Good morning, ladies and gentlemen. Welcome to this presentation of the annual results of Maurel & Prom for fiscal year 2021. Today, we have our Chief Executive Officer Olivier de Langavant. I'm Patrick Deygas, Chief Financial Officer, and we have Matthieu Lefrancq, Head of Investor Relations. Olivier, onto you.
Thank you, Matthieu. Patrick, Matthieu rather, yes. Good morning, everyone. I'm pleased that we can, all three of us, comment fiscal year 2021 results, which were published online this morning. We'll look at the presentation and then, of course, happy to take a Q&A session, which we hope will be expansive, like comprehensive Q&A session.
A good financial performance for 2021 progressing strongly, thanks in part to the maintenance of budget discipline as well as for an average sale price of oil, which is very significant in 2021 relative to 2020, $72.5 / bbl compared to $40 in 2020. We also have sales totaling $500 million, up by some 52%. A strict operational and financial discipline in place with operational expenditure and G&A maintained at 2020 levels, which had already been very significantly reduced after the 2019 crisis. We had launched an implementation plan. A net income at $121 million, at its highest level since 2011.
2011 was a period when the oil price was 50% higher than it was in 2021. A strong cash flow generation allowing for substantial deleveraging, cash flow was $280 million, and free cash flow, which stood at $108 million after payment of $100 million relative to the Gabonese Republic agreement. Net debt totaling $343 million at year's end 2020 went down by $121 million in 2020. A significant deleveraging. Resumption of the dividend to return value created to shareholders. The board of directors met yesterday and proposed the payment of a dividend of EUR 0.07 per share, equivalent to $15 million in total.
This is the maximum allowed under the current provisions of our term loan. Now, subject to the removal of this restriction, in case of completion of the refinancing the term loan, which should happen rather soon, the shareholders' remuneration will be increased to $13 million for calendar year 2020 to $0.14 per share in total. Active management of asset portfolio with a view to growth. We will prepare a 3D seismic data acquisition campaign on the one hand for the Ezanga permit by the end of this year. There were also reinvestments carried on in drilling last year. Our enhanced presence in Colombia via the purchase of Frontera Energy stake in M&P Colombia and the award of the VSM-4 license.
As regards to Sawn Lake in Canada, our stake there, this is a project or development that does not meet our group's economic criteria, and it also does not meet our environmental criteria. Our production is close to that of 2020, 25,000 BOEPD, OpEx and G&A expenses of $168 million, so almost a difference of $3 million from 2021 at the highest of our position. Operating cash flow of $280 million plus $132 million from 2020, or an increase of 160%. Free cash flow of $180 million, in other words, almost double relative to 2020.
A net debt brought back to $343 million, a quarter less than what we had a year earlier, which was $112 million. I'd like to now expand on these points. Let's look first at a subject which is very important for me and the group, which is our EHS performance. Safety, rather, is of the utmost importance. We had a rather positive early start to 2021. In contrast to last year, but very good improvement of the key performance indicators related to lost time injury, with no reportable injury and a slight decrease in our recordable injury rates, the TRIR, injuries with no lost time. These indicators keep improving. We're...
We will have even fewer such cases of injuries by the end of the month. Accumulated days without significant environmental incident, 848 days. We have almost reached 669 accumulated days without lost time injury LTI, which is a very positive performance. Therefore, these are very significantly positive results. M&P certifications. ISO 45001 health and safety is maintained, as well as ISO 14001 environmental management. We obtained a rank of B for environmental commitment in 2021, an average sector rank C. Let's look at production activities in 2021. Ezanga site in 2021 sat at 19,000 barrels of bopd rather. 15,200 bopd net to M&P's 80% working interest.
As a consequence of OpEx quotas established in 2020, and the resumption of development operations in 2021 led to a significant rise in the production potential. Finally, during the last quarter, we sat at almost 21,000. Since the beginning of the year, we encountered a number of challenges with respect to equipment and well failures. Production reduced in the last few months, 18,000 bopd per day, and we're trying now to bring back production of barrel of oil per day to a more significant volume above 20,000 barrel of oil per day. Now, in Gabon, a more significant production has been seen rather an increase of 24%, which is a record.
