28th Sep 2009 07:00
28 September 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Maple Announces Potential Shale Gas Opportunity
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to provide an update on its ongoing drilling operations on its first well in the Santa Rosa prospect in Block 31-E in Peru (the "Santa Rosa 1X Well").
Maple has completed the drilling and testing of the Santa Rosa 1X Well and has found unconventional gas in the Devonian Shale in Block 31-E. Maple tested the Tarma Green Sands from 12,594 feet to 12,705 feet and from 12,725 to 12,780 feet of depth and the Devonian Shale from 12,825 to 13,044 feet and from 13,051 to 13,077 feet of depth for potential gas production. While the Tarma Green Sands did not flow any gas, the underlying Devonian Shale had gas shows while testing the well. The Devonian Shale formation in Block 31-E is significant in terms of both potential thickness and geographic size, but significant additional work is required to determine if this shale gas opportunity can be developed to produce gas in commercial quantities.
Further evaluation of this shale gas opportunity will be undertaken before committing to spend additional expenditures for the appraisal of this potential shale gas field, and the Company will temporarily plug the well.
While shale gas has not previously been developed in Peru, natural gas production from shale formations is one of the most rapidly expanding trends in onshore oil and gas exploration and production today in North America due in large part to advances in drilling and fracturing technologies that have developed in recent years.
Rex Canon, Chief Executive Officer, commented today:
"While we do not have a commercial discovery of hydrocarbons from the Santa Rosa 1X Well at this time, we intend to thoroughly evaluate this potential shale gas opportunity. In addition to the Santa Rosa prospect, Maple has other prospects within its portfolio including the Cashiboya Deep and San Roque oil prospects in Block 31-E and the Aguaytia Deep gas prospect in Block 31-C."
In accordance with the guidelines of the AIM Market of the London Stock Exchange, Tony L. Hines, Senior Vice President - Operations of the Company who has been involved in the oil and gas industry for 28 years, is the qualified person who has reviewed the technical information 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 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% beneficial 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