News

June 12, 2009

Maple Energy Sells Aguaytia Energy Interest To Raise Funds For Its Priority Projects In Peru

Integrated energy company Maple Energy, which is listed in London and Lima, has sold off its loss-making 17.5 per cent interest in Aguaytia Energy, a gas-to-power joint venture in Peru, to Duke Energy for US$21.6 million in cash. It retains a 33.77 per cent interest in the Aguaytia Deep prospect, which lies beneath the currently producing Cushabatay reservoir in Block 31-C that supplies gas and condensate to the Aguaytia project.

The proceeds of the sale will enable the company, which made its debut in Peru in 1992, to progress its ethanol project there, pay down some debt and cover general corporate expenses.  CEO Rex Canon said the sale of the interest in Aguaytia Energy “monetises an asset for our shareholders while enabling us to retain exposure to the attractive Aguaytia Deep prospect”.

The funds will enable the company, which listed on AIM in 2007, to progress its priority projects for 2009, which earlier...