Sustained demand from the industrial sector is expected to continue, and the gas demand sharply back up as well, back to 2018 level of 80 mmcf/day. We will also have a compression installation begun. It will be set up in 2022, which should allow a reduction of production pressure and support the production plateau with a total CapEx estimated $20 million over three years. Now, for blocks 305 and 305 A, they were carried out between mid-October right up till the end of November, the maintenance operations. We've seen an improvement. Production was affected, rather, in the second half of the year by maintenance operations between mid-October and end of October, mid-November.
We have ongoing JV discussions ahead of the license expiry on blocks 305 in 2025. This will be done because the contractor groups requested changes in fiscal terms as well as an improved governance. Now, in Venezuela, given the sanctions applied to this country for the Urdaneta West site, Maurel & Prom will not carry out any activities. Therefore, M&P's activities will be limited to strictly authorized activities. In other words, operations related to essential activities and security and integrity maintenance. Production increased slightly. It was 12,000 bopd in 2021. All in all, a little under 9,000 bopd in 2022.
Again, we cannot carry on with our activities in on this site. The joint company does not allow for these activities. We are trying to recover the oil volumes relative or which match the previous dividends paid out. We will follow and monitor closely the changes in the situation in Venezuela, and we hope that we can produce at least one cargo shortly in the near term to recover these dividends. Again, this is something that will be done to pay, you know, refund debt and not give money to government coffers. With respect to the guidance versus actual performance, in Gabon, oil gross production was 20,000 barrels of oil per day, a little under our guidance.
In Tanzania. Gabon was actually 21,000. Tanzania was 70 mmcf/day. There is a 15% difference for Angola given the performance that I've mentioned. Total performance is under 3% relative to the forecasts or the guidance we had set out initially.
Our cash flow, we had announced EUR 275 million in a hypothesis of $70 per barrel. We are at $72.5, so 280. Investment 90 million, we managed to spend a little bit less, 67 million, excluding the transaction with the Gabonese Republic. Financing, we had forecasted 105 million to be spent. We spent 96 million. Performance of the group, which is quite compliant with the guidance and the forecast that we had given. I'd like now to go back in detail in the transaction background between the Gabonese Republic and ourselves. An agreement that has been signed and announced in last November, and an agreement that was dependent on a number of conditions between the group and the country.
In the framework of this transaction agreement, we have liberated EUR 43 million, which had been placed in an escrow account, and also payment of a complementary amount of EUR 57 million to the Gabonese Republic. 100 million that Gabonese Republic had received. In return, the agreement provided for, on the one hand, the signature of an amendment to the production sharing contract, or a PSC, on the Ezanga permit. The amendment of certain terms and also the extension up until 2025. The signature of new PSCs of Kari and Nyanga, Mayombé regions, exploration up until 2029, and the establishment of a mechanism by which M&P will, over time, recover certain receivables, 198 million at 30 September 2021. We've solved this problem of VAT.
We paid EUR 100 million, and we received a permit extension and improvement. In particular, it is worth highlighting that the changes include a reduction on the royalty rate, what we call the RNP. This has been reduced. An increase in the cost stop on the barrels that we produce, and this improves significantly our cash flow, and also an increase on the contractor's share of profit oil. After the cost we share between the state and ourselves, this has been amended and improved. Also, this agreement allow to retrieve a certain number of of cost another license. An agreement which is quite satisfactory for the Gabonese Republic because it has allowed them to obtain satisfaction on, especially the sum that were in the, in the escrow account.
It also gives through the extension of the licenses and good fiscal conditions and improvements for ourselves. In this context, we started last August a 3D seismic data acquisition campaign on the bulk of the permit. This is quite a large permit. You see the yellow here. What is interesting to know. Now, you see the area where we produce. We have our development area, and this represents but a small part of the permit. The rest has not been explored well for the moment. We launched this campaign, allowing us to identify some interesting zones, and we are actually preparing a seismic 3D data acquisition campaign that we will start before the end of the year, so to highlight opportunities and possible prospects in the south of the block.
