Lima-, Peru based Maple Energy intends to raise $20 million by celling one-cent shares to institutional investors and launching a “road show” to show the merits of its plans.

The company said it needs to pay back money borrowed to buy three pecent in Aguaytia Energy and to fund its capital campaign, which includes convential exploration and the beginnings of ethanol production in Peru.

Peruvian athorities have given their nod to the ethanol development.

On Block 31-E, sruvey outfit CGGVeritas has begun shooting 225 kilometres of seismic.

The company has been listed in London since last year on the strength of its hydrocarbon production refining, marketing and gas-fired power generation. The company is led by Rex Canon, chief executive.