13th Feb 2009 07:00
13 February 2009
MAPLE ENERGY PLC
("Maple Energy" or the "Company")
Maple Energy makes further progress with Ethanol Project
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to announce today that, on 11 February 2009, it completed a contract with Consorcio Bajo Chira to construct the main water conveyance system for the Ethanol Project's sugar cane plantation. Consorcio Bajo Chira is a consortium of the Peruvian companies Haug S.A. and Corporacion de Ingenieria Civil S.A.C.
Pursuant to the terms of this contract, Maple will pay approximately US$17 million for the engineering, certain procurement and construction of the water conveyance system, which will include: the construction of two main pumping stations on the Chira River; the construction of two water reservoirs with approximate combined storage of 700,000 cubic meters; the installation of an approximate 40 kilometer water pipeline system; and the construction of two re-lift pump stations located at the two water reservoirs.
Rex Canon, CEO of Maple Energy, commented:
"I am delighted to announce this contract with Consorcio Bajo Chira, which demonstrates further progress made with our Ethanol Project. We anticipate that the first major phase of the work will be completed and put into operation by the third quarter of 2009, with the remainder of the work under contract expected to be finished by the first quarter of 2010.
This latest development is in line with our expectations, and we remain confident that the commercial operation of the Ethanol Project, and the production of fuel-grade ethanol, will commence by October 2010."
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
Mirabaud Securities Ltd (+44 20 7321 2508)
Peter Krens
Rory Scott
Jefferies International Limited: (+44 20 7029 8000)
Jack Pryde
Paul Wheeler
Citigate Dewe Rogerson (+44 20 7638 9571)
Media enquiries: Martin Jackson
Analyst enquiries: Emma Woollaston
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, 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
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 and equity interest in Aguaytía Energy, LLC, a joint venture in which Maple owns an approximate 17.5% effective economic interest. 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.
Aguaytía Energy Interest. Operator of Aguaytía Energy, LLC's gas assets and holder of an approximate 17.5% effective economic interest in Aguaytía Energy, LLC, an integrated energy company engaged in the production of Block 31-C, gas-fired power generation, power transmission, gas processing, natural gas liquids fractionation, gas and liquids transportation and the marketing of liquid petroleum gas and natural gasolines.
Crude Oil Development. Operator and holder of a 100% working interest in the Pacaya Field in Block 31-E as detailed above. Maple also intends to develop up to 31 additional wells in Blocks 31-B and 31-D.
Ethanol Project. Project developer and major shareholder in an estimated $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
- significant working interest in the Aguaytía Deep Prospect in Block 31-C.
Related Shares:
MPLE.L