Maple Energy plc, an AIM listed integrated independent energy company with assets and operations in Peru, today announces its financial and operational results for the six months ended 30 June 2008:
Financial Highlights
• In May 2008, Maple completed a placing of 7,967,061 ordinary shares at £1.60 per share resulting in aggregate gross proceeds of approximately US$25 million.
• Revenue from operations increased by 32% to US$48.3 million in the first half of 2008 in comparison to the same period in 2007, with a gross profit of US$12.9 million.
• Adjusted EBITDA was US$4.6 million for the first half of 2008 compared to US$3.6 million as restated for the same period in 2007.
• Cash and cash equivalents were US$33.9 million as of 30 June 2008 compared to US$4.6 million as restated as of 30 June 2007.
Operational Highlights
• Oil production increased by 23% in the first half of 2008 averaging 524 barrels per day (“bpd”) as compared with 426 bpd in the first half of 2007. The Pacaya Field in Block 31-E was reactivated in March 2008 and has since averaged production of 99 bpd.
• The Pucallpa Refinery generated refined product sales of approximately 2,234 bpd, while utilizing an average of 2,262 bpd of feedstock.
• In July 2008, operations commenced on the acquisition of 225 kilometers of 2-D seismic data to define an advantageous drilling site for the Cashiboya Deep Prospect in Block 31-E.
• Maple’s new 2,000 horsepower heli-transportable drilling rig is being assembled in Peru, and preliminary work related to the drilling site for the Santa Rosa Prospect in Block 31-E began in August 2008.
• Maple completed the acquisition of an additional 1,299 hectares of land in July and August 2008 near the main estate of the Company’s Ethanol Project.
Other highlights
• In April 2008, Maple received approval of the environmental and social impact assessment (“EIA”) for the Ethanol Project from the Peruvian Government.
• In June 2008, Maple entered into an equipment supply agreement with Praj Industries Limited (“Praj”) to provide the fermentation, distillation, and dehydration equipment for the Ethanol Project with a capacity to produce approximately 400,000 litres per day of fuel-grade ethanol.
• In June 2008, Maple also entered into an equipment supply agreement with Siemens AG to supply the turbo-generation equipment for the Ethanol Project to produce approximately 37 megawatts of electricity.
Jack W. Hanks, Chairman of Maple, commented today:
“The first half of 2008 has been another positive six months for Maple. We have made significant progress in certain of our key areas of operations and increased our hydrocarbon production and revenues during this period.
Our ability to successfully place US$25 million of ordinary shares during turbulent capital markets was a clear indication of the market's confidence in Maple's operations, asset base and management team.
The Board and I remain confident in the Company's ability to make progress towards our strategic objectives throughout the remainder of this year and into 2009.”