Maple Energy announce first sale of Ethanol

The Company has achieved the first sale of fuel-grade ethanol to the local market and expects to continue selling fuel-grade ethanol to the local market for the near term.

Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to announce updates for the Ethanol Project.

The Company has achieved the first sale of fuel-grade ethanol to the local market and expects to continue selling fuel-grade ethanol to the local market for the near term. Maple currently expects to commence the sale of a portion of its fuel-grade ethanol production to the export market during the third quarter of this year.

The fifth disbursement of US$2.2 million under the US$148.5 million senior secured debt financing (the "Debt Financing") for the Ethanol Project has occurred. The Company will use this capital to fund spending on the Ethanol Project. A total of US$139.7 million of the Debt Financing has now been disbursed. For more information on the terms of the Debt Financing, please see the Company's release dated 29 March 2010.

source: oilvoice