PARIS, July 24 /EMWNews/ --

    First Semester 2008 Business

    SALES



     - 29% increase in sales in first semester 2008 at EUR176.5

    million, up from EUR137.0 million for the first semester of 2007



     - Average sale price of USD 82.95/b



    PRODUCTION



    - 15% increase in Maurel & Prom production share



    - Modification of EGOC contracts, effective February 1, 2008



    - Exclusion of Venezuelan contribution



    - Resumption of long-term test on Banio in Gabon



    S1 2008 sales up 29% compared with the same period in 2007.



    Sales were generated essentially from oil production in Colombia (78%)

and the drilling business of the wholly-owned subsidiary Caroil (22%).






    in EUR million



                      S1 2008 S1 2007   Change



    Congo                 0.2     0.4     -50%

    Tilapia               0.2     0.2       0%

    Loufika               0.0     0.2    -100%

    Gabon                 2.4     0.0    +100%

    Banio                 2.4     0.0    +100%

    Onal                  0.0     0.0      N/A

    Latin America       135.5    89.0     +52%

    Colombia            135.5    89.0     +52%

    Venezuela             0.0     0.0      N/A

    Oil production      138.2    89.4     +54%



    Drilling             38.2    44.2     -14%



    Other                 0.0     3.4      N/A



    TOTAL               176.5   137.0     +29%



    First semester 2008 sales totaled EUR176.5 million, up from EUR137.0

million in the first semester of 2007, a 29% increase.



    Sales were favorably impacted by higher oil prices (Brent +73% and WTI

+81%) and negatively by the US$/EUR exchange rate (-13%).



    Total Group sales for S1 2008, expressed in US dollars, totaled

US$271.9 million in 2008, compared with US$182.1 million in S1 2007, or an

increase of 49%.




    Breakdown of sales by country:



    in EUR million        S1 2008   Total Sales Share



    Colombia                142,6           81%

    Congo                    29,4           17%

    Gabon                     2,5            1%

    Tanzania                  2,0            1%

    Total                   176,5          100%



    For S1 2008, Caroil's contribution to sales was EUR38.2 million

compared with EUR44.2 million in S1 2007, or a decrease of -14%. Expressed

in US dollars, the S1 2008 sales contribution decreased by -2%, totaling

US$58.5 million.



    Caroil's corporate sales for S1 2008 are up 17% totaling EUR57.8

million, compared with EUR49.5 million in S1 2007. Expressed in US dollars,

Caroil's corporate sales totaled US$88.5 million, or an increase of 34.5%,

compared with S1 2007.



    Caroil generated 66% of its business with customers other than Maurel &

Prom.






    Environmental data      S1 2008 S1 2007  Change



    Exchange rate (US$/EUR)    0.65    0.75    -13%

    Brent (US$/barrel)        109.3    63.2    +73%

    WTI (US$/barrel)          111.0    61.3    +81%



    The Group's oil business in 2008 was bolstered by the Brent and WTI

price increases (+73% and +81%) The reduction in the US$/EUR exchange rate

(-13%) on the other hand had an unfavorable effect on sales.



    PRODUCTION



    Maurel & Prom's working interest production for S1 2008 was 15,908

bbl/d, including 15,643 bbl/d in Colombia, 43 bbl/d in Congo and 221 bbl/d

in Gabon.




    Colombia



    Colombia                       Unit        S1 2008   S1 2007  Change

                                   based on 182 days



    Maurel & Prom production share barrels   2,847,082 2,502,030  +13.8%

                                   bbl/d        15,643    13,823

    Net Production                 barrels   2,403,162 2,102,673  +14.3%

    (entitlement)                  bbl/d        13,204    11,617

    Production Sold                barrels   2,510,317 2,086,337  +20.3%

                                   bbl/d        13,793    11,527



    Taxes in kind*                 %             15.6%     16.0%   -2.5%

    Average selling price          US$/b         82.61      56.7  +45.7%



    * royalties



    Daily production in Colombia in Maurel & Prom share was 15,643 bbl/d

for the first semester of 2008, compared with 13,823 bbl/d in the first

semester of 2007, an increase of 13.8%.



    The average selling price was US$ 82.61/b after the Group's hedging of

sales prices impacting the first quarter.