We will have a better idea of what we have in this block after this assessment. Recent activities in Colombia. Quite a lot of things in Colombia. Essentially, we have finalized an agreement with our partner to resell the total of the interest in the permit of COR-15 and Muisca and VSM-4. In COR-15, other permits which are ongoing. We are 100% on this permit for the moment. Since the exploration, we have two prospects that we quite like, and we are preparing to drill in June, in July or August. In exchange of the exit of our partner, we also have received a total of EUR 6 million because of the obligation that still were present on the block. This fine funded partially the drilling of these wells.
There has been a license at the end of the year and we had identified in the Higher Magdalena a spot that we quite like, and we won this block for six years against an obligation to drill an exploration well. We have a prospect that is looking quite good. We signed the license last January, and we are starting working on this right now. Our presence in Colombia is then strengthened. In our portfolio, there are some things that are less active. In Namibia, the situation hasn't changed. We continue to carry out technical studies and the drilling of an exploration well. These blocks are actually at 100%, and contrary to Colombia is not an...
It is a more costly, more risky exploration. We are looking for partners to accompany us, to support us. There are some prospects, but we are on deep offshore. As you know, this country attracts more attention and interest of companies after the discoveries of Shell and total in the South of the country. In France, the production test began in the first half of 2021. This is still ongoing at this time, but we have always the agreement. It has to stop at the end of the month, and we are awaiting response from the French authorities on the demand submitted. This response, this reply will come when it comes. In Italy, acquisition realized in 2020. Interpretation is still ongoing.
We are pending finalization of the prospectivity evaluation before we position ourselves on this permit and then on the country, because it's the only one in the country. Canada, we concluded that the development of Sawn Lake would not meet the group's economic and environmental criteria. The prices are higher than we thought they. We sold our 25% interest in the project to the operator, Andora, in March 2022, two days ago. In consideration of a payment of $0.5 million, taking into account all the financial commitments, this will be the end of our activities in Canada. Something important concerning Seplat, where we have a participation of 20%.
Seplat Energy—it was Seplat, now it's Seplat Energy to signify their engagement into the transition. These are the information that are supplied by Seplat, and they... these are public on their website. I'd like to insist or highlight the agreement they signed with ExxonMobil for acquisition and transformation, and Seplat, because it would lead to, once the closing is done, the operation has been signed, but there we're still pending the authorization of the authorities. That would mean multiplying by three the production and move from 240 to 350 barrels, gas increasing as well. Something which is quite important in consideration of $1.3 billion, of course. A little less important, but still important anyway, Seplat is finalizing the export alternative pipeline.
The project is quite important, and we can surely appreciate that. Now I'll leave the floor to Patrick, that will give us the financial results, treasury, P&L and several elements, and then I will come back afterwards to talk about our perspectives.
Hello, ladies and gentlemen. Some comments about the financial performance 2021, 2020. We have a favorable environment. Average price of oil is $72.5 per barrel. Sharp increase, 81%, since 2020. Our revenue evolve in consequence. The turnover is $500 million.
The spending are $68 million. These are comparable to the previous year. The operational costs remained contained the same and controlled. We see an increasing on the debt linked to the fluctuation of the barrel. $95 million last year and $280 million this year. Our residual is positive and more than $158 million and integrating the cost of the debt, which is quite reasonable. I'd like to remind you that our debt without interest has an interest of 8%. Thanks to this result and the contribution of our Seplat branch for $23 million, we have $121 million as a net income. We couldn't get to this result for the last 10 years.
In terms of treasury, the generation brought forward by the generally favorable context. We have $280 million compared to $91 million last year. We have had investment after the conclusion of the agreement in Gabon, $100 million, as we talked about previously, and investment of $45 million in order to resume the activities of drilling and several activities necessary to sustain the production. Then investment in Angola. After all of this, the cash flow. The free cash flow is superior to $108 million. Integrating to that, the reimbursement of the debt, the variation of treasury is $27 million, which brings us towards the end of the year, near to $200 million.
