13th Jul 2007 08:01
Maple Energy plc13 July 2007 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTOTHE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTHAFRICA. 13 July 2007 MAPLE ENERGY PLC ADMISSION AND FIRST DAY OF DEALINGS ON AIM Maple Energy PLC (AIM: MPLE), a leading integrated independent energy companywith assets and operations in Peru, today announces the successful completion ofits share offer (the "Offer") by way of a placing (the "Placing") of ordinaryshares (the "Placing Shares") with institutional investors and its admission totrading on the AIM market of the London Stock Exchange plc. Mirabaud Securities Ltd is the lead book runner and joint broker to Maple.Canaccord Adams Ltd is acting as nominated adviser and joint broker to Maple andBanco de Credito del Peru is acting as a placing agent to Maple in Peru. With assets and operations in Peru, Maple engages in numerous aspects of theenergy industry, including (i) exploration and production of crude oil, naturalgas and natural gas liquids, (ii) refining, marketing and distribution ofhydrocarbon products, (iii) gas-fired power generation and power transmission,and (iv) development of an ethanol project. By utilising its strategic assetbase, technical expertise, project management skills, and strong customer andgovernment relationships, Maple has established itself as one of Peru's leadingintegrated energy companies. Key point summary • The placing price has been set at 84 pence per Placing Share. • The Placing comprises 32.6 million ordinary shares, comprised of 26.7 million subscription shares sold by the Company and 5.9 million secondary shares sold by certain selling shareholders, representing approximately 43%, in the aggregate, of the total issued ordinary share capital of the Company which, after the Placing, is approximately 75.3 million ordinary shares. • Based on the Placing Price, the market capitalisation of Maple Energy Plc immediately following completion of the Placing is approximately £63.2 million. • The gross proceeds of the Placing to the Company are approximately £22.4 million. • The Company has entered into options whereby (i) a Peruvian investment fund holds the right to convert its equity interest in a subsidiary of the Company into 5,997,660 ordinary shares, and (ii) the International Finance Corporation (the "IFC") shall have the option to purchase up to 5,932,477 ordinary shares on or before 30 July 2007. • Maple Energy Plc and its subsidiaries ("Maple") will use the proceeds of the Placing and the IFC investment, if any, to finance a work programme carefully laid out in the Company's Aim Admission Document. • Admission of the ordinary shares to trading on AIM will become effective and dealings will commence, under the symbol "MPLE", at 08.00 (BST) today, 13 July 2007. • A copy of the Admission Document is available from Canaccord Adams Ltd, 7th Floor, Cardinal Place, 80 Victoria Street, London, SW1E 5JL. Jack W. Hanks, Chairman of the Board and Executive Director of Maple, commentedtoday, "This is a historic day and our AIM listing is a great milestone for Maple andits dedicated group of employees. We wish to thank our new shareholders forsupporting us and we are convinced that Maple has the right Board, managementand strategy to move forward with continuing success following our admission toAIM." For further information: Mirabaud Securities Ltd (+44 20 7321 2508)Peter KrensRory Scott Canaccord Adams Ltd (+44 20 7050 6500)Clayton BushAdam Janikowski Banco de Credito del Peru (+511 313 2000, ext. 2116)Christian LaubJuan Inchaustegui Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Scott Fulton/George CazenoveAnalyst enquiries: Nina Soon This announcement does not constitute an offer of, or the solicitation of anoffer to buy or subscribe for, the securities referred to herein nor shall it orany part of it form the basis of or be relied on in connection with or act as aninducement to enter into any contract of commitment whatsoever to any person inany jurisdiction to whom or in which such offer or solicitation is unlawful and,in particular, is not for release, publication or distribution in or into theUnited States. The securities referred to herein have not been and will not beregistered under the United States Securities Act of 1933, as amended (the "USSecurities Act"), and may not be offered or sold within the US or for theaccount or benefit of a US person except in certain transactions exempt from theregistration requirements of the US Securities Act. The securities referred to herein have not been and will not be registered underthe applicable securities laws of any province or territory of Australia,Canada, Japan, the Republic of Ireland or South Africa and may not be offered orsold within Australia, Canada, Japan, the Republic of Ireland or South Africa orto, or for the account or benefit of citizens or residents of Australia, Canada,Japan, the Republic of Ireland or South Africa. The distribution of this announcement in certain jurisdictions may be restrictedby law, and persons into whose possession this announcement, or any documentreferred to herein, comes should inform themselves about, and observe, any suchrestrictions. Any failure to comply with these restrictions may constitute aviolation of the securities or other laws of any such jurisdiction. Notes to Editors The business 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 interest.For the year ended 31 December 2006, on a combined basis, Maple generatedrevenue and adjusted EBITDA of approximately $78.5 million and $8.7 million,respectively. For the year ended 31 December 