aligned the Group's various host countries.
with the term of the commitment.




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 19
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements



3.5.5 Financing activities
3.5.5.1 Other financial assets

Currency
translation Impairment/
(in US$ thousands) 31/12/2024 adjustment Change Transfer Reversals 30/06/2025
Equity associates current accounts 110 2,221 363 2,694
RES escrow funds 4,491 54 697 5,242
Escrow fund 11,559 21,855 33,414
Sucre Energy Ltd carry receivables 11,000 7,213 18,213
Miscellaneous receivables — — —
PRDL receivables 243,744 (40,240) 24,226 227,731
OTHER FINANCIAL ASSETS (NET) 270,904 54 (8,254) 24,590 287,294
NON-CURRENT 228,661 54 697 (10,227) 219,185
CURRENT 42,243 (8,951) 10,227 24,590 68,109


A $20 million deposit was made as part of the signature of share paid to minority shareholder Sucre amounted to
a letter of intent to acquire a 61% operating interest in the $7 million.
Sinu-9 gas licence in Colombia.
The impact of remeasuring the receivable at fair value was
During the first six months of the year, M&P received $24 million in the first half of the year, and is recorded
$40 million in dividends on its 40% stake in Petroregional under "Share of associates".
del Lago in Venezuela in respect of previous years. The



3.5.5.2 Cash and cash equivalents


(in US$ thousands) 30/06/2025 31/12/2024
CASH AND CASH EQUIVALENTS 224,810 193,449
Bank loans(a) (4) (4)
NET CASH AND CASH EQUIVALENTS 224,806 193,445
(a) Bank loans are reported under debt as shown below.




20 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.5.3 Borrowings


Proceeds
from new Interest Interest
(in US$ thousands) 31/12/2024 loans Repayment Transfer expense withdrawal 30/06/2025
Term loan & RCF
($255M) 64,900 — (18,800) 507 — 46,608
Shareholder loan 41,599 — (7,414) — 34,186
Lease financing debt 5,516 19 (619) — 4,916
NON-CURRENT 112,016 19 — (26,833) 507 — 85,709
Term loan & RCF
($255M) 37,600 — (18,800) 18,800 — 37,600
Shareholder loans 14,828 — (7,414) 7,414 — 14,828
Lease financing debt 1,110 — (705) 619 335 (335) 1,024
Current bank loans — — — — 262 (262) —
Accrued interest 2,965 — (1,961) — 5,768 (4,438) 2,334
Shareholder loan 1,004 — — — 1,774 (1,972) 805
Term loan & RCF 1,961 — (1,961) — 3,994 (2,466) 1,529
CURRENT 56,502 — (28,880) 26,833 6,365 (5,035) 55,785
BORROWINGS 168,518 19 (28,880) — 6,873 (5,035) 141,494


Borrowings are initially recognised at fair value and subsequently at amortised cost. Issue costs are deducted from the
initial fair value of the loan. Borrowing costs are then calculated using the effective interest rate on the borrowings (i.e.
the actuarial interest rate adjusted for the issue costs).

$255 million Term loan
The terms of this loan are as follows:

Term loan Revolving Credit Facility (RCF)
Initial amount 188 M$ 67 M$
Status Withdrawn Not withdrawn
Maturity July 2027 July 2027
First repayment April 2023
Repayment 18 quarterly instalments Maturity
SOFR + Spread + 2.25%
Interest rate SOFR + Spread + 2.00% (0.675% on portion unused)


$113 million accordeon – Term loan
The terms of this loan are as follows:

Term loan Revolving Credit Facility (RCF)
Initial amount 50 M$ 63 M$
Status Not withdrawn Not withdrawn
Maturity July 2027 July 2027
First repayment July 2025
Repayment 9 quarterly instalments Maturity
SOFR + Spread + 2.00% SOFR + Spread + 2.25%
Interest rate (0.675% on portion unused) (0.675% on portion unused)


In order to fund its growth strategy, in April 2025 M&P and is available until January 2026 and a $63 million
finalised an agreement on an accordion facility of $113 revolving credit facility (RCF) on top of the existing RCF
million on an existing bank loan. This includes a $50 million of $67 million. The borrowing terms are similar to those of
amortisable tranche that was undrawn at 30 June 2025 the existing loan, which matures in July 2027.




