Maple Rig to Be Deployed in Peru's Block 31-E in Early '09
Maple Energy has announced that the assembly of Maple Rig 1, a 2,000 horsepower heli-transportable diesel-electric drilling rig, has been substantially completed. The rig is currently undergoing preliminary testing prior to its deployment to Block 31-E (100% owned and operated by Maple) where the Company intends to use the rig to drill its Santa Rosa and Cashiboya Deep exploration prospects. The Company believes that Maple Rig 1, constructed by Sun Drilling LLC of the United States, is one of the most modern rigs in South America. The rig is scheduled to be transported to Block 31-E in early 2009.
In relation to its exploration activities in Block 31-E, Maple has recently acquired approximately 225 kilometers of seismic data to identify the optimal drilling location(s) for the Cashiboya Deep prospect. Maple expects that the processing and interpretation of this new seismic data will be completed no later than February 2009. As this seismic data will also be relevant to, and provide additional geological information on, the Santa Rosa prospect, Maple intends to delay the commencement of its drilling program on Block 31-E until this new information has been reviewed.
Once the processing and interpretation of the data has been completed, Maple expects to determine the optimal drilling schedule for Block 31-E and commence its drilling programme with either the Santa Rosa prospect or Cashiboya Deep prospect in the first quarter of 2009.
Rex Canon, CEO of Maple Energy, commented today, "We are pleased to announce the substantial completion of our Maple Rig 1 and its readiness for deployment to Block 31-E. Furthermore, we believe that the new seismic information that we have acquired will further our understanding of both the Cashiboya Deep and Santa Rosa prospects, as well as assist us in prioritising these prospects and executing our exploration program."
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