MAUREL & PROM: First Half 2010 Revenue up 68% to EUR 131.3 Million

Q2 2010 Entitlement of 10,969 b/d, Representing an Average of 9,814 b/d in the First Half of 2010

PARIS, August 3, 2010 - Revenue for the first half of 2010

The Group's revenue in the first half of 2010 totalled
EUR131.3 million, up 68% from EUR78.3 million in the first half of 2009.

    In EUR millions    Q1 2010  Q2 2010*   H1 2010     H1 2009**     Change
    Exchange rate       1.3829    1.2731    1.3285      1.3332         -0.4%

              Congo        0.0       0.0       0.0         0.1          n/a
            Tilapia        0.0       0.0       0.0         0.1
            Gabon**       33.5      64.9      98.4        36.2          172%
              Banio        1.1       1.7       2.8         2.5           11%
               Onal       26.8      49.1      75.9        22.7          235%
               Omko        5.6       5.6      11.2        11.0            2%
               Omgw        0.0       7.2       7.2         0.0          n/a
               Ombg        0.0       1.2       1.2         0.0          n/a
           Tanzania        0.1       0.2       0.3         0.0          n/a
          Mnazi Bay        0.1       0.2       0.3         0.0
     Oil production       33.5      65.2      98.7        36.3          172%

       Oil services       23.5      27.5      51.0        42.8           19%

              Other       -8.1     -10.2     -18.4        -0.9          n/a

              TOTAL       48.9      82.4     131.3        78.3          68%

    * Revenue for the second quarter is calculated by subtracting
      first-quarter revenue from six-month revenue

    ** From 1 January 2010, turnover includes sales of barrels used to pay
       corporate tax. The impact of this change of method is EUR 6.9m in H1
       2010 against EUR 2.5m in H1 2009.
<end_table 

    The increase in revenue is a result of higher production level
from the fields in Gabon and particularly the start-up of production from the
Omgw and Ombg fields during the first half of 2010. On the Onal field, first
oil in March 2009, the water injection program, which began at the beginning
of December 2009, enabled the field's production to be sustained if not
increased.

    The Group recognised revenue of EUR0.3 million on the Mnazi
Bay field in Tanzania, in which the Group acquired a 38.22% stake in 2009.

    At the beginning of 2009 the Group implemented, at the closing
of the financing of the Reserve Based Loan, hedging based 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 resulted in a negative adjustment
of EUR 18.4 million.

    Excluding the effect of hedging, the average selling price in Gabon in
the first half of 2010 was $76.5/bbl for the production from Onal, Omko and
Omgw, and $60.9/bbl for the production from Banio.

    Caroil's contribution to revenue in the first half of 2010
(oil services) was EUR51.0 million, up from EUR42.8 million over the same
period in 2009. Expressed in US dollars, the contribution of this activity
totalled $67.8 million.

    Caroil's corporate revenue in the first half of 2010 was EUR74
million. Expressed in US dollars, Caroil's corporate revenue amounted to
$98.4 million, compared to $98.2m for the first half 2009.

    Caroil generated 69% of its business with customers other than
Maurel & Prom.

    Business climate information     2010     2009  Change
                                 6 months 6 months
    Exchange rate (EUR/US$)         1.329    1.333      ns
    Exchange rate (US$/EUR)          0.75     0.75      ns
    Brent (US$/bbl)                  77.3     51.5    +50%

Over the first six months of the year, the average Brent was
up 50% compared with the same period in 2009.

Entitlement[1] of 10,245 b/d for Q2 2010, representing an
average of 9,169 b/d for the first half of 2010.

Nine liftings were completed in the first six months of the
year, highlighting the significant rise in production from the Gabonese
fields.

In Congo, the production from the Tilapia field has not been
consolidated since 30 April 2009 following the sale by Maurel & Prom of its
rights to this license.

The following table, presented in barrels per day, shows the production
data for the first half of 2010.

    Country         Gross production              Maurel & Prom
                     from the fields            working interest
                                                     production
    in boepd      Q1       Q2    H1 2010       Q1       Q2    H1 2010   

    Gabon     10,654   13,299     11,985    9,132   11,607     10,378
    Banio        354      251        303      354      251        303
    Onal       8,534   10,197      9,370    7,254    8,668      7,965
    Omko       1,610    1,088      1,348    1,369      925      1,146
    Omgw         156    1,518        841      156    1,518        841
    Ombg           -      245        123       -       245        123     

    Total     10,654   13,299     11,985    9,132   11,607     10,378   

    (table continued)

    Country             Entitlement                Production
                                                      sold
    in boepd       Q1        Q2   H1 2010       Q1        Q2   H1 2010

    Gabon       8,645    10,245     9,814    7,100    11,985     9,556
    Banio         354       251       303      306       342       324
    Onal        6,852     8,188     7,524    5,627     9,011     7,328
    Omko        1,293       874     1,082    1,167     1,014     1,090
    Omgw          146     1,424       788       -      1,392       700
    Ombg           -        232       117       -        226       114

    Total       8,645    10,969     9,814    7,100    11,985     9,556

Oil and gas production in Venezuela, net of a 30% in-kind
deduction on oil, was 1,038 barrels of oil equivalent per day for the first
half of the year. Oil represented 52% of production. This activity is not
included in Group revenue.

Current gross production in Gabon is approximately 16,750 b/d
at 100%, which corresponds to entitlement for Maurel & Prom of approximately
14,000 b/d.

GLOSSARY

Gross production: production at 100%.

Working interest production: gross production - partners' share.

Royalties in Gabon: royalties are paid in cash in Gabon

Entitlement: working interest production - in-kind royalties - in-kind
State share of profit oil + corporate tax if profit oil paid in kind.

Production sold: entitlement -/+ stock.

Selling price: in Gabon prices are set by the State according to oil
quality and reference prices. The mutually-agreed costs to achieve commercial
viability are then deducted from these prices.

Revenue: entitlement x selling price. Revenue is recognised at the date
of lifting.

Taxes and fees: Profit oil due to the Gabonese State is paid in cash for
the Banio field and in kind for the Onal, Omko, Omgw and Ombg fields.
Corporate tax in Gabon is included in the State profit oil and recognised as
revenue.

Q2 revenue: revenue for the second quarter is calculated by subtracting
first-quarter revenue from six-month revenue.

For more information: 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

Upcoming meetings:

30/08/2010 First half 2010 Results

[1] See Glossary, excluding Venezuela

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