Maurel & Prom : 2010 First Half Results
By Maurel Prom, PRNEThursday, August 26, 2010
Activity During the First Half of 2010
PARIS, August 27, 2010 -
- Sales up by 68% to EUR131m
- Production increase in Gabon
- Gross average production for Q1 2010 of 10,164 bopd and 13,299 bopd
for Q2
- Actual gross production of 16,750 bopd
- Caroil's contribution to sales up to EUR51.0m
- Strong increase in the net income of EUR51m versus EUR2m for
H1 2009 due to :
- Exploration write-off of EUR75m for H1 2010 versus EUR6m for
H1 2009
- An important financial income: EUR104m compared to EUR9m,
related to the exchange gains on the dollar positions
- A cash position as of 30/06/2010 of EUR128m
- A gross operating income up by 143% to EUR60m compared to
EUR25m for H1 2009
- Reimbursement of the OCEANE 2010 the 2nd of January 2010
(EUR183m)
- receipt of EUR45m ($60m) related to the establishment of
crude oil call option sales to monetise the earn-out clause attached
to the sale of the Colombian assets
Post balance sheet events
- Closing of the acquisiton by SEPLAT of 45% of the OMLs 4, 38
and 41 in Nigeria:
- drawing from the RBL-type facility (Reserve-Based Loan) :
$240m
- issuing OCEANE bonds maturing in 2015 in the form of a
private investment: EUR70m
- establishing a short-term credit line: $50m
- Disappointed exploration results in Colombia
- Failures of Bachue-1 and Cascabel-1 wells
- SAB-1 result to be confirmed by the drilling of SAB-SE1
Financial indicators
In EURm H1 2010 H1 2009*
Sales 131,3 78,3
Gross margin 78,6 37,9
Gross operating income 60,0 24,7
Income from oil production and services activities 36,2 6,5
Exploration write-off (75,4) (6, 1)
Income from oil production, exploration and services (39,2) 0,4
Operating income (41,8) 5,9
Financial income 103,8 9,1
Net income of consolidated Group 51,0 1,6
Closing cash 128 431
(*) Adjusted for the change in accounting method.
An appropriate strategy, a risk profile improved
Maurel & Prom has based its strategy on developing its
exploration segment and quickly getting its discoveries into production.
In order to adapt to the economic and financial context, in
2009 and during the first six months of 2010, the Group refocused its
strategy on appraising and developing its resources, particularly in Gabon
and Nigeria.
In a particularly difficult environment, the Group sold some
of its assets in Colombia, the proceeds of which helped restore the Group's
financial balance and allowed the Group to continue exploration work in order
to replenish its reserves and have the means to leverage potential
opportunities.
Consequently, at the end of January 2010 the Group signed a
memorandum of understanding with Shell, Total and Eni, via the
Nigerian-registered company Seplat (M&P 45%), to acquire 45% of the rights on
OMLs 4, 38 and 41 in Nigeria.
This transaction was a significant development for Maurel &
Prom, given the potential of this acquisition.
Continued exploration and development efforts on the Omoueyi
license means that the Group now has two real development hubs in Gabon and
Nigeria.
This revised strategy, the result of work carried out in 2009
and 2010, will lower Maurel & Prom's risk profile through a smoother flow of
operations, while still keeping the door open to potential exploration
opportunities.
Activity during the first half
Exploration
In Gabon, exploration work during the first half of the year
identified a new formation in both the Omoueyi and Onal exploration licenses:
Kissenda. This new formation was proven when the OMOC-N-101 well was spudded
in February 2010.
The OMOC-N-1 exploration well revealed a 111-m column of oil
in the Gres du Kissenda. Pump tests established a flow of 1,700 b/d of
33.4[degrees] API oil. (Flow was limited by the pump's maximum capacity.) As
the characteristics of this oil are similar to that of Onal, it can be
processed and evacuated using existing facilities.
The discovery of this oil accumulation confirms the extension
of the Gres du Kissenda in the Onal license and the importance of this new
exploration play for the entire eastern rim of Gabon's coastal basin, where
the Group has significant exploration acreage.
