25th Nov 2009 10:00
25 November 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
DIRECTOR CHANGE
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, announces the resignation of Mr. Jack Hanks as Chairman of the Board and Executive Director of the Company with effect from 3 December 2009. Mr. Hanks is leaving Maple's Board to pursue other personal business interests in North America and Africa.
The nominations committee of the Maple Board will commence its search immediately for a new Chairman and expects to make an announcement by the end of the year. In the interim period Mr. Rex Canon, Maple's Chief Executive Officer, President and Executive Director, will be Acting Chairman of the Company.
Mr. Hanks commented today:
"I am extremely proud of the business and company that we have built over the past 16 years at Maple Energy, and it is with mixed emotions that I have decided to step down as an executive director to focus on other opportunities. As a shareholder with a significant holding, I remain very optimistic about Maple's potential and its ability to generate significant shareholder value through its ethanol project and multiple resource plays.
"It has been my great pleasure to serve Maple and its shareholders, and I look forward to seeing the Company execute both its strategy and the business plan that we have worked very hard to develop and implement in recent years."
Mr. Canon also commented on Mr. Hanks' retirement:
"It was Jack's vision and commitment to that vision that initially established Maple and enabled the Company to develop into the existing stable business with exciting opportunities and prospects that we have today. The entire Board and management would like to thank Jack for his significant contribution and commitment to the Company over the years, and we wish him well for the future."
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
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;
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.
Related Shares:
MPLE.L