MP Nigeria: Reserves of OMLs 4, 38 and 41

Regulatory News:

MP Nigeria (Paris: MPNG)

Seplat share of reserves net of royalties

The reserves of OMLs 4, 38 and 41 corresponding to the reserves that include the estimated quantities of oil assumed to be commercially recoverable from known concentrations through development projects, starting at a given date and in the future, depending on the defined conditions, were estimated on 31 December 2012 by DeGolyer and MacNaughton in its report on OMLs 4, 38 and 41 dated 6 May 2013.

The reserves listed below are presented as Seplat’s share, after payment of royalties (20% for oil and 7% for natural gas) and subject to the taxes applicable to the oil exploration-production sector.

P1+P2 reserves net of royalties at 31 December 2012 were up 24% to 141.8 mmboe. This increase reflected the various improvement and production management projects undertaken as well as the additional wells drilled at existing fields. The work carried out at the Okporhuru, Ubaleme and Okoporo fields also enabled their resources C1+C2 to be converted into P1+P2 reserves, which therefore increased P1+P2 reserves net of royalties by 14.5 mmbbl (SEPLAT share net of royalty).

P1+P2 reserves net of royalties consisted of 52% oil and condensates and 48% gas. The gas potential of OMLs 4, 38 and 41 is significant and promising. Seplat is currently working to increase its gas production and processing capacities, as well as to improve sale prices.

Glossary

P1 reserves: proven reserves
P2 reserves: probable reserves
P3 reserves: possible reserves
mmbbl: millions of barrels
mmboe: millions of barrels of oil equivalent
bscf: billion cubic feet
Oil/gas conversion ratio adopted: 1 barrel of oil = 6,000 cubic feet of gas

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About MP Nigeria

A société anonyme (public limited company) headquartered in Paris, MP Nigeria is the result of the separation of Etablissements Maurel & Prom’s Nigerian assets. MP Nigeria owns 45% of Seplat, a Nigerian oil and gas exploration and production company that operates Nigerian Oil Mining Licences 4, 38 and 41. These oil permits present a balanced combination of producing fields, fields to be developed and exploration opportunities. Thanks to its association with leading Nigerian partners, MP Nigeria benefits from strong local involvement from both state authorities and local communities. On the strength of its assets and this high-quality partnership, MP Nigeria is well positioned to ensure its development and benefit from numerous growth opportunities. You can find more information about the company on its website, www.mpnigeria.com.

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For more information: www.mpnigeria.com

This document may contain forward looking statements about MP Nigeria's financial position, income, activities and industrial strategy. 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 and regulatory reforms, or even wars, terrorism and sabotage.

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