28th Apr 2008 07:00
Maple Energy plc28 April 2008 MAPLE ENERGY PLC ("Maple" or the "Company") Maple Announces Operational Update Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company withassets in Peru, announces today an operational update in respect of its ethanolproject (the "Ethanol Project") and exploration programme on Block 31-E ("Block31-E Exploration Programme"). Ethanol Project On 25 April 2008, Maple received approval of the environmental and social impactassessment ("EIA") for the Ethanol Project from the Peruvian government.Receipt of this approval is an important event in the development of the overallEthanol Project. Exploration Programme on Block 31-E On 24 April 2008, Maple authorised CGGVeritas to commence operations on shooting225 kilometres of seismic on Block 31-E. This notice to proceed follows therecent receipt of the EIA approval from the Peruvian government in respect ofthe seismic and drilling work associated with the Block 31-E ExplorationProgramme. Rex Canon, CEO, Maple Energy, commented: "Each of these milestones represents an important step in the implementation ofour overall work programme for the Ethanol Project and the Block 31-EExploration Programme, respectively. We are pleased with the progress on eachof these projects as we seek to execute on our strategic vision for the company,while enhancing value for our shareholders." 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 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 $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