31st Mar 2009 07:00
31 March 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Maple Energy Announces Reserves, Resources and Exploration Programme Update
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to provide an update on its reserves, resources and exploration programme.
Exploration Programme
Maple is currently mobilizing its 2000 horsepower, heli-transportable diesel electric drilling rig (the "Rig") to the Santa Rosa 1X well-site in Block 31-E. The base camp at the well-site has been completed, and the drilling location is prepared to start receiving the Rig as early as next week. The Company delayed the commencement of drilling the Santa Rosa 1X prospect because of rig delivery delays, new seismic information being made available and significant rainfall levels in the region. Maple now expects to spud the Santa Rosa 1X well in May of this year.
Year-End Reserves and Resources Update
Each of the Company's 2008 and 2007 Competent Person's Report (the "Report") was prepared by Netherland, Sewell & Associates, Inc. ("NSAI"), Maple's independent reserve engineer. All of the year-end reserve information contained in the Report was independently engineered by NSAI in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers.
Maple Energy's proved, probable and possible reserves in the fields indicated below, as at 31 December 2008 and 2007, are shown below:
|
Gross Oil Reserves (1) (Mbbls) |
||||
|
Category |
31-B (Maquia) |
31-D (Agua Caliente) |
31-E (Pacaya) |
Total |
|
2008 |
||||
|
Proved |
1,333.6 |
622.3 |
158.0 |
2,113.9 |
|
Probable |
731.6 |
262.3 |
50.4 |
1,044.3 |
|
Possible |
704.0 |
796.5 |
91.4 |
1,591.9 |
|
TOTAL |
2,769.2 |
1,681.0 |
299.9 |
4,750.1 |
|
2007 |
||||
|
Proved |
1,713.9 |
699.2 |
86.6 |
2,499.7 |
|
Probable |
1,140.6 |
305.3 |
51.0 |
1,496.9 |
|
Possible |
292.0 |
978.3 |
41.8 |
1,312.1 |
|
TOTAL |
3,146.5 |
1,982.8 |
179.4 |
5,308.7 |
Source: Netherland, Sewell & Associates, Inc.
Notes:
(1) Because Maple owns a 100% interest in these properties, gross and net volumes are the same.
Maple's year-end gross oil reserve amounts decreased from 5,309 Mbbls as of 31 December 2007 to 4,750 Mbbls as of 31 December 2008. The decrease in the gross oil reserves is largely a result of Maple's production during 2008, producing well and workover programme performance, reserve reclassifications based on current factors (including current commodity prices), and reduced life of reserves estimates. These decreases in gross reserves were partially offset by an increase in reserves due to the re-activation of the Pacaya field and other drilling activities.
The proved, probable and possible reserves for Block 31-C (Aguaytia Field), as at 31 December 2008 and 2007, are shown below:
|
Fractionation Plant Liquids Reserves (Mbbls) |
||||||
|
Gas Reserves (1) (BCF) |
Natural Gasoline |
LPG |
||||
|
RESERVES |
Gross |
Net (2) |
Gross |
Net (2) |
Gross |
Net (2) |
|
2008 |
||||||
|
Proved |
238.9 |
41.8 |
4,650.7 |
812.9 |
2,752.7 |
481.1 |
|
Probable |
43.1 |
7.5 |
482.9 |
84.4 |
443.6 |
77.5 |
|
Possible |
28.0 |
4.9 |
511.0 |
89.3 |
449.9 |
78.6 |
|
TOTAL |
310.0 |
54.2 |
5,644.6 |
986.6 |
3,646.2 |
637.2 |
|
2007 |
||||||
|
Proved |
255.5 |
44.7 |
5,272.3 |
921.5 |
3,157.3 |
551.8 |
|
Probable |
43.1 |
7.5 |
485.2 |
84.8 |
436.4 |
76.3 |
|
Possible |
28.0 |
4.9 |
510.9 |
89.3 |
436.0 |
76.2 |
|
TOTAL |
326.6 |
57.1 |
6,268.4 |
1,095.6 |
4,029.7 |
704.3 |
Source: Netherland, Sewell & Associates, Inc.
Notes:
(1) These reserves reflect the sum of (i) total wellstream volumes produced at the wellhead less any amounts of gas re-injected into the reservoir, (ii) amounts to satisfy future fuel requirements, if any, (iii) plant shrinkage amounts and (iv) all non-hydrocarbon impurities.
(2) Net reserves shown have not been reduced by any future royalty payments to the Peruvian government.
Maple's 2008 year-end gas reserves and fractional plant liquids reserves all experienced a reduction in total reserve amounts as compared to year-end 2007 figures. These decreases, relatively slight relative to Maple's overall reserve profile, were largely a result of the Company's 2008 production, producing well performance and reduced life of reserves estimates.
Maple's Probabilistic Resource Report covering Block 31-E and its Santa Rosa prospect has not been updated to December 31, 2008 as new seismic data which was recently acquired is currently being processed. Upon completion of the processing of this data, an updated report will be prepared and published.
In accordance with the guidelines of the AIM Market of the London Stock Exchange, C.H. Rees III, Professional Engineer and Chief Executive Officer of Netherland, Sewell & Associates, Inc., who has been involved in the oil industry for 28 years, is the qualified person who has reviewed the technical information contained in this press release.
Rex Canon, CEO of Maple Energy, commented today:
"We are pleased to announce further progress to our exploration programme and the drilling of our Santa Rosa prospect in Block 31-E. The mobilisation of our new rig to the well-site, following the successful completion of our previously announced sale-leaseback financing of this asset, reflects another important step in executing on one of Maple's core business strategies.
We believe our year-end estimated reserve and resource information will reflect Maple's strong foundation of hydrocarbon reserves with significant resource potential which we remain committed to developing to maximise 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 Director
Rex W. Canon, Chief Executive Officer, President and Executive Director
Jefferies International Limited (+44 20 7029 8000)
Jack Pryde
Paul Wheeler
Schuyler Evans
Mirabaud Securities Ltd (+44 20 7321 2508)
Peter Krens
Rory Scott
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:
- 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 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 Development. Maple intends to develop 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
- 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 - 33.77% working interest in the Aguaytía Deep Prospect in Block 31-C
Forward-Looking Statements
Statements contained in this document, particularly those regarding possible, projected, or assumed future performance and results, including growth outlook, forecasted economics, operations, production, contracting, costs, prices, earnings, returns, and potential growth, are or may include forward looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. These risks and uncertainties include, among other things, market conditions, weather risks, economic and political risks, and other factors discussed in Maple's Admission Document available on the Company's website (www.maple-energy.com). Forward-looking statements are not guarantees of future performance or an assurance that Maple's current assumptions and projections are valid. Actual results, actions, and developments may differ materially from those expressed or implied by those forward looking statements depending on a variety of factors. Furthermore, any forward looking statements presented are expressed in good faith and are believed to have a reasonable basis as of the date of this release. These forward looking statements speak only as at the date of this release, and Maple does not assume any obligation to update any forward looking statements, whether as a result of new information, future events, or otherwise.
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