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Market: AIM
Sector: Energy
EPIC: MPLE
Latest Price: 66.00p  (0,00%)
52-week High: 88.00p
52-week Low: 47.50p
Market Cap: 98.48M
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Maple Energy plc
www.maple-energy.com
Maple Energy plc is an independent energy company with assets and operations in Peru. It is engaged in 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, and the development of an ethanol project. The Company's principal exploration acreage lies in Block 31-E, in which it holds a 100% working interest. This block is located in the East Central jungle area of Peru. Three oil exploration prospects are targeted in Block 31-E, including the Santa Rosa, Cashiboya Deep and San Roque prospects. It operates the Maquia (Block 31-B), Aqua Caliente (Block 31-D) and Pacaya (Block 31-E) oil fields in the Ucayali Basin, and holds a 100% working interest in each of these fields. As of December 31, 2007, Maquia field produced 357 barrels per day (bpd) of oil from 31 active producing wells, and Aqua Caliente produced 104 bpd of oil from 15 active producing wells.
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Maple Energy delays start of Ethanol Project

9th Dec 2011, 8:49 am by Sergei Balashov The start of commercial operation of its Ethanol Project has been delayed until the first quarter of 2012

Maple Energy (LON:MPLE) told investors that the start of commercial operation of its Ethanol Project in Peru has been delayed until the first quarter of 2012.

The company had to revise the schedule of the Ethanol project after experiencing unexpected delays from third-party providers relating to the Ethanol Plant, the company said in today's statement.

The delay will result in additional project-related expenses including additional internal project management and administrative costs and other costs related to the development and ongoing planting and cultivating of sugar cane on the main estate.

These extra costs will be covered by the company’s available cash reserves and borrowings under available facilities.

Maple noted that it has recently established a US$12.5 million credit facility specifically to fund any cost over-runs or other expenses in excess of the budgeted amounts for the Ethanol Project.

The company said it will draw down a “substantial portion” of the facility within the next 60 days.

“While we have experienced certain unexpected delays in completing the Ethanol Plant, we believe we are well-positioned, financially and operationally, to address these issues and begin operations in the near term,” said chief executive of Maple Energy Rex Canon.

“We remain enthusiastic about the overall Ethanol Project and look forward to announcing to the market the full completion of this exciting initiative in the first quarter of 2012.”

Maple also told investors that it has so far planted 5,685 hectares of sugar cane on its plantation and has substantially completed the installation of the Ethanol Plant.

Shares in Maple energy dropped 3 percent to 63.5 pence, giving it a market cap £149.2 million.

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