26th Jul 2007 07:01
Maple Energy plc26 July 2007 26 July 2007 MAPLE ENERGY PLC MAPLE ENERGY ANNOUNCES INVESTMENT BY THE INTERNATIONAL FINANCE CORPORATION Maple Energy PLC (AIM: MPLE), a leading integrated energy company with assets inPeru, announces today that the International Finance Corporation ("IFC"), theprivate sector arm of the World Bank Group, will invest US$10 million in Maple,pursuant to an option to subscribe for 5,932,477 new ordinary shares. The IFCwill acquire these shares at the same price per share as the US$1.6856 paid byinvestors at Maple's IPO on AIM on 13 July 2007. Maple intends to use theproceeds from the issue of these shares to perform certain aspects of its workprogramme for 2007-2008 as set forth in the Company's Admission Document dated 6July 2007. This option to subscribe for ordinary shares was negotiated by Maple and the IFCprior to Maple's IPO on AIM and details of the proposed transaction weredisclosed in Maple's Admission Document. Application has been made to AIM for admission of the ordinary shares to beacquired by the IFC, and dealings are expected to commence on or around 31 July2007. Following the exercise of this option and purchase of the shares coveredthereby, Maple will have 87,211,267 ordinary shares outstanding including shareswhich are convertible into ordinary shares by a Peruvian investment fund as morefully described in the Admission Document . Furthermore, Maple and the IFC are in negotiation in respect of up to US$30million in debt financing to be provided by the IFC. There can be no assurancethat an agreement will be reached, and further details will be released at theappropriate time. Jack W. Hanks, Chairman of the Board and Executive Director of Maple, commented: "We are delighted to welcome the IFC as a shareholder in Maple. This is asubstantial commitment to the Company by an internationally respected financialbody, and we are very pleased that the IFC and the World Bank Group haverecognised that Maple represents an excellent investment opportunity." 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: Scott Fulton/George CazenoveAnalyst enquiries: Nina Soon 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 interests in its crude-oil producing properties, Blocks 31-B and 31-D • Refining, Marketing and Distribution Operations. Operator of the Pucallpa Refinery and Sales Plant, which has capacity to refine up to (i) 3,400 bpd of crude oil producing Residual 5 fuel oil, (ii) 3,000 bpd of crude oil producing Residual 6 fuel oil or (iii) 4,100 bpd of natural gasolines. This plant also includes sales and distribution operations in the central Peruvian jungle, central Peruvian highlands and Lima regions • Aguaytia Energy Interest. Operator of Aguaytia Energy, LLC's gas assets and holder of an approximate 14.3% effective economic interest in Aguaytia 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 (''LPG'') and natural gasolines • Crude Oil Development. Operator and holder of a 100% working interest 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 an estimated $192.5 million 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 • a significant working interest in the Aguaytia Deep Prospect in Block 31-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 |Proved, || | |Probable |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 |90,702 |518,472 |1,127,085 ||(mbbl) | | | |+---------------------+---------------+---------------+---------------+|Gas (MMCF) |473 |105,978 |225,397 |+---------------------+---------------+---------------+---------------+ About IFC IFC, a member of the World Bank Group, fosters sustainable economic growth indeveloping countries by financing private sector investment, mobilizing capitalin the international financial markets, and providing advisory services tobusinesses and governments. IFC's vision is that poor people have theopportunity to escape poverty and improve their lives. In FY06, IFC committedUS$8.3 billion, including syndications, to 284 investments in 66 developingcountries. For more information, please visit www.ifc.org. This news release includes "forward-looking statements". All statements, otherthan statements of historical facts, included in this press release that addressactivities, events or developments that the Company expects, believes oranticipates will or may occur in the future are forward-looking statements.These statements are based on certain assumptions made by the Company based onits experience and perception of historical trends, current conditions, expectedfuture developments and other factors it believes are appropriate under thecircumstances. Such statements are subject to a number of assumptions, risks anduncertainties, many of which are beyond the control of the Company, which maycause the Company's actual results to differ materially from those implied orexpressed by the forward-looking statements. This press release shall not constitute an offer to sell or a solicitation of anoffer to buy the Ordinary Shares nor shall there be any sale of these securitiesin any jurisdiction in which such offer, solicitation or sale would be unlawfulprior to registration or qualification under the securities laws of any suchjurisdiction. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MPLE.L