30th Jun 2009 18:11
30 June 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Maple Energy Announces 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 the estimated resources for its Block 31-E prospects as well as an exploration programme update for such prospects.
Maple recently received the final depth migration analysis of the 225 kilometres of new 2D seismic data acquired in Block 31-E during 2008. The primary objective of this seismic data acquisition was to obtain better definition of the Cashiboya fault for the optimum drilling location of the Cashiboya Deep exploration well. The results suggest the optimal drilling site is approximately 5 kilometres to the south of the existing proposed well site. As a result of moving the location of the drilling site, the Company may need to obtain additional governmental approvals to its existing environmental and social impact assessment. The Company expects to obtain all additional and necessary approvals by 31 December 2009.
The seismic acquisition programme also provided additional data on the Santa Rosa prospect area for depth migration processing and analysis. According to this new information and based on a report issued on 30 June 2009 (the "Report") by Netherland, Sewell & Associates, Inc. ("NSAI"), the Company's competent person and qualified person, two structures in the Santa Rosa prospect with additional height closure have been confirmed, although with a smaller acreage area. In addition, the results of the data reflect a material reduction to the prospective resource volumes for the Santa Rosa prospect. The estimate for unrisked gross prospective oil resources, on a best estimate basis, was reduced to 128 million barrels of oil (MMbbl) from 222 MMbbl on the same basis as at 31 December 2007. However, despite the reduction to the prospective resource volumes for the Santa Rosa prospect, the Report confirmed that the probability of recoverable oil has not changed and remains at a high level of 41%.
For the other two major prospects in Block 31-E, Cashiboya Deep and San Roque, the Report indicated no material changes to probabilities of recoverable oil or unrisked prospective oil resources. After evaluating the new seismic data, the Cashiboya Deep estimated prospect volumes have remained substantially the same as previously disclosed. No new data has been collected on the San Roque prospect, and as a result, volumes remain the same at 16 MMbbl on a best estimate basis as at 31 December 2007.
Below is a summary of the Unrisked Gross Prospective Oil Resources as at 30 June 2009 for each of the Santa Rosa, Cashiboya Deep and San Roque prospects as set forth in the Report. All of the resource information contained in the Report was independently engineered by NSAI in accordance with the definitions and guidelines, and to the standards, set forth in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers.
|
Prospect |
Probability of Recoverable Oil |
Unrisked Gross Prospective Oil Resources (1) (MMbbl) |
||
|
Low Estimate |
Best Estimate |
High Estimate |
||
|
Santa Rosa |
41% |
30 |
128 |
261 |
|
Cashiboya Deep |
12% |
31 |
276 |
622 |
|
San Roque |
7% |
5 |
16 |
29 |
Notes:
(1) Because Maple owns a 100% interest in these properties, gross and net volumes are the same.
Rex Canon, CEO of Maple Energy, commented today:
"This additional information relating to the prospects in Block 31-E will enable us to focus our efforts to better realise the potential from these attractive prospects. Although the reduction in our estimated resource potential for the Santa Rosa prospect is disappointing, Block 31-E remains highly prospective and continues to have significant potential. We are making good progress through the recent spudding of a well on the Santa Rosa prospect, and we remain optimistic about our exciting drilling campaign on Block 31-E."
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 competent person and qualified person who has reviewed the technical information contained in this press release.
Glossary
Best estimate if a discovery is made, the mean estimate of quantities of recoverable oil and gas
actually discovered; a measure of the central tendency of the uncertainty
distribution
High estimate if a discovery is made, at least a 10 percent probability that the quantities
of recoverable oil and gas actually discovered will equal or exceed the estimated
amounts
Low estimate if a discovery is made, at least a 90 percent probability that the quantities
of recoverable oil and gas actually discovered will equal or exceed the estimated
amounts
Prospective resources those quantities of petroleum estimated, as of a given date, to be potentially
recoverable from undiscovered accumulations by application of future development
projects
Unrisked the volume or value prior to the application of the risk factor or probability of success
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 and natural gas
- Refining, marketing and distribution of hydrocarbon products
- 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. 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;
- 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.
Related Shares:
MPLE.L