7th Jun 2011 08:30
7 June 2011
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. Antonio Villa Mardon from his position as an independent non-executive director of the Company's Board of Directors ("Board") with effect from 6 June 2011. Mr. Villa Mardon is resigning his position on the Board to continue to pursue his other personal business interests in Peru. The Nomination Committee of the Board will commence its search for a new independent non-executive director to replace Mr. Villa Mardon. The Company intends to announce the appointment of a new director as soon as such director has been nominated and properly installed.
Mr. Villa Mardon commented today:
"It has been my great pleasure to serve Maple and its shareholders, and I look forward to following the Company's progress as it executes both its strategy and business plan which I firmly believe the Company is pursuing in a very professional manner."
Nigel Christie, Chairman of the Board, also commented on Mr. Villa Mardon's retirement:
"The entire Board and management would like to thank Antonio for his contribution and commitment to the Company, 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)
Thomas Rider
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Kate Lehane
About Maple Energy and its subsidiaries
Maple is an integrated independent energy company, listed in London and Lima, with subsidiary assets and operations in Peru engaging in numerous aspects of the energy industry, including:
·; The development of an ethanol project;
·; Exploration and production of crude oil and natural gas; and
·; Refining, marketing, and distribution of hydrocarbon products.
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 majority-owned subsidiaries. Principal operations consist of the following:
·; Ethanol Project. Project developer and owner of an estimated US$254 million ethanol project located in the Piura Region on the North coast of Peru;
·; 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;
·; Oil and Gas Exploration. Significant exploration opportunities through a:
- 100% working interest in Block 31-E, containing the new shale gas opportunity; and
- 33.77% working interest in the Aguaytía Deep Prospect in Block 31-C.
Related Shares:
MPLE.L