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 21
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements



Shareholders loan Under the terms of the bank and shareholder loan
In December 2017, as part of its refinancing, the Group set agreements dated May 12, 2022 the Group benefits from a
up a shareholder loan with PIEP for an amount of $200 debt rescheduling:
million, initially drawn down in the amount of $100 million, • the $255 million term loan with a syndicate of lenders
of which $18 million has already been repaid. (the “term loan”);
Following the amendment signed on May 12, 2022, the • and the $182 million loan ($82 million of it drawn and
Group benefited from new terms and the rescheduling of $100 million undrawn) from M&P’s controlling
its shareholder loan. shareholder PT Pertamina International Eksplorasi Dan
Produksi (“PIEP”) (the “shareholder loan”).
The terms of this facility are as follows:
As the amendments to the covenants did not result in
Initial amount $182 million of 82 M$ significant changes to the terms of the loan, the Group
which drawn: recognised the cost of implementing these amendments in
Additional amount $100 million that can be the total cost by adjusting the effective interest rate in
withdrawn at will accordance with IFRS 9.
Maturity July 2028 The Group did not carry out any derivative transactions
First repayment April, 2023 during the period.
Repayment 22 quarterly instalments
Interest rate SOFR + 2.10%




3.5.5.4 Financial risk management

The Group’s financial risk management (market risk, country risk, credit risk and liquidity risk) and the objectives and
guidelines applied by the Group’s Management are identical to those presented for the consolidated financial statements
at 31 December 2024.



3.5.5.5 Fair value

The fair value positions according to the IFRS 13 hierarchy the discount rate, the production profile determined on
are determined using the same assumptions as for the the basis of the independent expert reserves report, the
consolidated financial statements at 31 December 2024. costs and investments required for this production and the
recovery schedule.
The net carrying amount of financial assets and liabilities
at the amortised cost is considered to be a reasonable The net carrying amount of the Group's cash and cash
approximation of their fair value given their nature. equivalents approximates its fair value as they are
considered to be liquid.
The financial assets measured at fair value mainly
comprise receivables from PRDL (see note 5.1). The The fair value of derivative financial instruments is based
valuation is based primarily on discounted cash flows, on the market value of the instrument at the balance sheet
taking into account assumptions such as the Brent price, date.


30/06/2025 31/12/2024
Balance Balance
(in US$ thousands) Categories Level sheet total Fair value sheet total Fair value
Non-current financial assets Amortised cost 16,262 16,262 15,510 15,510
Non-current financial assets Fair value Level 3 202,923 202,923 213,151 213,151
Trade receivables
and related accounts Amortised cost 68,293 68,293 132,930 132,930
Other current assets Amortised cost 45,235 45,235 75,363 75,363
Other non current assets Amortised cost 8,430 8,430 — —
Other current financial assets Amortised cost 43,302 43,302 11,649 11,649
Other current financial assets Fair value Level 3 24,807 24,807 30,594 30,594
Cash and cash equivalents 224,810 224,810 193,449 193,449
TOTAL ASSETS 634,062 634,062 672,646 672,646
Borrowings and financial debt Amortised cost 141,494 141,494 168,518 168,518
Trade payables Amortised cost 94,199 94,199 92,890 92,890
Other creditors
and sundry liabilities Amortised cost 214,332 214,332 155,958 155,958
TOTAL LIABILITIES 450,026 450,026 417,366 417,366


The financial asset relating to the PRDL receivable is measured at fair value. The discount rate was updated at 30 June to
take account of the situation in Venezuela.


22 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.5.6 Financial income


(in US$ thousands) 30/06/2025 30/06/2024
Interest on overdrafts (450) (994)
IFRS 16 financial expense (258) (195)
Interest on shareholder loans (1,774) (2,502)
Interest on other borrowings (4,502) (5,868)
GROSS FINANCE COSTS (6,983) (9,558)
Income from cash 1,609 1,614
Net income from derivative instruments — —
NET FINANCE COSTS (5,374) (7,944)
Net foreign exchange adjustment 3,084 2,062
Other (1,381) (1,736)
OTHER NET FINANCIAL INCOME AND EXPENSES 1,703 326
FINANCIAL INCOME (3,671) (7,618)


Gross borrowing costs are calculated on the basis of the • The EUR/USD exchange rate was 1.039 as at
effective interest rate of the borrowing (i.e. the actuarial 31 December 2024 compared with 1.172 at 30 June 2025.
interest rate adjusted for issue costs). • Positions in transaction currencies other than USD,
Net foreign exchange differences are mainly due to the which is the functional currency of all consolidated
revaluation at the closing rate of the Group's foreign entities, are mainly Gabonese receivables (denominated
currency transaction positions that are not denominated in in XAF).
the Group's functional currency (USD). Other financial income and expenses consist mainly of the
accretion of the site remediation provision.



3.5.6 Other information
3.5.6.1 Income taxes & deferred taxes

Deferred tax income arises mainly from the amortisation Current income tax expenses mainly relate to the
of the temporary difference between the tax base and the recognition of notional income tax and the settlement of
carrying amount of the assets in the consolidated financial tax claims under the Production Sharing Mechanism on
statements for the Ezanga and Mnazi Bay permits. the Ezanga permit, as well as income tax expense in
Tanzania.


