Etablissements Maurel & Prom S.A. (Paris:MAU) announced an increase in the dividend proposal made by its Board of Directors and which will be submitted to the vote of shareholders at the General Meeting to be held on 28 May 2024.

During the publication of the annual results for the 2023 financial year on 1 March 2024, it was announced that the Board of Directors had proposed a dividend of €0.23 per share for the 2023 financial year, for a total amount distributed of approximately $50 million. This dividend proposal was similar to the dividend paid in July 2023 for the 2022 financial year (€0.23 per share).

Given the excellent financial situation of the Group, as demonstrated by the positive net cash position at the end of March 2024, and the strong and sustained level of crude oil prices, the Board of Directors has decided to increase the dividend proposal at €0.30 per share, for a total distributed amount of approximately $64 million. This remains compatible with the Group’s growth and acquisition strategy, which is once again confirmed by the Board of Directors.

Olivier de Langavant, Managing Director of M&P, declared: “I am delighted with this 30% increase in the dividend compared to last year; this demonstrates not only our excellent financial situation and our confidence in its development, but also our commitment to redistributing the value created to shareholders in a regular and disciplined manner.”

The dividend will be paid on 5 July 2024, with the ex-dividend date on 3 July 2024 and the record date on 4 July 2024.

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