Now cost control and the changes in the debt for 2021.
You will see here the costs, the operational costs have dropped by 6%. Without considering the recurring elements and also 6% savings for the operated assets. Now, for the change in debt position, 2016-2021, we've seen a strengthening of the capital structure. The net debt at end of 2021 was $455 million. It was refunded to the tune of $112 million on that period for a total of $243 million. Keeping in mind again that we have a very strong cash flow position of $387 million.
On these aspects, M&P has a very strong balance sheet and in a very good position to benefit in the coming months of a favorable oil price environment for crude oil. Now, for the capital structure, our gross debt at the end of the year is $539 million. We have a term loan of $450 million at the end of December 2023, with Libor + 1.5% and a shareholder loan of $89 million, comparable changes to be forecast. By the end of 2023 and 2024, these are the figures we should reach.
For the end of 2022, the amount of refunds that should take place will be to the tune of $175 million. We also need to refund a certain amount of $343 million for our net debt. We are currently in discussions for the reimbursement of our debt and to try to have a longer maturity for the refund of this debt. We do hope that they will address our request for a longer debt maturity. I remain available to answer any questions you may have on the financial aspect. Then I'd like to hand over now to Olivier. Thank you very much, Patrick. Let's look now at objectives for 2022.
Well, evidently, we will continue to strive for excellence in the EHS sectors, environmental, health and safety and sustainability, which is a prerequisite to all our operations. We need to maintain the LTIF at zero, reduce TRIR by 30% relative to 2021 performance. This, there's been an improvement noted already. There's also an ongoing reduction of flaring and venting of methane. Venting is what we call the issuance of methane on the Ezanga permit. Now we need to ramp up the production on Ezanga, that's for the maintenance of operational and financial focus. We will ramp up production on Ezanga, the drilling well stimulation operations at the beginning of the year.
We will maintain our cost base at current level, and we will be on the lookout for optimization opportunities, as we have done in 2020 when we carried out a program for cost reduction and cost optimization in the crude price. We want to avoid the 2020 situation by maintaining a good cost base. We also need to streamline our processes. We have rolled out a enterprise resource planning software. It is now being implemented after the fine-tuning period. It will enable us to better monitor our costs and financial situation.
Now, a restart of the exploration preparations are underway for the 3D seismic campaign on the Ezanga permit this year, and drilling of two shallow exploration wells for the second part of the year this year on the COR-15 permit, which is important in Colombia. Return value to shareholders today, that is something we can do, and the board of directors will need to address this matter at the annual general assembly. As I said earlier, EUR 0.16 per share, which is the maximum allowed under current provisions. As soon as we will have finalized our funding structure in the coming weeks, we will be able to be freed up of the constraints on the dividends from the previous agreement.
We will be able to double this value of dividends that should be paid out in July. We have good reason to think they will amount to EUR 0.14 per share, $500 million paid out to shareholders for 2022, with a return of the value to the shareholders. This is a good start. This is also a promising development for our future. Operational and financial guidance for 2022. In essence, the production should be a little over 20,000 barrels of oil per day for Gabon. Our cash flow should be to the tune of $250 million with the cash flow generated by operations at $250 million at $70 per barrel.
Another $40 million, reaching $290 million at $80 a barrel. At $90 a barrel, we'll this will lead to $330 million. We'll see how the context evolves. The current geopolitical context is extremely volatile. Now, development CapEx in Gabon, $75 million, $5 million in Tanzania, $50 million Angola, totaling $95 million, with a contingent budget rather of $60 million dollars for exploration CapEx in Gabon, as mentioned. Now, for financing or in the absence of refinancing, we will quickly do refinancing. We will reach 200 . A requisite amount of $200 million dollars, $188 million in debt repayment, and $12 million dollars for the net cost of debt.
Our cash flow at the beginning of the year was $196 million, which gives us a rather comfortable position to manage all of this, including the dividend that you do not see on this slide, but the dividend is included in this figure. This is an important slide. I think we need to really establish our objectives with respect to our carbon footprint. Our goal is to reduce our emissions, 25% reduction of flaring by 2023, a reduction by half of the GHG emissions on Scopes 1 and 2. I don't have Scope 3 here. This for the medium term, of course, and then for the long term, we need to reduce by 90% our flaring. This is necessary.
