Company Update

14 February 2014

MAPLE ENERGY PLC

("Maple" or the "Company")

COMPANY UPDATE AND SHARE PRICE

Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, announces today various updates regarding its ethanol business and certain operational results for 2013.

Ethanol Business

· An aggregate amount of approximately 1,014,700 gross tonnes of sugar cane (approximately 897,700 net tonnes) were harvested and processed during 2013. This net amount of processed sugar cane excludes sugar cane "trash", which primarily consists of green and dry leaves of the sugar cane that are ultimately used as fuel to generate electricity. Average ART% (total recoverable sugars) of the sugar cane harvested was approximately 12.7% during the year.

· An aggregate amount of approximately 69,600 cubic metres (approximately 18.4 million gallons) of fuel-grade ethanol were produced at the Ethanol Plant during 2013. The average ethanol yield during 2013 was approximately 20.5 gallons (approximately 77.5 litres) per net tonne of sugar cane processed. Maple currently expects to produce in the range of approximately 20 to 21 gallons of fuel-grade ethanol on average from each net tonne of sugar cane processed at the Ethanol Plant during 2014.

· An aggregate amount of approximately 103,900 megawatt-hours ("MWh") were generated at the Ethanol Plant during 2013, and the energy required for the agricultural and industrial operations was approximately 93,700 MWh during this period.

· Under the Company's existing sales and distribution agreement with a subsidiary of Mitsui & Co, Ltd. ("Mitsui"), Maple sold an aggregate volume of approximately 67,000 cubic metres (approximately 17.7 million gallons) of fuel-grade ethanol to Mitsui during 2013 for delivery to customers in the European Union. This accounted for approximately 96% of Maple's ethanol sales by volume during this period, and Maple expects to continue exporting a substantial portion of its ethanol production for delivery to customers in the European Union. In addition to the Mitsui sales, Maple sold a total of approximately 2,800 cubic metres (approximately 0.78 million gallons) of ethanol to domestic and regional markets during the same period.

· In December of 2013, the Company shipped approximately 15,200 cubic meters of ethanol to the European Market. This volume represents the largest single export performed by the Company so far.

· The Ethanol Plant had its regular annual major maintenance during the second half of August and all of September 2013. Following completion of this regular maintenance, ethanol production recommenced during the first week of October 2013.

· For export sales destined for markets in the European Union and delivered to Rotterdam, total shipping costs from the Ethanol Plant to Rotterdam during 2013 averaged between US$0.32 - US$0.38 per gallon of ethanol, which cost includes the Mitsui marketing fee. In general, the net ethanol price received by Maple (FOB Paita) for export sales is the difference between the T2 Ethanol spot price in Rotterdam and the shipping cost including the Mitsui fee.

· The average spot price of Ethanol T2 in Rotterdam during 2013 was approximately US$3.05 per gallon. Average spot prices in November and December 2013 have been approximately US$2.76 and US$2.55 per gallon, respectively. The average spot price for the month of January has been approximately US$2.44 per gallon.

· During 2013, Maple's preliminary, unaudited total cash costs for the production of ethanol, excluding extraordinary expenses and terminations costs, were approximately US$39.5 million, which consists of: (i) direct production costs (US$30.7 million), (ii) general and administrative costs (US$7.2 million), and (iii) sales, marketing and other costs (US$1.6 million). A substantial portion of the costs are fixed in nature; and Maple expects to process approximately 1,000,000 million gross tonnes of sugar cane during 2014. As a result of the combination of lower ethanol production in 2013 and lower realised ethanol prices received by Maple, the projected financial results for 2013 are expected to be below the prior expectations of the Company. In addition, the recent sharp decline in ethanol prices during recent months is adversely affecting 2014 results and available working capital. The Company is currently evaluating and pursuing several financial alternatives to strengthen the Company's balance sheet and working capital position in current challenging market conditions.

· During 2013, the Company planted 924 hectares of sugar cane resulting in a total plantation size of 7,456 hectares. The Company is actively evaluating the potential expansion of its plantation to approximately 10,000 hectares. This key initiative would allow the Company to operate the ethanol plant and power plant at full capacity which is expected to reduce the production cost per gallon of ethanol produced and to generate other operative efficiencies. The capital expenditures for the expansion are estimated between US$27 and US$32 million.

Hydrocarbon Production, Refining and Marketing

· A total of approximately 655,000 barrels of refined products were sold during 2013.

· Average sales price was approximately US$128 per barrel during this period.

· Average daily crude oil production during 2013 was approximately 417 barrels per day

· During 2013, Maple's preliminary unaudited total cash costs for the production of hydrocarbons, excluding termination costs, were approximately US$71.6 million, which consists of (i) direct production costs (US$58.3 million), (ii) general and administrative costs (US$9.5 million), (iii) sales, marketing and other costs (US$3.8 million). The projected financial results for 2013 for the hydrocarbon business are in line with prior expectations of the Company and oil prices have remained strong throughout 2013.

Efficiency Programme

As previously reported, the Company has implemented a program to improve the efficiency of its general and administrative areas and reduce costs. As a result of this initiative, Maple has identified a number of cost-saving alternatives that were implemented, and the Company expects to save approximately US$2.0 million per year. The Company is actively seeking further cost reductions opportunities to be implemented during 2014.

Share price

The Company is aware that the share price has declined sharply in recent weeks. As explained above the Company is currently facing adverse market conditions in its ethanol business.  However the Company's share price is also being affected by the forced liquidation of a large shareholder's holdings in Maple. The Company has been advised that this shareholder's position is forcibly being sold in connection with outstanding debt obligations of the shareholder and is not related to the Company's operations or performance.

For further information, please contact:

Maple Energy plc (+ 51 1 611 4000)

Guillermo Ferreyros Cannock, Chief Executive Officer, and Executive Director

Cenkos Securities plc (+ 44 131 220 6939)

Derrick Lee

Alan Stewart

Forward-Looking Statements

Statements contained in this document, particularly those regarding possible, projected, or assumed future performance and results, including growth outlook, forecasted economics, operations, production, contracting, costs, prices, earnings, returns, and potential growth, are or may include forward-looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. These risks and uncertainties include, among other things, market conditions, weather risks, economic and political risks, and other factors discussed in Maple's Admission Document available on the Company's website (www.maple-energy.com). Forward-looking statements are not guarantees of future performance or an assurance that Maple's current assumptions and projections are valid. Actual results, actions, and developments may differ materially from those expressed or implied by those forward-looking statements depending on a variety of factors. Furthermore, any forward-looking statements presented are expressed in good faith and are believed to have a reasonable basis as of the date of this release. These forward-looking statements speak only as at the date of this release, and Maple does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.