17th Dec 2007 07:00
Maple Energy plc17 December 2007 17 December 2007 MAPLE ENERGY PLC CONSTRUCTION OF DRILLING RIG Maple Energy plc (AIM: MPLE), a leading integrated energy company with assets inPeru announces that its Peruvian subsidiary Acer Comercial S.R.L. has concludeda contract with Sun Drilling E.I.R.L., a subsidiary of Sun Drilling LLC of theU.S., to construct a 2,000 horse power heli-transportable diesel-electricdrilling rig. Pursuant to the terms of the contract, Maple will pay a total of approximatelyUS$16 million to Sun Drilling for the engineering, procurement, and constructionof the rig. Maple plans to finance a substantial portion of the cost of the rigin 2008 with long-term financing from one or more financial institutions inPeru. The rig will be used to drill the Santa Rosa and Cashiboya Deep explorationprospects in Maple's Block 31E located in the central jungle region of Peru.Major components will be manufactured outside Peru, and the rig will beassembled in Lima, Peru. The rig is expected to be transported and mobilized tothe Santa Rosa 1X wellsite by the middle of 2008. The Santa Rosa 1X explorationwell is programmed for the second half of 2008 and will be drilled to anestimated total depth of 14,750 feet to test the Cretaceous and Paleozoicreservoirs and source rocks down to the Devonian in the northeastern area of theUcayali Basin. Jack W. Hanks, Chairman of the Board and Executive Director of Maple commented: "The addition of this rig to our existing drilling and workover fleet will be avaluable and strategic asset for Maple. It will give us control over rigavailability enabling us to meet our exploration timetable and provides us withsome of the latest technology which will enable us to drill wells moreeconomically. This will also position Maple to be able to participate in otherexploration opportunities in Peru." Enquiries: 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 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 an integrated independent energy company with assets and operations inPeru engaging in numerous aspects of 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 AIM on 13 July 2007 and trades under the 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 • Aguaytia Energy Interest. Operator of Aguaytia Energy, LLC's gasassets and holder of an approximate 14.3% effective economic interest inAguaytia Energy, LLC, an integrated energy company engaged in the production ofBlock 31-C, gas-fired power generation, power transmission, gas processing,natural gas liquids fractionation, gas and liquids transportation and themarketing of liquid petroleum gas and natural gasolines • 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 Possible Oil and Liquids (bbl) 4,081,471 6,009,240 7,676,649 Gas (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 Estimate Oil and Liquids (mbbl) 90,702 518,472 1,127,085 Gas (MMCF) 473 105,978 225,397 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MPLE.L