Those are concrete measures we need to take, and some have been already rolled out to reach those objectives. Carbon offset now. Well, that's something we can do in Gabon. This is more for the medium term. It's under review. Carbon capture. It represents some possible opportunities and alternative investments. This is something that we do not include neither in the short term nor the medium term in our operations, but it is absolutely fundamental we look into carbon capture. Our strategy is one where we need to maintain our field of expertise and stick to what we know best. We also need to expand more efforts to reduce our carbon footprint relative to our production of oil barrel per day.
Our production sits in the best part of the benchmarking exercise that we still need to improve. We want to improve, and we'll need to give priority to development projects that match our commitments. In essence, at the moment, we really want to remain a pure player, a responsible pure player. As a result, we will maintain our long-term objectives, which have remained the same. First priority relentlessly focusing on environmental health and safety, sustainability, maximize the value from existing assets. Everything that creates value in essence and brings about income for the company and shareholders. Capital discipline, we need to strengthen our balance sheet and maintain liquidity, and we need to grow our business through exploration and M&A operations.
Mergers and acquisitions, which need to be targeted relative to our current position. As a result, we will create value, which is our sole objective, so that we can return the value to the shareholders. Which is why we have an operational flexibility with control of operatorship of main assets, Ezanga, Mnazi Bay, and exploration. Operations are being rationalized as part of the adaptation plan. Our assets need to be resilient. Free cash flow break-even has been reduced below $30 / bbl, given the price of crude. This will remain so in the short and medium term. We have resilient assets. We have a net income break-even, which was reduced below $45 / bbl in 2020, and it still sits at that figure.
We have a financial, good financial strength, still on asset resilience. As I said, our net income is below $45 / bbl. Financial strength now, $96 million of cash balance as of end of 2021. $100 million immediately available via the shareholder loan if necessary, and per Pertamina Group support. Right. Our group benefits today from a very favorable environment, oil-wise, and we have projects and ambition. Perhaps the time has come now to look at a number of questions. Thank you, Olivier. Maybe we'll look at a number of questions that we think...
We start with a question from Baptiste Lebacq from Oddo BHF, asking if, in parallel to this, it could exist in the future a merger with Frontera Energy. The second question on a potential partner in Namibia, are we looking for an expertise or just a financial partner?
Thank you very much for these two questions. Now, for Maurel & Prom Energy, why not? We could name ourselves Maurel & Prom Energy, but I think it's more important to have clear what we want to do today. I was saying previously in the previous slide, what we want is to be in our core business, what we know how to do. I'm not confident as a principle on diversifications, on doing something that we do not know how to do. We can make errors, and we also realize that alternative energies and renewable energies, of course, as a citizen, I want them to develop, but I'm not certain on the return on investment we could have as a group.
I'd like to be conservative on this topic. If in the future we want to assess and evaluate some possible transition, we will do. As of today, there is no question to try and do things too fast in this sense. This will maybe change in the future. I'd like to insist for the moment, anyway, to stay in our core business. Hopefully oil is a product that the planet still needs for the next century to come. At least there are important quantities that will be on demand, and we will be able to supply them. We will do that responsibly, lowering the emissions and trying to do that as best we can.
Gas is also considered as a transition energy, and we are positioned on that, and we would like to develop further in the future. For the moment, for the time being, we will stay in our core business. The second question was regarding Namibia. Are we looking for a partner in financial terms or technical terms? There are two elements. It is an exploration well in deep offshore. It is a really important investment, as you might imagine. The prospect that we have are quite good, but it's quite a risky business nevertheless. The risks are too high to be able to tackle them by ourselves. Of course, I think that in order to do that, to do this project, we need to be able to share the financial burden.
