Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
May 2012
Disclaimer
This Presentation and other information which you are given at the time of presentation, in whatever form, do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in Maple, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding the shares of Maple. No part of the contents of this Presentation is to be taken as any form of commitment on the part of the Company to proceed with any transaction, and the right is reserved to terminate any discussions or negotiations with any prospective investors. The distribution of this Presentation in certain jurisdictions may be restricted by law. No action has been taken or will be taken by Maple, by the existing shareholders or by any professional adviser to Maple, that would permit an offer of shares or possession or distribution of this Presentation where action for that purpose is required. Persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
In no circumstances will Maple be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of Maple. In furnishing this Presentation, Maple does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent.
This Presentation has been prepared by Maple and all reasonable care has been taken to ensure that the facts stated in the Presentation are true and accurate in all material respects to the best of the directors knowledge, information and belief and that the opinions expressed are fair and reasonable. No reliance can be placed for any purpose whatsoever on the information contained in this Presentation or on its completeness. Certain figures noted herein are illustrative projections and are based on a number of assumptions, and no figures should be regarded as a profit forecast. This Presentation contains forward-looking statements, which are based on Maple's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables, which could cause actual results or trends to differ materially. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by the AIM Rules, the London Stock Exchange or by law, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. In this presentation, the Company and Maple refer to Maple Energy plc and/or its subsidiaries, unless otherwise indicated or the context otherwise requires.
Company Highlights
Vertically integrated Ethanol Project which began producing ethanol in April 2012
Enhanced operational efficiency of Ethanol Project through automation and sophisticated techniques and processes
Attractive ethanol demand outlook supported by existing and increasing mandates for ethanol on a global basis
Stable existing cash flow from hydrocarbon production, refining and marketing operations
Management team with significant in-country project management, development and operational experience
Maple Summary
Summary
Ethanol Project
Core Business An integrated independent energy company with assets and operations in Peru Primary goal of becoming one of the lowest cost producers of fuelgrade ethanol in the world Current Operations Operation of an integrated ethanol production business producing fuel-grade ethanol Operation of a fully integrated liquid hydrocarbon business from production to refining and marketing Evaluation of a shale gas opportunity Strategy Complete Ethanol Project and ramp up commercial production during 2012 Seek to expand current Ethanol Project Seek to identify additional ethanol development opportunities Maximise efficiency and profitability of hydrocarbon production, refining and marketing operations Management Team Significant in-country experience since 1993 Project management, construction, development and operation expertise
Based on Maples management estimates (including interest during construction, a debt service reserve account, and certain value-added taxes, and excluding assets acquired under finance leases). The estimated total costs for the Ethanol Project are management estimates based on numerous assumptions and such estimates are subjective, and therefore susceptible to varying interpretations and periodic re-evaluation based on actual experience and business, market and industry conditions. Actual project costs may differ from the estimates above, and such differences may be material. Reserves based on 10-year extension of License Contract for Blocks 31-B and 31-D.
Agriculture: Approximately 13,500 ha of land owned near Northern coast of Peru Water rights to irrigate sugar cane plantation Water delivery and drip irrigation systems in operation Industrial: Distillery with capacity to produce up to 35 million gallons of ethanol per annum 37 MW co-generation power plant expected to be placed into operation during the middle of 2012 Total estimated project cost is in the range of US$275-280 million(1) Commercial production of ethanol commenced in April 2012
Oil & Gas Production & Exploration (2)
100% working interest in three producing oilfields in Peru: December 2011 average production: approximately 485 bpd Total net 2P reserves of 1.423 mmbbls and net 3P reserves of 2.402 mmbbls as of 31 December 2011 Exploration assets within prospective hydrocarbon region
Refining and Marketing
(1)
(2)
Maple-operated Pucallpa refinery Feedstock directly from Maples producing fields and Aguaytia Energy Daily capacity of 3,000-4,100 bbls based on type of feedstock and product demand Storage capacity of approximately 200,000 bbls Products sold primarily into local markets
4
Economic Summary
