16th Dec 2008 07:00
16 December 2008
MAPLE ENERGY PLC
("Maple" or the "Company")
Block 31-E Exploration and Drilling Programme Update
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, today announces that the assembly of Maple Rig 1, a 2,000 horsepower heli-transportable diesel-electric drilling rig, has been substantially completed. The rig is currently undergoing preliminary testing prior to its deployment to Block 31-E (100% owned and operated by Maple) where the Company intends to use the rig to drill its Santa Rosa and Cashiboya Deep exploration prospects. The Company believes that Maple Rig 1, constructed by Sun Drilling LLC of the United States, is one of the most modern rigs in South America. The rig is scheduled to be transported to Block 31-E in early 2009.
In relation to its exploration activities in Block 31-E, Maple has recently acquired approximately 225 kilometres of seismic data to identify the optimal drilling location(s) for the Cashiboya Deep prospect. Maple expects that the processing and interpretation of this new seismic data will be completed no later than February 2009. As this seismic data will also be relevant to, and provide additional geological information on, the Santa Rosa prospect, Maple intends to delay the commencement of its drilling programme on Block 31-E until this new information has been reviewed.
Once the processing and interpretation of the data has been completed, Maple expects to determine the optimal drilling schedule for Block 31-E and commence its drilling programme with either the Santa Rosa prospect or Cashiboya Deep prospect in the first quarter of 2009.
Rex Canon, CEO of Maple Energy, commented today,
"We are pleased to announce the substantial completion of our Maple Rig 1 and its readiness for deployment to Block 31-E. Furthermore, we believe that the new seismic information that we have acquired will further our understanding of both the Cashiboya Deep and Santa Rosa prospects, as well as assist us in prioritising these prospects and executing our exploration programme."
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)
Martin Jackson
George Cazenove
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:
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.
Crude Oil Development. Maple 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
-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