Maple Energy delays start-up in Peru

In Peru, Maple Energy told investors that the start of commercial operation of its ethanol project in Peru has been delayed until the first quarter of 2012.

The company was forced to revise the project schedule after experiencing unexpected delays from third-party providers. The delay will result in additional project-related expenses including additional internal project management and administrative costs and other costs related to the development and ongoing planting and cultivating of sugar cane on the main estate. These extra costs will be covered by the company’s available cash reserves and borrowing under available facilities.

Maple Energy stated that it has recently established a US$12.5 million credit facility specifically to fund any cost over-runs or other expenses in excess of the budgeted amounts for the ethanol project.