22nd Sep 2009 07:00
22 September 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Maple appoints two new Directors
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to announce that Mr. Tony L. Hines, Maple's Senior Vice President of Operations, and Mr. Ricardo Vega Llona have been appointed to serve as directors on the Company's Board of Directors with effect from September 18 2009. Mr. Hines will serve as an executive director and Mr. Vega Llona will serve as an independent non-executive director.
Tony Hines
Mr. Hines, 50, has served as the Senior Vice President of Operations of Maple since 2003 and is responsible for the management of Maple's operations including oil and gas exploration and production and hydrocarbon refining activities. Mr. Hines has been employed by the Maple Group of companies since July 1986 and has held a number of positions including acting as Project Manager for Maple's successful Aguaytía Energy project.
Prior to his employment with the Maple Group of companies, Mr. Hines worked as the Drilling, Production, and Reservoir Engineer and Operations Manager at Nova Energy Corporation, where he supervised the production and drilling operations for oil and gas wells. Mr. Hines also currently serves on a number of boards and committees of boards for educational and business organisations including the Franklin Delano Roosevelt Charitable Trust and Rio Cristal Zinc Corporation.
Mr. Hines holds an undergraduate degree in radiation and nuclear technologyfrom Oklahoma State University and completed postgraduate courses in Petroleum Engineering at the University of Oklahoma.
Mr. Hines has a beneficial interest in 8,847,650 ordinary shares in the Company representing approximately 9.2% of the issued and outstanding share capital of the Company and also holds options over a further 423,850 ordinary shares of the Company.
Ricardo Vega Llona
Mr. Vega Llona, 66, has served as a senator in the Peruvian government as well as participated as a member of the Integration Advisory Council of the Peruvian government's Ministry of Industry, Commerce, Tourism and Integration. Mr. Vega Llona has also served as the executive director of the Investment Promotion Agency - PROINVERSION and a director of the Export Promotion Fund - FOPEX, two organisations focused on developing Peruvian commercial interests and increasing international exposure to business operations in Peru. In recognition of his services to the Peruvian government, Mr. Vega Llona was awarded the Grand Cross Order of Merit in June 20, 2008.
Mr. Vega Llona has also held a number of senior positions with high profile Latin American companies and served as president and a member of the advisory council of The National Confederation of Private Business Associations - CONFIEP, an organization that gathers and represents the Peruvian private business community both domestically and internationally. Mr. Vega Llona has also been the president and a member of the board of directors and the advisory council of ADEX Peru, the association of Peruvian exporters. Currently Mr. Vega Llona serves on a number of boards of companies in the industrial and commercial sector including Extractos Andinos C.A., Productos de Consumo Proconsumo C.A., Agroalegre C.A., Aurora Corp S.A.C., Globenaturales S.A.C., Unimed del Peru S.A., Autopista del Norte S.A.C., Obrascon Huarte Lain S.A., Metalpren S.A., Summa Asesores Financieros S.A. and Redondos S.A. Mr. Vega Llona has previously been a director of Globenatural Internacional S.A. and Edelnor. Mr. Vega Llona holds a graduate degree in Business Administration from the Graduate School of Business Administration (ESAN) in Lima.
Jack W. Hanks, Chairman of the Board and Executive Director of Maple, commented:
"We are delighted to have Tony Hines and Ricardo Vega Llona join the Board of Directors of Maple. Tony Hines has been involved with Maple and its predecessor company since its inception and is intimately involved with our operations as one of the chief architects of our ongoing exploration and oilfield development strategy as well as our exciting ethanol project.
Ricardo Vega Llona has had an extremely distinguished career having served as a senator in the Peruvian government as well as having extensive experience in the Peruvian public and private sector, with a real understanding of export markets and international trade that will be extremely useful as our ethanol project commences operation. I am confident that Ricardo's extensive experience and knowledge of Peruvian governmental procedures as well as his well-developed knowledge of the Peruvian markets and export businesses will complement our existing directors and be a great asset to Maple going forward."