The Kissenda play was encountered several times in the Omoueyi
exploration license (M&P operator, 100%) with the OMKO, OMOE, OMAL and OMOC
discoveries. This new play supplements the Group's traditional focus of
research, hitherto the Gres de Base, which was the source of the Group's
major success in this sedimentary basin.
In addition, the Group continued its seismic acquisition work
in the Omoueyi license, with 789 km of 2D seismic.
In Tanzania, the Group selected RPS Energy, independent
experts who had already worked with most operators in Tanzania and thus had
good technical knowledge of the region, to assess the potential of the gas
zones of the Mafia Deep well. Studies are underway and the results should
enable the Group to enter into discussions from October 2010 to further
develop all work performed to date.
The net booking value of intangible assets on 30/06/2010 of
the licence Bigwa Rufiji Mafia is EUR156m of which EUR104m for the Mafia Deep
well.
Maurel & Prom and Dominion have signed an agreement in principle related
to an additional working interest in the Mandawa license and a new carried
interest in the Kisangire license as follows:
- 40% in the Mandawa exploration license, thus taking Maurel &
Prom's interest to 90% and reducing Dominion's to 10%;
- 35% carried interest in the Kisangire exploration license,
operated by Heritage Oil, which owns a 55% interest.
In Colombia, the Cascabel-1 and Bachue-1 exploration wells
were spudded during the first half of 2010. Drilling reached final depth of
5,190 m and 2,956 m respectively in August 2010, without proving oil.
The SAB-1 exploration well was spudded in the Sabanero
exploration license. The well reached final depth of 924 m and proved oil in
the Carbonera C7 formation with a thickness of 12 m and a potential yet to be
confirmed.
The Group is planning to start immediately drilling the
deviated well SAB-SE1 from the same platform with the objective of proving
additional reserves. 3D seismic covers a large portion of the drilling area,
facilitating the assessment of reserves and potential development, should
this be required.
Maurel & Prom and Hocol, a Grupo Empresarial Ecopetrol
company, have entered into an Exchange Agreement to exchange a 50% working
interest in the exploration and production license in block SSJN-9 (Lower
Magdalena) for a 50% working interest in the exploration license CP-17
(Llanos basin). The agreement includes exchange of operatorship in the
blocks, once the ongoing seismic acquisition programmes are completed. Maurel
& Prom will be the operator in block CPO-17 and Hocol will be the operator in
block SSJN-9.
In the Congo, the NGoumba-1D (NGB-1) exploration well was
drilled as a deviated borehole in the Marine-3 license from a platform
located in the Noumbi license. Drilling reached final depth of 2,600 m in the
Djeno formation. During drilling, sandstone and porous levels were
encountered in the Pointe Indienne formation. On the basis of the test
results, the well was plugged and abandoned. The M'Bafou exploration well
reached a depth of 2,701 m and hit oil, but the characteristics of the
reservoir were too poor for production. As a result, the well was abandoned.
In the Noumbi license (M&P operator, 49%), the Tie-Tie-NE-1
well reached final depth of 2,550 m in the Djeno formation (Lower
Cretaceous). Between 1,775 m and 1,875 m, a siltstone interval showed
hydrocarbon indications. Well completion measurements showed that this
interval (exhibiting strong gas shows) would not be commercially viable due
to its distance from potential markets. The well was therefore plugged and
abandoned.
In Syria, the Al Asi license is located along the
Mediterranean coast north of the Lebanon-Syria border and covers an area of
8,427 kmsquared. Following the 890 km of 2D seismic acquired by the Group in
2007 and 2008, two zones of interest were identified. The Draco prospect was
identified in the East zone. The Draco-1 well reached final depth of 3,919 m
in the Lower Carboniferous. Two zones of the Kurrachine formation (Trias),
which had shown hydrocarbon indications during drilling, were tested in
succession. The characteristics of the Kurrachine reservoirs proved too poor
for hydrocarbon production. Based on the results from the Draco-1 well, the
Group will now concentrate its efforts on the second zone of interest
situated to the west of the license.
In France, the Group took a 25% stake in the Mios exploration
license. As a reminder, the Group owns 25% of the rights in the adjacent
Lavignolle exploration license.
Development
When developing the Onal field, the teams from Maurel & Prom
decided to make the production centre large enough to accommodate production
from potential adjacent fields.
