Maple Seeks IFC Funds for 2007-08 Capex Program

Oil and gas independent Maple Energy has requested funds from the International Finance Corporation (IFC) for its US$68mn, 2007-08 capex program in Peru, according to an IFC document.

Maple has asked the IFC to provide equity investment of up to US$10mn and/or debt investment of up to US$30mn. The IFC board is due to review the request on July 2.

The capex program includes drilling and well workover programs, exploration and related activities in hydrocarbons concessions and development of a greenfield ethanol project.

The company's E&P blocks 31 B, C, D and E are in Loreto, Ucayali and Huanuco departments. Blocks B, C and D have producing wells and Maple plans to conduct exploration activities and reactivate prior producing wells in block E, the document said.

Maple also operates a refinery and a sales distribution plant in Pucallpa. The proposed ethanol project entails developing 10,672ha of unused semi-desert in northwest Peru. The ethanol project also will involve the construction of storage and shipping facilities at Paita port.

The company plans to begin ethanol production in the second quarter of 2009, Guillermo Ferreyros, general manager of Maple's Peruvian gas subsidiary, told BNamericas previously. Full-scale planting is due to begin in November.

The project initially will produce 30-40M gallons (114M-151Ml) of ethanol a year, with the objective of reaching 100M gallons in 3-5 years.

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