Page 1

MAUREL & PROM Results for the first half of 2021 Paris , 4 August 2021 No. 13-21 • Sharp improvement in the Group's financial results Sales up 32 % to $ 188 million ( $ 142 million in H1 2020 ) , significant rise in EBITDA to $ 117 million ( $ 18 million in H1 2020 ) , and net income before non - recurring items of $ 33 million ( - $ 61 million in H1 2020 ) ○ M & P's working interest production of 25,182 boepd in H1 , including 15,189 bopd on the Ezanga permit in Gabon before resumption of development drilling in mid - July ○ Average sale price of oil up to $ 63.0 / bbl , a sharp increase from the previous year ( $ 34.6 / bbl H1 2020 and $ 45.5 / bbl in H2 2020 ) • Cash generation up and continuing cost control Financial discipline maintained : opex & G & A of $ 77 million in H1 2021 , versus $ 86 million in H1 2020 and $ 78 million in H2 2020 ○ $ 101 million in cash flow from operating activities before change in working capital ; $ 40 million in free cash flow , despite a - $ 42 million change in working capital ( only two liftings over the period ) о Net debt down to $ 413 million at 30 June 2021 ( versus $ 455 million at 31 December 2020 ) thanks to a $ 41 million debt repayment during the period and a stable cash position ( $ 167 million at 30 June 2021 ) ○ Agreements being finalized with the Gabonese authorities to find a constructive and mutually satisfactory solution to various financial cases related to Maurel & Prom , and in particular the issue of the $ 43 million currently held in escrow • Resumption of development operations ○ Development drilling on the Ezanga permit resumed in mid - July in parallel with a stimulation campaign on existing wells to restore the production potential of the fields ○ Ongoing workover campaign in Angola to support production from blocks 3/05 and 3 / 05A Page 1 of 5