Such a strategy meant that the Group was able to develop
almost immediately and at limited cost the Ombg and Omgw fields, which were
discovered in Gabon in 2008 and 2009 respectively. The OMGW-102 and OMGW-201
wells were thus drilled and linked to the production centre during the first
half of the year. The OMGW-103 well, drilled during the summer, should enter
production in the coming days.
At the same time, the Group began developing the OMOC-North
field. Initial orders have been placed and appraisal wells began to be
drilled at the end of July 2010. Development expenditure for this discovery
focuses on drilling the wells and laying pipeline to connect them to the Onal
field facilities.
In the Nyanga Mayombe license, the Banio-5 exploration well
was drilled in Gabon on the Banio EDA. Drilling reached final depth of 1,853
m in the Melania formation. This well encountered Banio limestone 4 m thick,
filled with formation water. Based on these results, the well was cemented in
anticipation of possibly re-using it as a side-track, the direction of which
would need to be determined by further studies.
Production
The Group's production during the first half of 2010 came
solely from fields in Gabon. As a result of the Group's strategy, teams were
able to have first oil in March 2010 from the Omgw field, which was
discovered in December 2009. The Ombg field, discovered in December 2008, was
connected in April 2010.
The water injection in the Onal field and the development of
the OMOC-N field should continue to increase the level of the oil production
over the next 12 months.
The production of oil and gas in Venezuela, after a 30%
in-kind tax, was 1,038 barrels of oil equivalent per day over the first half.
Oil represents 52% of production. This activity, consolidated using the
equity method, is not included in Group sales.
The signature of the final agreements relating to the
acquisition of assets in Nigeria will enable SEPLAT, Maurel & Prom 45%, to
benefit from the production of OMLs 4, 38 and 41 some time in August 2010.
Oil services
Maurel & Prom Group drilling operations are conducted through
its wholly-owned Caroil subsidiary, which owns 15 drilling rigs.
The first half of 2010 featured the opening of a subsidiary in
Cameroon where rigs from Tanzania started drilling on 14 July 2010. The
average use rate of the Caroil rigs was 90% during the first half of 2010.
Caroil generated 69% of its business with customers other than Maurel & Prom.
Financial situation as of 30 June 2010
Economic environment
The average price of Brent during the first half of 2010 was
$77.3 (up 50% compared with the first half of 2009). The average EUR/$
exchange rate was 1.33. As of 30 June 2010, the EUR/$ exchange rate was 1.23,
up 15% over the first six months of the year.
Financial items
The Group's activity described above and the economic and
financial environment are reflected in the consolidated financial statements
through the items outlined below. The consolidated financial statements were
approved by the Board of Directors on 25 August 2010.
Sales
Group sales for the first half of 2010 were up 68% at
EUR131.3m compared with EUR78.3m for the first half of 2009.
Higher sales were the result of increased production from the
fields in Gabon and in particular the start-up of production in the Omgw and
Ombg fields during the first half of the year. With respect to the Onal
field, which came on stream in March 2009, the water injection programme,
introduced in December 2009, resulted in production being at least maintained
if not increased.
In early 2009, at the conclusion of the Reserve-Based Loan
financing, the Group established hedges on oil prices. The average hedge
price in the first half of 2010 was $60.9/bbl, whereas the average price of
Brent was $77.3/bbl. This led to a negative adjustment of EUR18.4m.
Excluding the impact of hedging, the average selling price in
Gabon for first half of 2010 stood at $76.5/bbl for production from Onal,
Omko, Ombg and Omgw, and $63.3/bbl for production from Banio.
Caroil's contribution to sales in the first half of 2010 (oil
services) was EUR51.0m, compared with EUR42.8m for the same period in 2009.
Expressed in US dollars, the contribution of this activity totalled $67.8m.
Caroil's corporate sales in the first half of 2010 amounted to
EUR74.0m. Expressed in US dollars, Caroil's corporate sales were stable at
$98.4m compared with $98.2m in the first half of 2009.
Operating income
Income from oil production and services was up sharply as a
result of increased hydrocarbon sales. It stood at EUR36m after depletion
amortisation, an increase directly related to increased production.
Operating income recorded a significant amount in exploration
costs written off (EUR75.4m), reflecting the Group's contrasting results from
such operations in the first half of 2010.