We are also looking for a partner for technical expertise. Two years ago, we started a team, and we are able to drill this well. It is the question is that to have somebody else apart from ourselves ready to believe in this project. We need to find a partner believing in this project as we do, and sharing the burden, not only in financial terms, but in expertise and technical terms as well. Of course, there are several things that need to be finalized and defined for the moment. We will start data rooms to tackle this. To complete, before we move to other questions, are there any tensions in terms of costs for certain oil businesses because of the increase in prices? Do we have an increase of associated costs? It is a good question.
I'd like to say that no, we do not see that this increase for the moment. The price of certain materials and certain services will be increasing probably because of the conflict. It's not a major concern for the moment. I'd like to remind you that the drilling service that we use for the moment, we have our own company, Caroil, which ensures the drilling activities, so it's something of quite well balanced. I'd like to remind you that Caroil signed a contract with a third-party company in order to supply drilling services to another company, not only Maurel & Prom, so they are expanding as well. We have a question for BNP Paribas. To detail a little bit our plan for the drilling in Gabon in 2022, and to quantify a little bit the quantity in respect to 2021.
For Gabon, we will have the drilling station all year in Ezanga, supplied by Caroil. In between 10 and 12 wells in the year, last year, we restarted this machine in the mid of the year. This year, we will have a complete year of drilling, so we will see. I'm not sure if we will have a second one for the end of the year, but for the moment is advancing. Another question from Nicolas Daher. Could you give us some details on your M&A strategy? What kind of operation and transaction you are envisaging? Thank you very much. It's not an easy question, but it's a good question. The M&A, we are active. We are looking at everything that exists.
We are not in a hurry, but we do not want to go into operations which do not make sense in respect to what we want or cannot give us the results that we expect. We are not going to do things with the actual price, which are not long-term prices. I think there will be things that we will be able to do on the market. There are some operations that correspond to what we know how to do and what we do well. We are waiting for the moment to be more favorable, but we are ready to tap into any opportunities. We are working on our debt for the moment. The things are going better in terms of debt and in terms of free cash flow as well. We are starting to reimburse our debt. We didn't do it before.
We advanced quite well on that. We have a debt ratio which becomes acceptable. On everything that we are following up on, maybe there will be something that will be doable. Do not wait for us to be in a hurry to announce something rapidly, something that could not correspond to what makes sense to us and what we know how to do. Do you have projects for the participation of 20%? Do you see that more of a financial investment? This was the first question. It is a complex question. 20%, we can say that it's a financial participation that it's not really strategic participation. We are happy to have these 20% supplier. It's a really good company that has a good growth.
That shows today, even though the closing has not been done yet with the Exxon deal, they show that they are capable to do ambitious things. I think that through this participation. Well, in any case, we do not wish to reduce it, but to increase it is always a little bit complicated. We will see what the future will bring, but for the moment, no project in for changing our participation. Then a question from Anish Kapadia on Venezuela. Could you remind the amount of the dividends from Turnel to Maurel & Prom? And will Maurel & Prom be able to retrieve them? And what would be the use of these funds, the case being? We have received questions by other shareholder on the potential of production in Venezuela in case of resuming the activities, the calendar, and also the sums in order to resume the production.
Many questions, of course, these are important and quite sensitive. The dividends that we are due to us, what is actually recognized and audited and immediately due, we are talking about a little over EUR 100 million for 2008 and 2009. Of course, an important amount. This will be evolving with the audit and the accounts audit for 2020 and 2021. EUR 100 million for the moment. If we do receive these sums, we will use them as smartly as we can, but it is usable money if we receive them. Maybe we'll use them as we use any other cash that we have. This will allow us to think that things are getting better in Venezuela.
To do a new project in Venezuela, we need either the restriction to be taken away or either to work on a domain which is not under sanction, for instance, gas or other. For the moment, that's the situation. I'd like to remind you, I don't know what the future will bring for the American sanctions. You know that there are discussions ongoing at the moment to take away these sanctions or at least partially do so. We have people that say that there is no need to change the situation just because the situation hasn't changed. There are different signals in different directions. Something important concerning our dividends. Firstly, we do not sustain primary sanction in the event if the case being is a secondary sanction.
