21st Dec 2007 07:00
Maple Energy plc21 December 2007 21 December 2007 MAPLE ENERGY PLC ("Maple" or the "Company") ADMISSION TO TRADING ON LIMA STOCK EXCHANGE Maple Energy plc (AIM: MPLE), a leading integrated energy company with assets inPeru, announces the admission to trading of the Company's ordinary shares (the "Shares") on the Lima Stock Exchange (the "Lima SE"), Peru, effective December21, 2007 under the trading symbol "MPLE" (the "Admission"). Credibolsa SAB,Peru's leading brokerage firm and subsidiary of Banco de Credito, Peru's largestbank, is the sponsor of the Admission. In recent years the Lima SE has been one of the most profitable exchanges in theworld with an average annual return of 168% in 2006. Trading volume on the LimaSE has increased five fold since 2004 and total Lima SE market capitalization isapproximately US$ 100 billion. U.S. - Peru Trade Promotion Agreement Signed In addition, the U.S. - Peru Trade Promotion Agreement was signed into law onFriday 14 December, 2007. This comprehensive trade agreement will eliminatetariffs and other barriers to goods and services and expand trade between theUnited States and Peru, allowing Peruvian products to enter the giant U.S.market duty-free. This is an important agreement for Maple as the U.S. is one ofthe key target export markets for Maple's ethanol product. Jack W. Hanks, Chairman of the Board and Executive Director of Maple, commented: "The Admission of Maple to the Lima SE, in conjunction with the existing LondonAIM listing of the Company's shares, represents a significant milestone in theCompany's development. Access to the Peruvian capital market is expected tocreate additional demand for and enhance the trading liquidity of Maple'sshares, reflecting the growing domestic Peruvian interest in Maple's energyprojects." "The historic free trade agreement just signed between Peru and the U.S. willallow Maple's Ethanol Project in Peru to export its ethanol product to the U.S.on a duty-free basis, bringing significant commercial benefits to the Company." 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 Credibolsa SAB (+51 1 313 2922)Andres Milla 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 interest.Maple's principal operations consist of the following: • Crude Oil Production. Operator and holder of 100% working interestsin its crude-oil producing properties, Blocks 31-B and 31-D • Refining, Marketing and Distribution Operations. Operator of thePucallpa Refinery and Sales Plant, which has capacity to refine up to (i) 3,400bpd of crude oil producing Residual 5 fuel oil, (ii) 3,000 bpd of crude oilproducing Residual 6 fuel oil or (iii) 4,100 bpd of natural gasolines. Thisplant also includes sales and distribution operations in the central Peruvianjungle, central Peruvian highlands and Lima regions • An approximate 14.3% effective economic interest in Aguaytia Energy,LLC, with an additional 3.1% currently being purchased subject to agreement.Operator of Aguaytia Energy, LLC's gas assets and holder of an integrated energycompany engaged in the production of Block 31-C, gas-fired power generation,power transmission, gas processing, natural gas liquids fractionation, gas andliquids transportation and the marketing of liquid petroleum gas and naturalgasolines • Crude Oil Development. Operator and holder of a 100% workinginterest 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 anestimated $192.5 million ethanol project located in the Piura Region on thenorthwest coast of Peru • Oil and Gas Exploration. Significant exploration opportunitiesthrough a: - 100% working interest in Block 31-E, containing the Santa Rosa, SanRoque and Cashiboya Deep prospects; and - significant working interest in the Aguaytia Deep Prospect in Block31-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