For further information, please contact:
Maple Energy plc (+ 51 1 611 4000)
Jack W. Hanks, Chairman of the Board and Executive Director
Rex W. Canon, Chief Executive Officer, President and Executive Director
Jefferies International Limited: (+44 20 7029 8000)
Jack Pryde
Paul Wheeler
Schuyler Evans
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
George Cazenove
Information required to be disclosed pursuant to Rule 17 and Schedule 2 paragraph (g) of the AIM Rules.
Tony Hines
Mr. Hines, 50, is or has been a director of the following companies during the last 5 years: TH International Holdings Ltd. (a company rolled up into Maple in 2006), Rio Cristal Zinc Corporation, the Franklin Delano Roosevelt Colegio Instituto (resigned 2004) and the Franklin Delano Roosevelt Charitable Trust.
Ricardo Vega Llona
Mr. Vega Llona, 66, is, or has been a director of the following companies during the last 5 years: Extractos Andinos C.A., Productos de Consumo Proconsumo C.A., Agroalegre C.A., Aurora Corp .A.C., Globenaturales S.A.C., Unimed del Peru S.A., Autopista del Norte S.A., Obrascon Huarte Lain S.A. - OHL, Metalpren S.A., Summa Asesores Financieros S.A., Redondos S.A., Globenatural Internacional S.A. (resigned 2007), and Edelnor (resigned 2009). Mr. Vega Llona has also been a director of Globe del Peru S.A., a company established in 1969, which was liquidated in March 1996 after a 4 year restructuring process.
Other than the information contained within this announcement, there is no further information required to be disclosed by the AIM Rules.
About Maple Energy
Maple is an integrated independent energy company, listed in London and Lima, with assets and operations in Peru engaging in numerous aspects of the energy industry, including:
Exploration and production of crude oil and natural gas
Refining, marketing and distribution of hydrocarbon products
The development of an ethanol project
Maple was admitted to AIM on 13 July 2007 and trades under the symbol "MPLE". The company was also admitted to the Lima Stock Exchange on 21 December 2007 where it trades under the same symbol.
Operations
Maple's operations are conducted and revenues are generated through its wholly-owned subsidiaries. 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, 31-D and 31-E;
Refining, Marketing and Distribution Operations. Operator of the Pucallpa Refinery and Sales Plant, which has capacity to refine up to (i) 3,400 barrels per day of crude oil producing Residual 5 fuel oil, (ii) 3,000 barrels per day of crude oil producing Residual 6 fuel oil or (iii) 4,100 barrels per day of natural gasolines. This plant also includes sales and distribution operations in the central Peruvian jungle, central Peruvian highlands and Lima regions;
Crude Oil Development. Maple intends to develop additional wells in Blocks 31-B and 31-D;
Ethanol Project. Project developer and major shareholder in an estimated US$ 222 million (excluding value-added taxes) 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
- 33.77% beneficial interest in the Aguaytía Deep Prospect in Block 31-C.
Forward-Looking Statements
Statements contained in this document, particularly those regarding possible, projected, or assumed future performance and results, including growth outlook, forecasted economics, operations, production, contracting, costs, prices, earnings, returns, and potential growth, are or may include forward-looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. These risks and uncertainties include, among other things, market conditions, weather risks, economic and political risks, and other factors discussed in Maple's Admission Document available on the Company's website (www.maple-energy.com). Forward-looking statements are not guarantees of future performance or an assurance that Maple's current assumptions and projections are valid. Actual results, actions, and developments may differ materially from those expressed or implied by those forward-looking statements depending on a variety of factors. Furthermore, any forward -looking statements presented are expressed in good faith and are believed to have a reasonable basis as of the date of this release. These forward-looking statements speak only as at the date of this release, and Maple does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Related Shares:
MPLE.L