|Maple's principal operations consist of the following:
Crude Oil Production and Development: Operator and holder of 100% working interests in its crude-oil producing properties, Blocks 31-B, 31-D, and 31-E;
If they are stating that maple gas is now holder of 100% working interest in crude oil production then we have been literally robbed of our money no?|
Any news about Maple Oil?|
|garrygarry - we still own the share as in my III account it's just de-listed
there is still some hope... but they are carrying alot of debt|
|So is this confirmed that the company is bust and we have lost our money? The last conversation i had with the company based in Edinburgh (cant recall name) they said i still owned the shares and would do until the company officially went into administration.|
|This news is no use to shareholders, as co went bust and we get naff all.|
" ... Monday 29 February 2016 | 8:01
Maple Energy: We will call for bids to acquire oil
Nabil Katabi, CEO of Maple Gas Corporation del Peru , does not rule out acquiring assets of Duke Eergy in Peru
The failed bet Maple Energy by ethanol (biofuel from sugar cane) plunged the company into a deep crisis. But this failure led to the return of the original investors, Maple determined to return to its roots: the production and refining of hydrocarbons.
Today, the company intends to maximize the capacity of its refinery in Pucallpa and ready for it to allow an international tender to acquire oil in the Amazon. From this, their immediate plans and the possibility of acquiring the assets of Duke Energy in Peru, spoke with Nabil Katabi, brand new CEO.
What is the business of Maple following the sale of its ethanol?
The main asset of Maple Gas is the refinery Pucallpa (Ucayali), concession granted by Petro-Peru. We also have three oil fields: 31-B (Maquia), 31-D (Aguas Calientes) and 31- E.
Now they called Maple Gas?
Maple Gas was part of Maple Energy. This company had two subsidiaries: Maple Ethanol, whose assets were sold to Gloria Group and Maple Gas, which was bought by a consortium of investors composed of Maple Resources (led by Jack W. Hanks company) and investors in London. What made this consortium was to acquire the debt of Maple Energy, which conferred a series of rights to the company.
How much debt amounted?
Maple Energy owed $ 19.8 million to the group of banks that ended up controlling its two subsidiaries [following the bankruptcy of ethanol business]. But its total debt amounted to US $ 63 million, including the assurances given by the ethanol project. It was a disaster involving Maple Gas, company that had always been very orderly. The work of the consortium was to rescue and clean up this good asset, buying their debt.
It is said that among the buyers of the debt is Matias Rojas, known oil trader.
There is a complex investment structure behind the purchase of debt, but we have the profile of the trader (Matias Rojas) that is very positive, because it is helping us to invent creative solutions to handle the refinery, making it more efficient and grow.
What strategy have to grow?
When we return to the refinery, this processed 1,400 barrels of oil per day (bpd). But its maximum capacity is 4,000 bpd. Our business opportunity is to pass [refine] from 1400 to 4000 bpd. How? Buying more crude. We thought we do with Cepsa [which operates the neighboring lot, 131], but if not participate, we will convene an international public tender to buy crude and condensate produced in the country and in the Amazon.
What is wrong with Cepsa? You evacuated its oil, but stopped.
Evacuate is not the right term. They began producing crude in September 2014 with a test well. Then drilled two more confirmed its production. They came to draw 4,500 bpd. Then they signed with the previous management [Maple] agreement reception, storage and dispatch of oil.
Do not you were refining that oil?
With the problems we had at that time we were not able to do so. We received only the crude, we stored on a barge off our refinery and we sent Refinery Petro-Peru, in Iquitos. We are the only company capable of 'tanking' for that service in the area.
But Cepsa has stopped producing since January, what happened?
The contract with them expired on December 31, 2015, but we are willing to renew based on two conditions. The first, which sell us the amount we require to fill the Pucallpa refinery (we need only half of the production of Cepsa). And second, that offer us a similar price paid by Petro-Peru.
What Cepsa answered?
We agree to pay a higher price than the market so they can keep producing despite falling crude oil prices. We send a letter, but inexplicably refused to negotiate until we understood their strategy.
Complain to the government that they can not produce our fault, when they are looking for an excuse not to keep producing. That is why we are visiting the authorities to explain this message and to understand that we are not responsible.
But still they are negotiating with Cepsa?
There has been no communication lately. But the doors are open. Simply sell us the oil in the same conditions as Petro-Peru and resume operations immediately.
Is that why open the bidding?
We'll do it anyway. Until convene a bidding we can not know how much oil is available in the market. There see if we can process heavy crude, such as Perenco [lot 67], to produce asphalts, and a hundred options. We have the will and the resources to do so.
What currently produced in Pucallpa?
First, diesel and gasoline going to Pucallpa market. Then gasolines that are acquired by Petro-Peru and Perenco. Then solvents are going to the paint industry in Lima. And waste, Electro Oriente (Tarapoto) and the brewery San Juan. We have 25% of the fuel market in Pucallpa. The rest is Petro-Peru.
And what happened to the shale gas had been discovered?
Shale gas find in Lot 31-E , but that area was returned to the State, except the Pacaya field. Unfortunately, the resource is in the Amazon, where the cost of developing it is higher than in the US
And what are your plans for lots 31-B, D and E?
