28th Nov 2007 07:01
Maple Energy plc28 November 2007 28 November 2007 MAPLE ENERGY PLC DEVELOPMENT OF FIRST SEED CANE PLOT BEGINS Maple Energy plc (AIM: MPLE), a leading integrated energy company with assets inPeru, announces the start of development by its Peruvian subsidiary, MapleEtanol S.R.L., of its first seed cane plot near La Huaca in the Chira Valley ofthe Piura Region of Peru. The plot will provide seed sugar cane for Maple'ssugar cane estate which in turn will provide feedstock for Maple's plannedethanol plant. The La Huaca plot will be developed with drip irrigation systems which arehighly efficient and conserve water. Third party contractors are now preparingthe land for the installation of the systems. The development of the seed caneplot is being done under the supervision of Booker Tate Limited, aninternationally renowned operator of sugar cane estates, and Maple personnel. In October 2007, Maple leased 58 hectares of land near the village of La Huaca,close to the Chira River and nearby Maple's 10,676 hectare estate.Approximately 47 hectares of this leased land will be planted with sugar cane inorder to produce seed cane for the development of Maple's commercial operationon its main estate. Eight to ten months after planting, each hectare of seedcane will provide enough material to plant approximately ten to twelve hectaresof commercial cane land. The seed cane program on the leased La Huaca plot willbe expanded between now and the later part of 2008 to about 320 hectares. Thisarea will produce the seed cane required for the initial commercial sugar caneplanting on the main estate owned by Maple. The total of approximately 8,000hectares of Maple's estate which will be planted with cane will be completedwith seed cane from additional nurseries developed within Maple's land. Jack W. Hanks, Chairman of the Board and Executive Director of Maple, commented: "The La Huaca seed cane farm represents a significant milestone in Maple'splanned 30 million gallon per year ethanol project in the Piura region. Itallows for the large-scale start-up of Maple's cane planting program and alsoallows Maple to build strong links with the surrounding local communities offarmers and land owners. Maple's owned land estate will provide most of thesugar cane feedstock required for the planned ethanol plant." For further information, please contact: 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 Mirabaud Securities Ltd (+44 20 7321 2508)Peter KrensRory Scott 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 PossibleOil and Liquids (bbl) 4,081,471 6,009,240 7,676,649Gas (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 EstimateOil and Liquids (mbbl) 90,702 518,472 1,127,085Gas (MMCF) 473 105,978 225,397 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MPLE.L