Amortisation primarily involves the amortisation of Caroil's
rigs for EUR8.1m and depletion of the Onal and Omko fixed assets for
EUR11.9m.
Financial income
Financial income amounted to EUR103.8m. It was strongly
impacted by favourable foreign exchange differences (EUR122.8m), related to
the revaluation at the closing rate of the Group's currency positions. It
should be noted that this result is volatile and depends on the closing rate
of the period. A 10% increase in the EUR/$ exchange rate would have a
negative impact of EUR70m, whereas a 10% decline would have a positive impact
of EUR86m.
As a reminder, the EUR/$ closing rate as of 31/12/2009 was
1.44. As of 30/06/2010, it was 1.23.
Interest on the OCEANE 2014 bond amounted to EUR12.3m.
Net income
The Maurel & Prom Group's consolidated net income amounted to EUR51m.
This was impacted by the difference between the tax applied on
a regulatory basis and that calculated in the consolidated financial
statements on the Omoueyi license for EUR9.2m. Taking into account the tax
charge due for the period (EUR10.5m), total income tax amounted to -EUR20.1m.
Group income was positively impacted by the equity accounting
of the Group's stake in the public/private company Lagopetrol for EUR2.5m, as
well as by net income from activities sold for EUR6.7m (related to the
earn-out clause), which was marked by the receipt in the first half of the
year of a premium of EUR44.6m after sales of crude oil call options were
established to monetise the earn-out clause attached to the sale of the
Colombian assets and based on WTI prices between 01/01/2010 and 31/12/2010.
Balance Sheet
The balance sheet total as of 30 June 2010 amounted to
EUR1,663m. Shareholders' equity, Group share, was EUR1,061m compared with
EUR940m as of 31 December 2009, an increase of EUR121m, due primarily to the
impact of income for the period (EUR51m), the adjustment made to the
derivative valuation as of 30 June 2010 (EUR24m), the dividend distribution
(EUR12m paid in June 2010), and the translation adjustment (+EUR58m).
The change in bond debt was related to the redemption of the
OCEANE 2010 bonds for EUR183m and the accretion of the amount of the OCEANE
2014 bond for EUR12m.
Investments
Total investments in the first half of 2010 amounted to
EUR191m and can be broken down as follows:
In thousands of euros Colombia Gabon Tanzania Congo Syria Other TOTAL
Exploration 19 63 27 27 8 2 147
Production 27 27
Oil services 4 3 0 7 1 16
TOTAL 23 94 27 34 8 4 191
In Gabon, development work on the Omgw and Ombg fields is
classified under exploration activity until an Exclusive Development
Authorisation is obtained for these fields. Production investment corresponds
to work carried out in the Onal and Omko fields. It should be noted that the
discovery of Omoc-N was made in the Onal field.
Intangible assets as of 30 June 2010 were valued at EUR579m,
of which EUR156m pertained to the Bigwa Mafia Rufiji license in Tanzania.
Cash flow
As of 30 June 2010, Maurel & Prom posted net cash of EUR128m
(including $130.6m equivalent to EUR106.5m), down EUR300m from 31 December
2009, primarily due to:
- the redemption on 1 January 2010 of OCEANE 2010 for EUR183m,
including interest of EUR6.2m;
- steady investments (EUR191m) for all Group operations;
- an increase in production and therefore in cash flow from
operating activities (+EUR170m);
- receipt of EUR45m related to the establishment of crude oil
call option sales to monetise the earn-out clause attached to the sale
of the Colombian assets;
- currency impacts (-EUR93m);
- funds paid in connection with new interests in Nigeria
(-EUR42m).
Post-balance sheet events and outlook for 2010
Recent developments in Gabon (identification of Kissenda and
increased production), together with Nigeria's entry into the consolidation
scope, will enable the Group to increase significantly its production and
reserves over the coming months.
The end of the 2010 fiscal year will see a gradual reduction
in high risk exploration efforts in favour of appraisal-delineation and
development operations.