As of 2010 approximately 80,000 hectares of sugar cane plantations in operation Currently, sugar cane is primarily grown for sugar rather than ethanol Current government is encouraging the development of ethanol Another local, independent ethanol producer currently producing fuelgrade ethanol
Sovereign risk rating for Peru among the lowest in Latin America (2) Foreign currency sovereign credit investment grade rating from Fitch Ratings, Standard & Poors and Moodys
Climate allows year-round planting and harvesting of sugar cane Peruvian annual sugar cane yields per hectare are among the highest in the world
10%
Under existing regulations, Peru is able to export ethanol directly to the EU and US duty-free
Growth %
8%
6% 4% 2% 0%
Existing legislation requiring a 7.8% ethanol content in gasoline sold Demand for ethanol in the Peruvian domestic market is expected to eventually reach over 30 million gallons per year
2003
2004
2005
2006
2007
2008
2009
2010
2011
(1) (2)
5.75% non-compulsory 5.75% of transport fuels biofuel be biofuels by and must target by 2010 10% renewable energy 2010, and 10% by mandate in transport by 2020 2020
Oil prices Regulatory incentives and requirements Climate change concerns and emissions targets Improved technology lower ethanol production costs National energy independence considerations Key Ethanol Industry Data:
Germany: (3 )
Canada: (4 )
Canada:
(1)
biofuels by 2010, 6.25% biofuels mandate from 2010 to gradually increasing to 2014. 7.5% by 2015 3.6% ethanol target by calorific value for 4.2% mandatory 2015 ethanol blend in
gasoline by 2010
RFS biofuel target of 36 RFS gallons by 2022of 36 billion biofuel target billionRFS2, there2022 Under gallons by is a 12.6 billion gallon mandate for 2011 blending
(6 Peru: (2)(2) Peru: )
Japan: (1) 800 million litres per year ethanol target forof 132 Biofuel target 2017/18 (equivalent to a 2% ethanol million gallons by 2012 blend)
Japan: (4 )
Estimated world ethanol production of 29.0 billion gallons in 2011 (1) US and Brazil are the global production leaders of ethanol EU, US and Japan are currently importing ethanol
7.8% mandatory
blend in 9 provinces
Brazil: (4 )
Spain: (1 )
(1)
7% biofuels mandate
In 2010 a 5% ethanol
(1) (2)
Source: LMC International Ltd. 2010/2011 (various reports). Renewable Energy Policy Network for the 21st Century: Renewables Global Status Report 2010 Source: Peruvian Law 28054 August 2003; Supreme Decree 013-2005-EM; Supreme Decree 021-2007-EM
10% share of energy from renewable sources in transport by 2020 (mandatory) Sustainability criteria for biofuels
Sustainability Criteria
Only biofuels that meet sustainability criteria will count toward the targets of the 2009 Renewable Energy Directive Germany began implementing sustainability criteria in 2011 35% greenhouse gas emission savings target from the use of biofuels by 2010 (50% by 2017) Biofuels should not be made from raw materials from tropical forests or recently deforested areas, drained peatland, wetland, or highly biodiverse or natural protected areas
Maples Ethanol
Sugar cane ethanol has a 71% greenhouse gas emission savings compared to fossil fuels according to EU default values for biofuels (versus 49% corn, 34% wheat, and 52% sugar beet)(2)(3) Maple is currently applying for sustainability certification with the Roundtable on Sustainable Biofuels (RSB); the RSB certification process has been approved for use in the EU
(1) Source: European Commission - Renewable Energy. Directive 2003/30/EC, Directive 2009/28/EC and MEMO/10/247. (2) Source: Directive 2009/28/EC Annex V, Rules for calculating the greenhouse gas impact of biofuels, bioliquids and their fossil fuel comparators. (3) Default value for wheat is based on natural gas as process fuel in a conventional boiler.
Unique
growing conditions in Northern Peru result in high sugar cane production yields per hectare allows year-round growing and harvesting
Climate Drip
Integrated Model
Vertically Direct
Ethanol
plant within the plantation reduces transportation costs and improves production efficiency
Proximity
to a sea-port
Sugar
cane is the most efficient feedstock for the production of ethanol techniques and automation enhance operational efficiency
Modern Unit
production costs are expected to be competitive, on a global basis, with existing producers of ethanol
Peru
is positioned to sell duty-free to both the EU and US under existing trade agreements
Commercial Planting
Agriculture
Irrigation
Water sourced from Chira river, and key water rights obtained Macacara and El Arenal pumping stations completed and in operation Macacara and El Arenal reservoirs completed and in operation Approximate 43-km water pipeline system completed and in operation Approximately 7,280 hectares of drip irrigation tape installed to date
Seed cane farm developed (345 ha) with three principal varieties; ten additional varieties under further evaluation for potential future use Commercial planting of sugar cane started in January 2011 Over 6,500 hectares of sugar cane planted by the end of April 2012 Agricultural operations overseen by Booker Tate Harvesting and processing of sugar cane started in late March 2012
10
Legend
1 1. River pumping stations 2 2. Water reservoirs 3. Re-pumping stations 3 4 4. 5. 5 6. 6 7. 7
Water pipeline system Drip pumping stations Drip irrigation system Sugar cane field
11
