29th Jun 2009 07:00
29 June 2009
MAPLE ENERGY PLC
("Maple" or the "Company")
Maple Energy Announces Spudding of the Santa Rosa Prospect in Block 31-E
Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to announce that on 26 June 2009, the Company commenced drilling the first well in the Santa Rosa oil prospect in Block 31-E in Peru (the "Santa Rosa 1X Well").
The Company is using the Maple Rig 1, its new 2,000 horsepower heli-transportable drilling rig, to drill the prospect. Maple intends to drill the Santa Rosa 1X Well to a total depth of 14,750 feet, and expects to achieve this total targeted depth in approximately four to six weeks. The total cost to drill and complete the Santa Rosa 1X Well, including the cost of the related base camp, is estimated to be approximately US$17 million.
The drilling of the Santa Rosa 1X Well is complex and will involve multiple stages. In the first stage of drilling operations, Maple plans to drill to a depth of approximately 2,500 feet at which time it will set the surface casing and install the blow-out preventers. Once this initial stage has been completed, the Company will continue to drill to an approximate depth of 8,400 feet and will set the first intermediate casing at that depth on top of the Cretaceous Period formations. Maple expects that it will take approximately two to three weeks from spudding the well in order to reach this depth and set the first intermediate casing.
The Company believes that hydrocarbons may be discovered in two separate reservoir intervals: the Cretaceous Period formation sands; and in various Paleozoic Period formations. Maple expects that the earliest point at which it could reach the Cretaceous interval is two to three weeks following the initial spudding of the Santa Rosa 1X Well. The Company aims to achieve its total targeted depth of 14,750 feet within approximately four to six weeks of spudding the Santa Rosa 1X Well.
Rex Canon, CEO of Maple Energy, commented today:
"The spudding of the Santa Rosa 1X Well marks an important milestone for Maple in exploring for hydrocarbons in Block 31-E. We remain optimistic about the potential for this prospect and look forward to reporting on its progress over the coming weeks."
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
Emma Woollaston
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 US$ 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