Maple Rises Most Since June Before Ethanol Start-up: Lima Mover
Maple Energy Plc (MPLE) surged the most in almost eight months on prospects that the oil and gas producer will start ethanol output this quarter at a $245 million plant.
Maple jumped 9 percent to $1.33 at 2:55 p.m. in Lima, the biggest jump on a closing basis since June 7.
“Investors saw an opportunity before the company’s ethanol project starts up,” BBVA Continental SAB’s Chief Executive Officer Jorge Ramos said in a telephone interview. “The market is also bullish due to the strong earnings season so far.”
Maple, which produces 500 barrels a day of oil and liquid gas and operates a 3,000 barrel-a-day oil refinery in Peru’s central jungle, aims to sell part of its 35 million gallons of annual ethanol output to refineries operated by Repsol YPF SA (REP) and Petroleos del Peru SA and export to the U.S. and Europe.
To contact the reporter on this story: Alex Emery in Lima at aemery1@bloomberg.net.
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
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