Located within the sugar cane plantation to minimise transportation costs and reduce sucrose deterioration Substantial completion of ethanol plant and start-up by early April 2012, except for certain works primarily related to the 37-megawatt power plant Commenced ethanol production in April 2012 37-megawatt power plant substantially completed and expected to be fully commissioned and placed into operation during the middle of 2012 60 kilovolt electric transmission line completed and in operation
Ethanol Plant
Land acquired near Paitas industrial zone for storage and loading facilities Key permits and authorisations for the relevant stage of development have been obtained Contract executed with third-party contractor to build, own and operate facilities Substantial portion of facilities completed, including the storage facility which is currently available for use Submarine pipeline and mooring system installed Entire facility is expected to be placed into operation in Q2 2012
Paita Storage , Loading and Export Facilities
12
Land clearing
Bed forming
10
ESTIMATED 17 MEGAWATTS
Ethanol transportation
13
Five-year Ethanol Distribution Agreement with a subsidiary of Mitsui & Co. Ltd has been executed Ethanol to be sold FOB at the loading facilities near Paita where the counterparty will assume risk and responsibility
Peru is positioned to sell duty-free to both the EU and US under existing trade agreements
Peruvian domestic market expected to have capacity for a portion of Maples ethanol production
Ethanol Export Locations
14
15
Producing Assets
(1)
Maquia (Block 31-B) Agua Caliente (Block 31-D) Pacaya (Block 31-E)
bpd
Maple is the operator and holds a 100% working interest in all three blocks
Average crude oil production for December 2011 was approximately 485 bpd
Pacaya 15% (fixed), Maquia 50% (capped) and Agua Caliente 30% (capped)
Exploration
31-D Agua Caliente 391.2 109.4 352.2 852.8 349.2 142.9 13.2
31-E Pacaya 265.3 50.0 200.7 516.1 Total 950.9 472.4 978.6 2,401.9 329.0 134.6 12.4
Devonian shale formation underlies Blocks 31-E and 31-B Maple intends to identify a joint venture partner for further exploration and appraisal of Block 31-E 33.77% economic interest in the Aguayta Deep gas prospect in Block 31-C
Reflects Maple's historic unaudited production volumes of crude oil from the Maquia, Agua Caliente and Pacaya oil fields for the periods indicated. Source: Netherland, Sewell and Associates Inc. Based on 10-year extension of License Contract for Blocks 31-B and 31-D through March 2024. Reflects Maple's net oil reserves as at 31 December 2011. Reflects Maple's contingent resources as at 31 December 2011.
16
Maple operates the Pucallpa Refinery and Sales Plant, located in Pucallpa in the Central Peruvian jungle The refinery has daily capacity to process:
2,000
bpd
3,000 barrels of crude oil producing a Residual 6 fuel oil; 3,400 barrels of crude oil producing a Residual 5 fuel oil; or 4,100 barrels of natural gasoline
The facility also maintains approximately 200,000 barrels of feedstock and refined product storage capacity Feedstocks for the refinery consist of natural gasoline purchased from Aguaytia Energy and crude oil produced from Maples oilfields Maple produces a number of refined products from the refinery including gasoline, diesel, solvents, aviation fuel, naphthas and residual fuel oil These products are marketed by Maple in the Central Peruvian jungle, Central Peruvian highlands and Lima The strategic location of the refinery in the rapidly growing Central Peruvian jungle region and the integration of Maples operations provide an important competitive advantage
2008
2009
2010
2011
Pucallpa Refinery
(1)
Reflects Maples unaudited historic feedstock volumes delivered to the Pucallpa Refinery for the periods indicated.
17
2011
681,894 US$41.90 US$000 Consolidated
2010
731,460 US$28.82 US$000 Consolidated 71,153 21,079 3,665 236 11,843
Revenue from operations Gross profit Operating income Profit for the year Adjusted EBITDA (1)
(1) Adjusted earnings before interest, taxation, depreciation and amortisation (Adjusted EBITDA) is calculated as operating income plus depreciation, amortisation, Base Logistica Ucayali (BLU Camp) impairment, and employee termination cost.
18
Corporate Information
Listing Venue / Ticker Ordinary Shares Outstanding Nomad & Main Brokers
AIM (London): MPLE; BVL (Peru): MPLE 149.2 million Cenkos Securities plc (nomad & joint-broker) - UK Mirabaud Securities Limited (joint-broker) - UK Credibolsa SAB (listing sponsor) - Peru Lima Stock Exchange main indexes: IGBVL (36), ISBVL (15), INCA Eligible security for investment by Peruvian Pension Funds Part of the first Peruvian ETF MSCI All Peru Capped Index Fund (EPU) Part of FTSE AIM 100 Index Nigel B. Christie Chairman of the Board and Independent Non-Executive Director Rex W. Canon Chief Executive Officer, President and Executive Director Tony L. Hines Senior Vice President of Operations and Executive Director Carlos A. Palacios Rey Independent Non-Executive Director Gianfranco Castagola Ziga Non-Executive Director Alberto Camet Blanco Non-Executive Director Francisco Mesquita Neto - Independent Non-Executive Director Mirabaud Securities Limited - UK Cenkos Securities plc - UK BBVA Research - Peru Kallpa Securities SAB - Peru Seminario & Ca SAB - Peru WWW.MAPLE-ENERGY.COM
19
Listing Highlights
Board of Directors
Independent Research
Website
20
21
22
23
24
25
26
27
Plantation Equipment
28
29
30
31
Ethanol Plant
32
33
Diffuser
34
Fermentation Facilities
35
Distillation Facilities
36
37
38
39
40
Electric Substation
41
42
43
44