24th Dec 2007 07:01
Maple Energy plc24 December 2007 24 December 2007 MAPLE ENERGY PLC ("Maple" or the "Company") Agreement to Acquire Additional Interest in Aguaytia Energy, LLC On 18 December 2007, Maple Energy plc (AIM: MPLE, Lima: MPLE), a leadingintegrated energy company with assets in Peru, announced that it had exercisedits right of first refusal to acquire from a fund managed by Conduit CapitalPartners LLC, an additional approximate 3.1% economic and voting interest inAguaytia Energy, LLC. Maple today announces that it has entered into anagreement with a fund managed by Conduit Capital Partners LLC to purchase theapproximate 3.1% interest in Aguaytia Energy, LLC for a consideration ofapproximately US$5 million payable as to approximately US$2.6 million in cashand US$2.4 in a promissory note due in June 2008. Aguaytia Energy, LLC is an integrated natural gas and electric power businessentirely based and operating in Peru. Maple's economic interest in AguaytiaEnergy, LLC will increase to an approximate 17.4% once this transaction isconcluded. Jack W. Hanks, Chairman of the Board and Executive Director of Maple, commented: "We are pleased to have this opportunity to increase our economic interest inAguaytia Energy. Aguaytia Energy is an important component of our strategy todevelop Maple Energy as an integrated energy supplier to the Peruvian market." For further information, please contact: Maple Energy plc (+ 51 1 611 4000)Jack W. Hanks, Chairman of the Board and Executive DirectorRex W. Canon, Chief Executive Officer, President and Executive Director Mirabaud Securities Ltd (+44 20 7321 2508)Peter KrensRory Scott Canaccord Adams Limited (+44 20 7050 6500)Clayton BushAdam Janikowski Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson/George CazenoveAnalyst enquiries: Scott Fulton About Maple Energy Maple is a dual listed (London AIM, Lima Stock Exchange) integrated independentenergy company with assets and operations in Peru engaging in numerous aspectsof the energy industry, including: • Exploration and production of crude oil, natural gas and natural gas liquids • Refining, marketing and distribution of hydrocarbon products • Gas-fired power generation and power transmission • The development of an ethanol project The company was admitted to trading on London AIM on 13 July 2007 (symbol "MPLE") and to the Lima Stock Exchange on 21 December 2007 (symbol "MPLE"). Operations Maple's operations are conducted and revenues are generated through itswholly-owned subsidiaries and equity interest in Aguaytia Energy, LLC, a jointventure in which Maple owns an approximate 14.3% effective economic interestplus an additional 3.1% currently being purchased. Maple's principal operationsconsist of the following: • Crude Oil Production. Operator and holder of 100% working interests in its crude-oil producing properties, Blocks 31-B and 31-D • Refining, Marketing and Distribution Operations. Operator of the Pucallpa Refinery and Sales Plant, which has capacity to refine up to (i) 3,400 bpd of crude oil producing Residual 5 fuel oil, (ii) 3,000 bpd of crude oil producing Residual 6 fuel oil or (iii) 4,100 bpd of natural gasolines. This plant also includes sales and distribution operations in the central Peruvian jungle, central Peruvian highlands and Lima regions • Operator of Aguaytia Energy, LLC's gas assets and holder of an integrated energy company engaged in the production of Block 31-C, gas-fired power generation, power transmission, gas processing, natural gas liquids fractionation, gas and liquids transportation and the marketing of liquid petroleum gas and natural gasolines • Crude Oil Development. Operator and holder of a 100% working interest in the Pacaya Field in Block 31-E, which Maple intends to reactivate, as well as the development of up to 31 additional wells in Blocks 31-B and 31-D • Ethanol Project. Project developer and major shareholder in an estimated $192.5 million ethanol project located in the Piura Region on the northwest coast of Peru • Oil and Gas Exploration. Significant exploration opportunities through a: - 100% working interest in Block 31-E, containing the Santa Rosa, San Roque and Cashiboya Deep prospects and - significant working interest in the Aguaytia Deep Prospect in Block 31-C Reserves and Resources The following table gives a summary of Maple's estimated reserves, on a netattributable basis, as at 31 December 2006. Total Reserves Proved Proven and Probable Proved, Probable and PossibleOil and Liquids (bbl) 4,081,471 6,009,240 7,676,649Gas (MMCF) 38,800 45,000 49,000 The following table sets forth a summary of Maple's estimated prospectiveresources, on a net attributable basis, as at 31 December 2006. Total Resources Low Estimate Best Estimate High EstimateOil and Liquids (mbbl) 90,702 518,472 1,127,085Gas (MMCF) 473 105,978 225,397 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MPLE.L