Maple Energy provides an update on its financing arrangements for 2009 and its exploration and drilling programme for Block 31-E.

On 19 January 2009, Maple entered into a US$10 million, five-year secured credit facility with Banco de Crédito del Perú (BCP), and Maple drew down the full available amount of US$10 million on 23 January 2009.

The Facility is denominated in Peruvian currency (Nuevos Soles) at a fixed rate of 11.75% for any amounts drawn under the Facility. Maple converted the Peruvian currency facility into a US dollar fixed interest rate credit facility by means of a cross currency swap contract with BCP that closed concurrently with the Facility, thereby reducing the interest to a fixed rate of 8.56%.

The net proceeds from the Facility are expected to be used (i) to finance a portion of Maple’s capital costs in developing its producing oilfields, (ii) to repay up to US$2.6 million of outstanding indebtedness and (iii) for general corporate purposes.

As previously announced, Maple recently acquired approximately 225 kilometres of seismic data to identify optimal drilling locations for its Cashiboya Deep prospect and provide additional geological information on its Santa Rosa prospect in Block 31-E (100% owned and operated by Maple).

Maple has made significant progress with the processing and interpretation of the seismic data relating to Block 31-E and expects to commence drilling operations on the Santa Rosa prospect in the first quarter of 2009.

Tags: Maple Energy plc