25th Apr 2008 07:02
Maple Energy plc25 April 2008 25 April 2008 MAPLE ENERGY PLC ("Maple" or the "Company") Maple Energy Announces Operations, Reserves and Resources Update Further to the Company's issuing of its preliminary results on 23 April 2008,Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company withassets in Peru, is pleased to provide an update on its operations, reserves andresources as at 31 December 2007. The Company will make public a presentation providing an update on, among otherthings, the Company's operations. This presentation will shortly be available onthe Company's website. The Company's 2007 Competent Person's Report (the "Report") evaluating thereserves and resources of the Company has been performed by Netherland Sewell &Associates, Inc. in accordance with the definitions and guidelines set forth inthe 2007 Petroleum Resources Management System approved by the Society ofPetroleum Engineers. Maple's proven, probable and possible reserves in the fields indicated below asat 31 December 2007 are shown below: Gross Oil Reserves (1) (Mbbls)Category 31-B 31-D 31-E Total (Maquia) (Agua Caliente) (Pacaya)Proven 1,713.9 699.2 86.6 2,499.7Probable 1,140.6 305.3 51.0 1,496.9Possible 292.0 978.3 41.8 1,312.1Total 3,146.5 1,982.8 179.4 5,308.7 Notes: (1) Because Maple owns a 100% interest in these properties, gross and netvolumes are the same. The proven, probable and possible reserves for the Block 31-C (Aguaytia Field)as at 31 December 2007 are shown below: Fractionation Plant Liquids Reserves (Mbbls) Gas Reserves (1) (BCF) Natural Gasoline LPGRESERVES Gross Net (2) Gross Net (2) Gross Net (2)Proved 255.5 44.7 5,272.3 921.5 3,157.3 551.8Probable 43.1 7.5 485.2 84.8 436.4 76.3Possible 28.0 4.9 510.9 89.3 436.0 76.2Total 326.6 57.1 6,268.4 1,095.6 4,029.7 704.3 Notes: (1) These reserves represent full wellstream volumes produced at the wellhead,net of reinjection; future fuel requirements, plant shrinkage, andnon-hydrocarbon impurities have not been deducted. (2) Net reserves shown are to the Maple interest and have not been reduced byany royalty payments. Set forth below is a summary of the Unrisked Net Prospective Oil Resources forthe prospects indicated below: Prospect Probability of Unrisked Net Prospective Oil Resources Risked Mean After-Tax (2) Recoverable Oil (1) (MMbbl) Prospective Cash Flow Discounted at 10% ($MM) Low Best High Estimate Best Estimate Estimate EstimateSanta Rosa 41% 47.0 219.6 461.6 923.7Cashiboya Deep 12% 38.7 278.5 621.8 356.1San Roque 7% 5.0 15.9 29.0 12.9Total 90.7 514.0 1,112.4 1,292.7 Notes: (1) Because Maple owns a 100% interest in these properties, gross and netvolumes are the same. (2) Prospective discounted cash flow shown is based on the best estimate caseusing the $60.00 per barrel base price case and is after consideration ofPeruvian income taxes at a rate of 22%. Set forth below is a summary of the After Income Tax Unrisked and RiskedProspective Cash Flow Discounted at 10% for Block 31-E prospective resources: ProspectsBase Price Case: US $60 per barrel Cashiboya Deep Santa Rosa San RoqueAFTER INCOME TAX-UNRISKED:Prospective Cash Flow Discounted at 10%(MM$)Low estimate (P90) 427.5 453.0 60.2Best estimate (Mean) 3,108.9 2,281.3 216.3High estimate (P10) 7,007.7 4,766.2 399.2AFTER INCOME TAX - RISKED:Prospective Cash Flow Discounted at 10%(MM$)Low estimate (P90) 34.4 174.0 2.0Best estimate (Mean) 356.1 923.7 12.9High estimate (P10) 824.0 1,942.5 25.7 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 who has reviewed the technical informationcontained 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 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 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