6th Aug 2009 07:00
6 August 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Well Update
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, announces that the Company has completed drilling to the bottom of the Cretaceous Period formation sands, in its first well in the Santa Rosa oil prospect in Block 31-E in Peru (the "Santa Rosa 1X Well").
Preliminary drilling results reflected that there were no oil shows in these sands and there were minor gas shows that do not appear to be commercial. The Company plans to continue drilling operations to target the Paleozoic Period formations, which is the other prospective interval in this well. It is expected that Maple will complete drilling the second target interval and achieve total depth of the well of 14,750 feet in approximately two weeks, and will report on the results of the Paleozoic Period formations as soon as information is available.
Rex Canon, Chief Executive Officer, commented today:
"While we are disappointed that there were no oil shows in the Cretaceous Period formation sands, we will continue drilling the Santa Rosa 1X Well as planned and are hopeful there may be commercial quantities of hydrocarbons in the Paleozoic formations."
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.
Related Shares:
MPLE.L