I'd like to remind you that behind all this, the exports of oil by paying dividends do not correspond to any return of funds to Venezuela. It is quite complicated, but we work to try to retrieve these monies. If things move forward swiftly, we could bring production up to 25,000-30,000 barrels per day. Resources, we are talking about 80,000 barrels per day. Resources are there. That's a great project, so we could increase in a reasonable time. How much money do we need in order to do that? All of that can be done in the framework of the cash flow generated by the operation. These are sites with great potential, so we should not.
We should not have to use our own cash flow in order to do that. It's a question of a shareholder. He was surprised by the acquisition of ExxonMobil. Even in the variable part, he is asking our point of view, our view on this situation, on this topic, seeing that the valuation is quite weak in respect to other assets that we have in Gabon or elsewhere.
Could there be reasonable costs? That is the end of the question. Well, I cannot comment. All I can say is I can comment relative to the public information available. I think this is a very good, very positive acquisition, in fact, that has been carried out in very positive environments. Now, it must be said that the production remains very significant, and there are many hurdles tax-wise. The fiscal framework or tax framework is complex. Nevertheless, this is a very good acquisition, a valuable one. As regards this acquisition, well, it is a meaningful one for Seplat, this acquisition. Now, as regards Maurel & Prom today, I would look at the amount in dollars per barrel of acquisition.
We'll have to look at the value created and the return on investment expected as regards the acceleration of the acquisition. Today, there are many things that we can find and tap into on the market that will be attractive acquisition costs, whether it's $5 per barrel or I wouldn't say $5, that's too attractive, but we can have attractive costs. Yes, another question now. In terms of the refinancing framework, what is your approach on the dividend payment on the medium term? Also, do you consider that there will be a variable part? What is your strategy in this respect? Well, in the long term, we have yet to define a strategy after the first dividend, which was proposed yesterday by the board of directors.
We have not yet set out the exact remuneration policy, whether it's in expected return on the share or other. This is a first step, and we will be able to increase that amount in the future. Our policy is based on the return on investment. It will probably be based on the crude price. We can expect and forecast a very good performance and solid performance in the future. I think we will be able to set aside monies to remunerate the shareholders, and we will be able to step up the remuneration. I think this is definitely a possibility, but I won't say more for the moment. I'll just stick to the guidelines set out by the board. Can you please flesh out the exploration program for the COR-15 exploration program?
Do you have already provisional data for the drilling? What is the period covered or forecast period? Okay. At the moment, we have no more—we no longer have obligations, so we will be drilling on the prospects that we favor. On those prospects that we prioritize, we will probably start drilling at the first well in July, and then we'll be able to have a better understanding of the situation on the ground. Depending on the outcome of this well, either the first well will be drilled during that period, or we will do drilling later on. For the moment, we're looking at different case scenarios. In principle, the program provides for a beginning of the drilling in July or perhaps later on. Thank you.
A new question from a shareholder. This is the last question, and if you have any other questions, please send them to us in writing. A shareholder asks us this: given the rise in crude in 2021, why did you not look at the provisions for 2020, recovery of the provisions? Could that not be envisaged? Well, those are accounting flows, and the available cash flow, the free cash flow, is to take out loans and pay dividends. The recovery of provisions is not something we usually do. If the economic situation has changed, and the price of oil has changed, that's a different situation, but we don't usually do these recoveries. Most companies will not do that, and neither will we.
That won't create any value, aside from our net result of EUR 121 million. If we have EUR 120 million of provision recovery, the shareholder wouldn't be better off. The answer is no.
Thank you, Olivier. No other questions? No other questions on the platform, so we will be able to wrap up. Well, thank you very much to each and every one of you for attending this call. Thank you for the questions as well, both the straightforward questions and those less so. I hope our presentation and answers helped shed light on some certain points for you. On our side, this is a message we're trying to express.
We can have full confidence in what we do and have full confidence in our recovered financial health, and we can also be confident in the future as well as the activities we will probably want to carry out in the coming months and coming years. I do thank you very much for taking part in this call this morning. Thank you to each and everyone. Good night.