There, we are producing 340 bpd. They are decades old batch production profile and lower, although happily exploit light crude. We are looking at options to improve production, but would greatly help the government lower the royalties.
And what will they do after filling the refinery?
Some ideas we are going to occur. We want to stabilize to grow back, invest in Peru and perhaps in other countries. For example, we watched with great interest the sale of the assets of Duke Energy. They are operations we know very well, because we build them [the gas field Aguaytía, thermoelectric and transmission line].
Does that mean they could buy the assets of Duke in Peru?
Yes, but we would not do under the shield of Maple Gas. Our investors are looking at that opportunity.
Duke had a problem there with the price of gas.
The same as all oil: royalties are too high and are in arbitration with the state. But its assets have synergies with our own, and that makes them attractive to any investor.
So is it possible to buy the assets of Duke?
We're thinking. But lack Duke makes it official. Of course, they also operate two hydroelectric dams in Peru. If the sale is per package in each country, the priority would thermoelectric. For hydro, insurance look for a partner ..."|
Maple Energy returns to Peru. Investment in Pucallpa
Maple Resources returned to Peru to invest US $ 20 million in oil activities
After having sold its stake in Maple Gas del Peru in 2010, the company announced that Maple Resources returned to the country to inject US $ 20 million cash capital to its former subsidiary, in order to strengthen its activities in hydrocarbons.
Maple Gas Corporation del Peru operates the oil refinery of Pucallpa in the Ucayali region, and three oil fields (lots 31B, 31D and 31E). The refinery is responsible for fueling much of the Amazon region.
"We are great pleasure to return to Peru to provide assistance to Pucallpa refinery, which develop and finance expansion from the beginning. The refinery is an asset of strategic importance with a model of profitable and solid business, while providing a critical service for the continued development of this important region of the country, "said Jack W. Hanks, CEO and founder of Maple Resources Corporation.
He said he feels a high level of confidence that the financial support from Maple Resources will have a material impact on both the economic efficiency of the operation, as on the stability of fuel supply in the region "
In a statement, Maple Resources said that in recent years the refinery Maple Gas del Peru has been adversely affected by, among other factors, by the withdrawal of shares from its parent company Maple Energy PLC, AIM bag values London.
"This situation has led to a situation of chronic undercapitalization which has put at risk the fulfillment of their commercial and financial commitments, which has established a plan for restructuring the debts acquired," he said.
Maple Resources Corporation was founded in 1986 in Dallas (USA) and has extensive experience in the energy sector in the Americas, with a portfolio of projects financed in excess of US $ 1,200 million.
Its activities are centered mainly in Peru, United States and Colombia. His focus is the evaluation, financing, acquisition and / or development of energy projects, including production, refining, production, transport and processing of oil, gas, biofuels, heat and renewable energy.|
|yup but you still hold shares of a company whether listed or not.
They have not gone into administration either.
Best to ring them directly to find out.|
|well that's it, shares cancelled on AIM and in Lima - a dead duck, no value.|
|Kenny - its bizarre that they havent simply taken this to administration - makes you wonder do companies ever go into admin in Peru.
Perhaps this is their method but to us uk investors its not called administration but the days of the living dead and in a zombie state.
LOL they must have all sold up or made their money on the way via hedging...
|Only glimmer is that the main players have sunk loads into this at 30-40p a share.
Only got about £6k in here, so not the end of the world, but feel if it was dead and buried they would have pulled the plug long time ago..|
|kenny its all gone from the looks of it.
They received about $90m post gov. tax and that off the $163m debts or so leaves about $73m left. Completely bamboozled as to what the fuk is going on. They have just the O&G left and they are forced to sell these too...
Completely starkers dead.|
|O&G, Exploration and 10 year lease - that's all that is left.
What about the ethanol land and crop - is that a fixed asset?|
|Dead as the proverbial......................|
|An update from the company, so that's the ethanol business gone I think..... surprised so quiet on the board. If all assets that were held as security for the loans are now gone how do they expect any further repayments? Outside ethanol business the O&G assets are not affected and can't be touched......or that was what I believed to be the case,do we come out of suspension at some point just holding a nodding donkey and refinery lease? What happens next?
Not sure I really understand what this RNS is saying.|
|Perhaps a reintroduction in the manner of BZM!!!!! Chance would be a fine thing.......|
|Yawn, how much longer before they put us out of our misery!|
|Buckeroo? is that you buddy?|
|No info all rather quiet|
|Think I cracked it, think I know why all previous DEALS have failed...
This is a guess - ACC Capitals and their fund were the issue
MPLE owed them $20m as of Dec 13
So whatever deal was to take place meant there was an outstanding requirement to address the investment made by maples with the B shares.
In the end defaulting allowed MPLE to get rid of this debt obligation by the Senior Lendor buying up their total convertible shares for $750K rather than getting Maple to pay $20million plus+ read
Tells you a great deal.
Now this has been squared away and agreed this is no longer an issue when it comes to selling the business to third parties?
This seems to be a carefully orchestrated event that was necessary to remove some of the debt burden...
Could get interesting now with previous offers who could return...?!!!!|