The final signing of the agreements between Seplat (the
Nigerian-registered company, M&P 45%), SPDC, TOTAL and ENI became effective
on 30 July 2010. A gradual takeover of operations by Seplat will result in
that company having the full benefit of its working interest production
during the month of August 2010. It should be noted that the operated
production level of these OMLs has been forecast initially at 30,000 b/d of
oil and 120 MMscf of natural gas, translating to 4,800 b/d of oil and 22.5
MMscf of gas for the Maurel & Prom working interest production net of
royalties.
At the conclusion of these transactions, Maurel & Prom
consolidated its financial structure by:
- issuing OCEANE bonds maturing in 2015 in the form of a
private investment of EUR70m;
- drawing $240m from the RBL-type facility (Reserve-Based
Loan) at the end of July 2010;
- monetising the "Hocol" earn-out clause based on the price of
WTI in May 2010 for an amount of $60m;
- establishing a short-term credit line of $50m in July 2010.
Group consolidated financial statement
Group Balance Sheet
Assets
In thousands of euros Notes 30/06/2010 31/12/2009
Intangible assets 4 578,497 457,731
Property, plant and equipment 5 671,255 547,432
Non-current financial assets 6 43,467 21,030
Investments accounted under the equity 7 41,405 32,508
method
Non-current derivative instruments 9 0 37,912
Deferred tax assets 17 10,438 10,647
Non-current assets 1,345,062 1,107,260
Inventories 5,467 4,095
Trade receivables and related accounts 8 49,564 33,434
Other current financial assets 8 41,537 31,671
Other current assets 8 41,062 39,432
Income tax receivable 17 582 1,518
Current derivative instruments 9 50,520 162
Cash and cash equivalents 10 129,461 427,576
Current assets 318,193 537,888
Total Assets 1,663,255 1,645,148
Liabilities
In thousands of euros Notes 30/06/2010 31/12/2009
Common stock 93,364 93,364
Additional paid-in capital 220,943 221,607
Consolidated reserves 774,366 753,972
Treasury shares (78,609) (78,664)
Net income, Group share 51,141 (50,650)
Net equity Group share 1,061,205 939,629
Minority interests (106) 1
Net equity total 1,061,099 939,630
Non-current provisions 11 17,916 15,346
Non-current bond loans 12 262,542 260,770
Non-current derivative instruments 9 11,995 14,976
Deferred taxes, liabilities 17 40,422 27,339
Non-current liabilities 332,875 318,431
Current bond loans 12 23,179 195,682
Other current loans and financial debt 12 3,593 53
Trade payables and related accounts 13 92,395 89,165
Income tax liability payable 17 8,138 3,849
Other creditors and liabilities 13 55,988 45,277
Current derivative instruments 9 70,585 40,395
Current provisions 11 15,403 12,666
Current liabilities 269,281 387,087
Total Liabilities 1,663,255 1,645,148
Consolidated statement of comprehensive income
Net income for the period
In thousands of euros Notes 30/06/2010 30/06/2009* 30/06/2009
Sales 131,281 78,301 75,697
Other income 215 212 212
Purchases and change in (16,933) (12,440) (12,440)
inventories
Other purchases and (35,923) (28,177) (28,177)
operating expenses
Other taxes (8,430) (3,941) (3,941)
Compensation expense (10,190) (9,279) (9,279)
Amortisation and (23,836) (18,133) (18,133)
depreciation
Impairment of exploration assets (75,398) (6,143) (6,143)
Provisions and impairment of current (4,642) (3,901) (3,901)
assets
Reversals of operating 3,459 5,589 5,589
provisions
Gains on sale of assets 2 4,285 4,285
Other expenses (1,446) (432) (432)
Operating income 15 (41,841) 5,941 3,337
Gross cost of debt (12,326) (13,149) (13,149)
Income from cash 297 280 280
Net gains or losses on (692) 27,984 27,984
derivatives instruments
Net cost of debt (12,721) 15,115 15,115
Other financial income 116,509 (6,062) (6,063)
and financial expenses
Financial income 16 103,788 9,053 9,052
Income before tax 61,947 14,994 12,389
Corporate income taxes 17 (20,053) (5,248) (2,644)
Net income of 41,894 9,746 9,745
consolidated companies
Total share in net 7 2,487 1,890 1,890
income (loss) of
companies consolidated
under the equity method
Net income from 44,381 11,636 11,635
continuing activities
Net income from 14 6,653 (9,994) (9,994)
activities sold
Net income of 51,034 1,642 1,641
consolidated Group
Net income, Group share 51,141 1,642 1,642
Minority interests (107) 0 0
Earnings per share
Basic 0.44 0.01 0.01
Diluted 0.41 0.01 0.01
Earnings per share from
activities sold
Basic 0.06 -0.09 -0.09
Diluted 0.05 -0.07 -0.07
Earnings per share from
continuing activities
Basic 0.38 0.10 0.10
Diluted 0.36 0.09 0.09
(*) Adjusted for the change in accounting method (see Note 18).