(in US$ thousands) Deferred tax Current tax Total
Assets at 31/12/2024 — 170 170
Liabilities at 31/12/2024 (264,052) (11,256) (275,309)
NET VALUE AT 31/12/2024 (264,052) (11,086) (275,138)
Tax expense 24,427 (70,505) (46,078)
Settlement of tax debts 54,991 54,991
Payments 17,237 17,237
Currency translation adjustments — — —
Assets at 30/06/2025 — 178 178
Liabilities at 30/06/2025 (239,625) (9,542) (249,167)
NET VALUE AT 30/06/2025 (239,625) (9,364) (248,989)




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 23
GROUP'S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the condensed consolidated financial statements




3.5.6.2 Contingent assets and liabilities & Off-balance sheet commitments

The following financial ratios related to the term loan • the Group's tangible net worth, adjusted for the Group's
were complied with as at 30 June 2025: oil intangible assets, to be greater than $500 million at
• ratio for the Group’s consolidated net debt (excluding each reporting date.
shareholder loan) to EBITDAX (earnings before interest, Other off-balance-sheet commitments were consistent
taxes, depreciation, amortisation and impairment net of with those presented in the consolidated financial
the impact of foreign exchange gains and losses and statements at 31 December 2024 and no changes
exploration costs) not to exceed 4.00:1.00, calculated occurred as at 30 June 2025.
over a 12-month period prior to the reference date;
• the Group’s debt service coverage ratio (DSCR)
calculated over the six months prior to the reporting
date, to be above 3.50:1.00; and




3.5.6.3 IFRS 16

The Group decided to apply IFRS 16 as from 1 January 2019, using the simplified retrospective method, and to apply the
permitted exemptions as described in the consolidated financial statements at 31 December 2024. No new contracts were
subject to IFRS 16 during the first half of the year.

(in US$ thousands)
Fixed asset NCA at 01/01/2025 5,991
Debt at 01/01/2025 6,424
IMPACT ON SHAREHOLDERS’ EQUITY AT 01/01/2025 (82)
Amortisation (511)
Capital repayment (520)
Interest expense (258)
Cancellation of lease expense 744
Fixed asset NCA at 30/06/2025 5,480
Debt at 30/06/2025 5,904
IMPACT ON SHAREHOLDERS’ EQUITY AT 30/06/2025 (25)




3.5.6.4 Events occurring after the reporting period

To the best of Maurel & Prom's knowledge, no events occurred after the closing date that could adversely affect the
Company's financial position, assets and liabilities, income or operations.




24 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF-YEARLY
FINANCIAL INFORMATION



4 STATUTORY AUDITORS’ REVIEW REPORT
ON THE HALF-YEARLY FINANCIAL INFORMATION
For the period from January 1st to June 30th 2025



To the Shareholders,


In compliance with the assignment entrusted to us by your General assembly and in accordance with the requirements of
article L. 451-1-2 III of the French Monetary and Financial Code ("Code monétaire et financier"), we hereby report to
you on:
• the review of the accompanying condensed half-yearly consolidated financial statements of Établissements Maurel &
Prom S.A., for the period from January 1st to June 30th 2025;
• the verification of the information presented in the half-yearly management report.
These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors on
August 4th 2025. Our role is to express a conclusion on these financial statements based on our review.


I – CONCLUSION ON THE FINANCIAL STATEMENTS
We conducted our review in accordance with professional standards applicable in France.
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an
audit conducted in accordance with professional standards applicable in France and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-
yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 – standard of
the IFRSs as adopted by the European Union applicable to interim financial information.


II – SPECIFIC VERIFICATION
We have also verified the information presented in the half-yearly management report on the condensed half-yearly
consolidated financial statements subject to our review.
We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated
financial statements.




Les commissaires aux comptes

Paris-La Défense, on the 4th August 2025 Paris, on the 4th August 2025

KPMG S.A. GEA AUDIT


François Quédinac François Dineur
Associé Associé




DISCLAIMER
This document may contain forward-looking statements regarding the financial position, results of operations, activities and industrial
strategy of Maurel & Prom. 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. 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 the related costs,
operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.

Maurel & Prom is listed for trading on Euronext Paris
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA




MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025 25
PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT



5 PERSON RESPONSIBLE FOR THE HALF-YEAR
FINANCIAL REPORT
I hereby certify that, to the best of my knowledge, the condensed consolidated financial statements for the half-year
ended have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets
and liabilities, financial position and results of operations of the Company and its consolidated entities, and that the half-
year management report on pages 1 to 25 provides a true and fair view of significant events for the first six months of the
fiscal year, their impact on the financial statements, the main transactions between related parties, as well as a description
of the main risks and uncertainties for the remaining six months of the fiscal year.




Paris, 4th August 2025

Olivier de Langavant
Chief Executive Officer




26 MAUREL & PROM • HALF-YEAR REPORT • 30 JUNE 2025
Photos credits: © Maurel & Prom
Design and prodution: Ruban Blanc