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Maple Provides Update Regarding Refinery Lease Contract

Source: www.gulfoilandgas.com 4/1/2014, Location: South America

Maple Energy plc, an integrated energy company with assets in Peru, is pleased to provide an update regarding the refinery lease contract and blocks 31B and 31D License contracts.

Refinery Lease Contract

The Company is pleased to announce that on 28 March 2014 a new lease contract with Petroperu for the Pucallpa refinery and other related assets was signed. The new term is 10 years with the possibility of negotiating an extension upon agreement of the parties. As part of the lease obligations Maple will install additional tanks to meet increasing market needs and other works to update existing facilities.

Blocks 31B and 31D License

In connection with the extension of the license contracts for Block 31B and 31D, the Company is pleased to announce that a Supreme Decree has been issued on 30 March 2014, formalizing the extension of the license contracts with Perupetro for 10 years more in response to the justified extension request submitted by Maple last year in accordance with the license contract.

Guillermo Ferreyros, CEO the Maple commented

"The extension of the refinery lease contract as well as the confirmation of the extension of blocks 31B and 31D License contracts are key milestones for our oil production, refinery and marketing business. It is worth to mention also that the announcements of light crude oil discoveries in the Ucayali basin by independent international oil companies may represent an upside opportunity for our oil production, refining and marketing business in coming years."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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