2005, Maple generated combinedrevenue and adjusted EBITDA of approximately $75.2 million and $10.3 million,respectively Maple's proved and probable hydrocarbon reserves as at 31 December2006, were 13.636 MMboe (including reserves held through the a joint ventureenergy development project to explore for and produce natural gas in Block 31-C("Aguaytia Project"), of which approximately 44% were hydrocarbon liquids and56% were natural gas. Maple's average daily production during the year ended 31December 2006 was 2,174 boepd. Operations Maple's principal operations consist 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 • Aguaytia Energy Interest. Operator of Aguaytia Energy, LLC's gas assets and holder of an approximate 14.3% effective economic interest in Aguaytia Energy, LLC, 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 (''LPG'') 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 • a significant working interest in the Aguaytia Deep Prospect in Block 31-C. Reserves and Resources The following table sets forth a summary of Maple's estimated reserves, on a netattributable basis, as at 31 December 2006 as appraised by the Competent Person. Total Reserves Proved Proven and Probable Proved, Probable and Possible Oil 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 as appraised bythe Competent Person: Total Reserves Low Estimate Best Estimate High EstimateOil and Liquids (mbbl) 90,702 518,472 1,127,085Gas (MMCF) 473 105,978 225,397 Management and Board Jack W. Hanks - (Chairman of the Board and Executive Director) Mr. Hanks founded Maple's predecessor in the United States in 1986 and has beenPresident or Chairman of the Board since its inception. Prior to founding Maple,Mr. Hanks was a partner in the Washington office of the law firm of Akin GumpStrauss in Washington D.C. Rex W. Canon - (Chief Executive Officer, President and Executive Director) Mr. Canon has worked for Maple or its predecessor since 1987, holding variouspositions, including Director of Finance, Chief Financial Officer, and ExecutiveVice President before being promoted to President and Chief Executive Officer in1997. While at Maple, Mr. Canon led the team that developed the AguaytiaProject, and he is currently the Chairman of the Management Committee ofAguaytia Energy, LLC. Carlos A. de la Guerra Sison - (Senior Vice President and Executive Director) Mr. de la Guerra serves as an Executive Director of Maple as well as Senior VicePresident focused on the development of Maple's ethanol business. Mr. de laGuerra began working for Maple in 1994, serving as the President of The MapleGas Corporation del Peru, Sucursal Peruana focusing on the company's strategicdirection. Nigel B. Christie - (Independent Non-Executive Director) Mr. Christie serves as an Independent Non-Executive Director of Maple Energy plcand is a member of Maple Energy plc's Audit Committee on which he acts asChairman. Prior to joining Maple's Board, Mr. Christie served in variousmanagement positions within corporate finance departments of investment bankingfirms. From 2000 to the present day, Mr. Christie has been an Executive Directorof RP&C International. Gianfranco Castagnola Zuniga - (Non-Executive Director) Mr. Castagnola serves as a Non-Executive Director of Maple Energy plc and is amember of Maple Energy plc's Audit and Nomination Committees. He is a SeniorPartner and Executive President of APOYO Consultoria, President of AC CapitalesSAFI and President of the Investment Committee of the Investment Fund inInfrastructure, Public Services and Natural Resources which owns 11.0% of asubsidiary of Maple Energy plc. Carlos Enrique A. Palacios Rey - (Independent Non-Executive Director) Mr. Palacios serves as a Non-Executive Director of Maple Energy plc and is amember of Maple Energy plc's Remuneration and Audit Committees. Currently Mr.Palacios is the Chairman of the Administradora Jockey Plaza Shopping Centre,Centros Comerciales de Peru, and Franquicias Alimentarias, and a Director ofCia. de Seguros Pacifico Peruano Suiza, Director of Sindicato de Inversiones yAdministracion and Nuevas Inversiones S.A. Senior Management Tony L. Hines - (Senior Vice President of Operations) Mr. Hines has served as Senior Vice President of Maple since 2003, withresponsibility for the management of Maple's operations. Mr Hines has worked forthe Maple organisation since July 1986, holding various positions, including,Engineer and Operations Manager for Maple's predecessor, Project Manager for theAguaytia Project and Vice President of Operations, before being promoted toSenior Vice President of Operations in 2003. Raymond J. Cochard - (Chief Financial Officer) Mr. Cochard has over 27 years of international financial and administrativeexperience in the oil and gas industry. Mr. Cochard joined Maple in 1994 asChief Financial Officer. He was General Manager of The Maple Gas Corporation delPeru, Sucursal Peruana from 1998 to 1999 and currently is the Adjunct GeneralManager and the Chief Financial Officer. Guillermo Ferreyros - (Vice President of Marketing and Government Relations) Mr. Ferreyros joined Maple in 1993 and has served as its General Manager ofseveral of Maple's Peruvian subsidiaries since 1999. Prior to serving as Maple'sGeneral Manager, Mr. Ferreyros was Maple's Marketing Vice President, where hisresponsibilities included all sales and marketing strategies, as well as allpricing policies. He also currently serves on the board of directors of theNational Society of Mining, Petroleum and Energy, which represents the majormining and energy companies in Peru. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MPLE.L