28th Apr 2008 07:00
Maple Energy plc28 April 2008 28 April 2008 MAPLE ENERGY PLC ("Maple" or the "Company") MAPLE ANNOUNCES OFFERING OF ORDINARY SHARES Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company withassets in Peru, announces today that it intends to sell ordinary shares ofUS$0.01 each to institutional investors in a private placement for aggregategross proceeds expected to be approximately US$20 million. The roadshow topotential institutional investors will take place between 28 April and 9 May2008. Maple intends to use the net proceeds from the offering to repay amounts used toacquire an additional approximate 3.1% effective economic and voting interest inAguaytia Energy, LLC, and to fund certain capital expenditures associated withMaple's proposed ethanol project in Peru. This press release does not constitute or form part of any offer or invitationto sell or issue, or any solicitation of any offer to purchase or subscribe for,any shares in, Maple Energy plc nor shall it or any part of it form the basisof, or be relied upon in connection with, any contract or commitment whatsoever. 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 Canaccord Adams Limited (+44 20 7050 6500)Neil JohnsonJeffrey AuldBhavesh Patel Citigate Dewe Rogerson (+44 20 7638 9571)Media enquiries: Martin Jackson/George CazenoveAnalyst enquiries: Scott Fulton This press release does not constitute a recommendation regarding the shares ofthe Company. No part of the contents of this press release is to be taken asany form of commitment on the part of the Company to proceed with anytransaction and the right is reserved to terminate any discussions ornegotiations with any prospective investors. In no circumstances will theCompany be responsible for any costs, losses or expenses incurred in connectionwith any appraisal or investigation of the Company. In furnishing this pressrelease, the Company does not undertake or agree to any obligation to providethe recipient with access to any additional information or to update this pressrelease or to correct any inaccuracies in, or omissions from, this press releasethat may become apparent. This press release contains forward-looking statements, which are based on theCompany's current expectations and assumptions and involve known and unknownrisks and uncertainties that could cause actual results, performance or eventsto differ materially from those expressed or implied in such statements. It isbelieved that the expectations reflected in these statements are reasonable, butthey may be affected by a number of variables, which could cause actual resultsor trends and the Company's operations and financial performance to differmaterially. Each forward-looking statement speaks only as of the date of theparticular statement. Except as required by the AIM Rules, the London StockExchange, the Lima Stock Exchange or by law, the Company disclaims anyobligation or undertaking to release publicly any updates or revisions to anyforward-looking statements contained herein to reflect any change in theCompany's expectations with regard thereto or any change in events, conditionsor circumstances on which any such statement is based. 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 energyindustry, 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 2007where it trades under the same symbol. 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 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 . Aguaytia Energy Interest. Operator of Aguaytia Energy, LLC's gas assets and holder of an approximate 17.5% 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 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 US$180 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 Aguaytia Deep Prospect in Block 31-C This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MPLE.L