Further to the Company's interim results announcement on September 2, 2008, Maple Energy plc has provided an update on the development of its drilling program in the Maquia and Agua Caliente oilfields.
Maple has spud its first well, the MA46 well situated in the Maquia oilfield, in its anticipated 22 well development program in the Maquia and Agua Caliente oilfields. Maple believes this well will be drilled and completed by the end of October 2008, at which time the Company will move its Cooper 350 rig to the next proposed drilling location in the drilling program.
Maple intends to drill a total of 14 development wells in the Maquia oilfield to a depth of approximately 2,000 feet per well, as well as eight additional development wells in the Agua Caliente oilfield to a depth of approximately 1,000 feet per well. Maple's development program and the drilling of these additional wells is expected to occur throughout 2008 and 2009.
Rex Canon, CEO of Maple Energy, commented, "I am pleased with the commencement of our 22 well development program in the Maquia and Agua Caliente oilfields and expect this program to provide us with at least 385 barrels per day of additional oil production.
"Dependent upon our success in these initial 22 wells, we may drill an additional nine wells to further develop these fields while providing additional cashflow opportunities from our existing asset base. This program should enable us to increase our total hydrocarbon production while strengthening our revenue generation capabilites and further enhancing shareholder value and returns."
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