Total comprehensive income for the period
30/06/2010 30/06/2009
Net income for the period 51,034 1,642
Other comprehensive income items
Currency trans. adjustments 57,750 38,759
Derivative instruments 23,954 (58,587)
- Change in fair value of hedges not due 23,954
(current during the previous period)
- Fair value of new hedges for the period (48,759)
recognised in equity
- Fair value of the portion of hedges recycled in (15,274)
the income statement
- Taxes on derivative instruments 5,446
Total comprehensive income for the period 132,738 (18,186)
- Group share 132,845 (18,186)
- Minority interests (107) 0
Cash flow statement
In thousands of euros Notes 30/06/2010 30/06/2009*
Consolidated net income from continuing 44,381 11,636
operations
Tax expense from continuing operations 20,053 5,248
Consolidated income from continuing 64,434 16,884
operations before taxes
Net amortisation and provisions (reversals) 23,928 (28,690)
- Unrealised gains and losses due to 166 (15,337)
changes in fair value
- Write-offs 75,398 6,066
- Calculated expenses and income related to 1,087 925
stock options and similar
- Other calculated income and expenses 16,617 (54)
- Gains and losses from sales of assets (2) (3,845)
- Share in income (loss) of companies 7 (2,487) (1,890)
consolidated by the equity method
- Other financial items (296) 188
Cash flow before tax 178,845 (25,753)
Corporate income tax payment/disbursements (6,013) (3,340)
Change in working capital requirements on (3,011) 36,429
operations
- Trade receivables (8,094) (27,962)
- Trade payables (9,272) 22,321
- Inventories (611) (1,050)
- Other 14,966 43,120
NET CASH FLOWS FROM OPERATING ACTIVITIES 169,821 7,336
Disbursements for acquisitions of tangible and (192,105) (176,882)
intangible assets
Receipts from sales of tangible and 4 4,285
intangible assets
Disbursements for acquisitions of financial (4,698) (14,648)
assets (unconsolidated securities)
Receipts from sales of financial assets 10,321 0
(unconsolidated securities)
Change in loans and advances granted (39,981) (36,391)
Other cash flows from investing activities 17 1,439
Net receipts from activities sold 14 44,565 461,315
NET CASH FLOW FROM INVESTING ACTIVITIES (181,877) 239,118
Amounts received from shareholders during (699) 0
capital increases
Dividends paid (11,532) 0
Receipts from new loans 374 0
Interest paid 296 (188)
Loan repayments (183,040) (13,160)
Treasury share acquisitions 56 2,580
NET CASH FLOW FROM FINANCING ACTIVITIES (194,545) (10,768)
Impact of foreign currency fluctuations (93,429) 6,389
NET CHANGE IN CASH FLOW (300,030) 242,075
Opening net cash and cash equivalents 427,544 188,695
CLOSING NET CASH AND CASH EQUIVALENTS 10 127,514 430,768
(*) Adjusted for the change in accounting method (see Note 18).
Maurel & Prom financial report, the consolidated financial
statements with their notes can be consulted on Maurel & Prom site
(www.maureletprom.fr).
This document may contain forward-looking statements regarding
the financial position, results, business, 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 or sabotage.
Maurel & Prom is listed for trading on Euronext Paris -
Compartment A - CAC mid 100 Index
Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
For more information, visit www.maureletprom.fr
Communication:
INFLUENCES
t : +33-1-42-72-46-76
e : communication@agence-influences.fr
Communication: INFLUENCES, t : +33-1-42-72-46-76, e : communication at agence-influences.fr .
Tags: August 27, France, Maurel & Prom, Paris
