7th Dec 2009 07:00
7 December 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Board Appointments
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to announce that Mr. Carlos Palacios has been elected to serve as Maple's new Chairman of the Board of Directors of the Company (the "Board"). Mr. Guillermo Ferreyros has been appointed to serve as an Executive Director, both effective as of 4 December 2009. Mr. Palacios currently serves as an independent, non-executive director on the Board and Mr. Ferreyros currently serves as Maple's Vice President of Marketing and Governmental Relations.
Carlos Enrique A. Palacios Rey
Mr. Palacios has served as an independent, non-executive director of Maple since 2007 and is a member of the Board's Remuneration and Audit Committees. M. Palacios was previously a Vice-Chairman of Banco de Lima Sudameris between May 1991 and March 1994 and Chairman between March 1994 and September 1999. Between May 1991 and September 1999, Mr. Palacios was a Director of Lima Leasing and between May 1991 and March 2003 was a Director of Inversiones Mobiliares.
In addition, Mr. Palacios was a Vice-Chairman and Chairman of the executive committee of Banco Wiese Sudameris between September 1999 and April 2002 and subsequently served as Chairman between April 2002 and March 2003 and a Director between March 2003 and March 2004. Between September 1999 and March 2003, Mr. Palacios served as Chairman of Wiese Sudameris Leasing, Depósitos S.A. and Lima Sudameris Holding. Between September 2001 and March 2004, Mr. Palacios served as a Director of Cía Minera Volcan. Mr. Palacios remains the Chairman of Negocios Mancoche and Cosmos Callao to the present day.
Currently Mr. Palacios is also the Chairman of the Administradora Jockey Plaza Shopping Centre, Centros Comerciales de Peru, and a Director of Franquicias Alimentarias, Sindicato de Inversiones y Administración and of Nuevas Inversiones S.A.
Mr. Palacios graduated from Babson College in Massachusetts with a degree in business administration and is a member of the Peruvian chapter of the Economic Council of Latin America.
Rafael Guillermo Ferreyros Cannock
Mr. Ferreyros, 45, has served as General Manager of Maple since 1999 and is responsible for the management of Maple's activities including exploration and production of hydrocarbons, refining, marketing and distribution of hydrocarbon products and the development of Maple's ethanol project. Mr. Ferreyros has been employed by the Maple Group of companies since August 1993.
Prior to his employment with the Maple Group of companies, Mr. Ferreyros worked as Assistant Brand Manager for Colgate Palmolive in Mexico working on a special project to launch OTC products.
Mr. Ferreyros currently serves as Vice President of the National Society of Mining, Petroleum and Energy and as President of its Hydrocarbons Chapter. Mr. Ferreyros also serves on the board of directors of Ferreyros Hermanos S.R.L., Compañía Destiladora del Peru and as Regional Chair of Young President's Organization.
Mr. Ferreyros holds an M.B.A. from Harvard Business School and graduated from the Universidad del Pacífico in Lima with a degree in Finance and Marketing in 1987.
Mr. Ferreyros has a beneficial interest in 1,399,970 ordinary shares in the Company representing approximately 1.56% of the issued and outstanding share capital of the Company and also holds options over a further 393,850 ordinary shares of the Company.
For further information, please contact:
Maple Energy plc (+ 51 1 611 4000)
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.
Rafael Guillermo Ferreyros Cannock
Mr. Ferreyros, 45, is or has been a director of the following companies or institutions during the last 5 years: Ferreyros Hermanos S.R.L., Compañía Destiladora del Peru S.R.L., National Society of Mining, Petroleum and Energy and Regional Chair of Young President's Organization.
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:
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;
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 San Roque and Cashiboya Deep prospects and the new shale gas opportunity; and- 33.77% working 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