19th Mar 2008 07:01
Maple Energy plc19 March 2008 19 March 2008 MAPLE ENERGY PLC ("Maple" or the "Company") Reactivation of Production at the Pacaya Oilfield Maple Gas Corporation del Peru S.R.L., subsidiary of Maple Energy plc (AIM:MPLE), a leading integrated energy company with assets in Peru, announces thereactivation of the Pacaya oilfield in Block 31 - E located in the UcayaliProvince of the Loreto Region in the central jungle of Peru. The Pacaya 31X well is currently producing at a rate of approximately 128barrels of oil per day of 29 degree API gravity oil. The reactivation of thefield includes the completion of the Pacaya 33P well as a production waterinjection well. Anticipated production from the field is estimated to be in excess of 150barrels of oil per day which will increase Maple's oil production byapproximately 30%. Netherland, Sewell & Associates, Inc., worldwide petroleum consultants, haveupdated their estimate of reserves within the Pacaya field. Netherland, Sewellestimates that using SPE standards, as of December 31, 2007 the field, in whichMaple has a 100% interest, contains proved reserves of approximately 87,000barrels of oil, probable reserves of approximately 51,000 barrels and possiblereserves of approximately 42,000 barrels. As part of the reactivation Maple will install a 22km pipeline to move the crudeto the company's Puerto Oriente barging facility. The installation of thepipeline and other reactivation activities should be completed by the end of thethird quarter of 2008. In the interim the oil produced will be trucked to theexisting barging facilities. Rex Canon, CEO, Maple Energy, commented: "This production from the Pacaya field is excellent news for the company anddemonstrates that Maple is able to deliver on the plans outlined at our IPO. Ilook forward to reporting further progress both here and elsewhere within ourportfolio over the coming months." In accordance with the guidelines of the AIM Market of the London StockExchange, C.H. Rees III, Professional Engineer and Chief Executive Officer ofNetherland, Sewell & Associates, Inc. who has been involved in the oil industryfor 27 years, is the qualified person that has reviewed the technicalinformation contained in this press release. 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, 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 17.4% 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 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 17.4% 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 $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 - 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 Probable Proved, Probable and PossibleOil and Liquids (barrels) 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 (thousand 90,702 518,472 1,127,085barrels)Gas (MMCF) 473 105,978 225,397 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MPLE.L