    In the first semester of 2008, 56% of the Maurel & Prom share of

production came from fields operated by Maurel & Prom (San Francisco,

Palermo, Balcon and La Hocha), 34% from fields operated by the Perenco

company (EGOC, Casanare and Ortega) and 10% from long-term tests conducted

on recent discoveries on Ocelote, Pacande and La Canada Norte.



    The selling contract of the Doima field production (natural gaz) is

still under negotiation.



    Venezuela



    Maurel & Prom has expressed its intention to boost its stake (26.35%)

in the mixed enterprise Lagopetrol (up to 34%). Production from S1 2008 is

not consolidated pending the final settlement of the agreement entered into

with PdVSA on December 12, 2007.



    As a reminder, production is currently 7,976 bbl/d, which represents a

net share for Maurel & Prom of 1,678 bbl/d after deducting 30% in royalties

in kind. The oil represents 67% of the total production, 33% for the gas.



    Congo



    Following the sale of the operating permits of M'Boundi and Kouakouala

and the reduction in its interests in the Kouilou exploration permit,

Maurel & Prom's share in Congo production is now purely symbolic.






    Congo                          Unit        S1 2008 S1 2007  Change

                                   based on 182 days



    Maurel & Prom production share barrels       7,869  14,396  -45.3%

                                   bbl/d            43      80

    Net Production                 barrels       3,606   8,740  -58.7%

    (entitlement)                  bbl/d            20      48

    Production Sold                barrels       3,606   8,384  -57.0%

                                   bbl/d            20      46



    Taxes in kind*                 %             54.2%   39.3%  +37.9%

    Average selling price          US$/b         109.8    66.2  +65.9%



    * royalties + oil tax



    Average selling price in Congo was 109.8 US$/b for the first semester

2008.



    Gabon



    The Banio well, located on the Nyanga Mayombe permit (Maurel & Prom,

100% operator) has been in a long-term test since July 27, 2007. After a

temporary interruption at the beginning of the year, works on the wells

enabled it to restart at a mean production of 400 bbl/d.






    Gabon                          Unit        S1 2008 S1 2007  Change

                                   based on 182 days



    Maurel & Prom production share barrels      40,242       0     N/A

                                   bbl/d           222       0

    Net Production                 barrels      35,494       0     N/A

    (entitlement)                  bbl/d           196       0

    Production Sold                barrels      35,669       0     N/A

                                   bbl/d           197       0



    Taxes in kind*                 %             11.8%       -     N/A

    Average selling price          US$/b         104.3       -     N/A



    * royalties + oil tax



    Average selling price in Gabon was 104.3 US$/b for the first semester

2008.



    Onal production start-up is still expected for October 2008.



    You will find the updated exploration drilling program on Maurel &

Prom's website (http://www.maureletprom.com), in the Downloads section from

the member area (available on free registration).



    This press release may contain forward-looking statements with respect

to the financial condition, results of operations, business, strategy and

plans of Maurel & Prom. By their nature, forward-looking statements involve

risks and uncertainties because they relate to events and depend on

circumstances that will or may occur in the future. These forward-looking

statements are based on assumptions which we believe are reasonable but

that could ultimately prove inaccurate and are subject to a number of risk

factors, including but not limited to price fluctuations in crude oil;

exchange rate fluctuations; uncertainties inherent in estimating quantities

of oil reserves; actual future production rates and associated costs;

operational problems; political stability; changes in laws and governmental

regulations; wars and acts of terrorism or sabotage.






         Maurel & Prom is listed on Euronext Paris - compartment A - CAC

                                mid 100 Index



             Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA



                                   Agenda 2008



    Friday August 29, 2008 Publication First Half Results 2008



    Thursday September 11, 2008 Analyst meeting



    Tuesday November 4, 2008 Third Quarter Sales 2008



         Press releases to be distributed on each of the abovementioned

                        days before the markets open



    Investor Relations

    Laurence Borbalan

    Tel. : +33-1-47-03-68-58

    Mob. :+33-6-79-44-66-55

    [email protected]



    Press Relations

    Michelle Aubert

    Tel. : +33-1-47-03-68-61

    Mob. :+33-6-85-34-45-94

    [email protected]