COMPANY UPDATE

13 May 2013

MAPLE ENERGY PLC

("Maple" or the "Company")

COMPANY UPDATE

Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, announces that Rex Canon, Chief Executive Officer and one of Maple's co-founders, is stepping down from the Company and all of its subsidiaries on 31 July 2013.

After nearly 20 years of leading the Maple organisation and following the completion of the Company's most recent significant strategic objective, the commencement of commercial operations of the Company's Ethanol Project in 2012, Mr. Canon will be pursuing other business interests in the Americas but has agreed to remain as a consultant to Maple from 1 August until 31 December 2013.

The Board has appointed Guillermo Ferreyros, most recently General Manager of Maple's ethanol business and formerly General Manager of Maple's hydrocarbon business, to be Chief Operating Officer and CEO-Designate with immediate effect through 31 July 2013, following which date he will succeed Mr. Canon as CEO. Nigel Christie and Alberto Camet, respectively Chairman and Non-Executive Director of Maple, will be coordinating with Mr. Canon and Mr. Ferreyros to effect a smooth handover.

Rex Canon, CEO and Executive Director of Maple, commented:

"With the completion of the Ethanol Project and the continued good performance of the Company's hydrocarbon business, Maple has entered into a new phase with significant growth potential as the Company seeks to realise the value of its significant investment in the Ethanol Project. At this stage of the Company's development, I am pleased to hand over the leadership role to another long-standing and committed member of Maple's executive team, Guillermo Ferreyros.

I am extremely proud of the business and company that we have built over the past 20 years, and it is with mixed emotions that I am stepping down to focus on other opportunities. It has been my great pleasure to serve Maple and its shareholders, and I will miss the daily involvement with the Company and its stakeholders. As a shareholder with a significant equity stake, I remain enthusiastic about Maple's future prospects and ability to generate significant shareholder value."

Nigel Christie, Chairman of Maple, commented:

"On behalf of the whole Board of Maple, its Management, and employees, I would like to take this opportunity to thank Rex for his 20 years of dedicated service to the Company. Back in 1993, he had the vision to come to Peru to lead the first commercial development of a natural gas field in Peru with the development of the Aguaytia natural gas and electric power project. In the early 2000s, he had the further vision to see the opportunity of developing a vertically integrated sugar cane to ethanol business in Northwest Peru, which is now beginning to reward Maple for his vision. Rex has been a guiding force to Maple over two decades. We wish him well in all his future endeavours and thank him most sincerely for his enormous contribution and dedication to Maple since its formation. I particularly thank him for agreeing to stay on as a consultant to Maple through the end of 2013."

The directorships and partnerships held by Rafael Guillermo Ferreyros Cannock (aged 48) now and over the past five years preceding the date of this announcement are as follows:

Current Partnerships

Compania Destiladora del Peru S.R.L.

Ferreyros Hermanos S.R.L.

Inversiones Starfish S.A.C.

Directorships in the past five years

Maple Energy plc

Protein Group S.A.C.

As at the date of this announcement, Mr. Ferreyros holds 1,415,140 ordinary shares of the Company (and in addition, his spouse holds 2,100 ordinary shares of the Company) and holds 291,284 options to subscribe for shares in the Company.

There are no other matters to be announced as required under paragraph (g) of Schedule 2 of the AIM Rules

For further information, please contact:

Maple Energy plc (+ 51 1 611 4000)

Nigel Christie, Chairman of the Board and Independent Non-Executive Director

Rex W. Canon, Chief Executive Officer, President, and Executive Director

Cenkos Securities plc

Jon Fitzpatrick +44 20 7397 8900

Ken Fleming +44 131 220 6939

Mirabaud Securities Ltd. (+44 20 7321 2508)

Peter Krens

Rory Scott

Buchanan (+44 20 7466 5000)

Mark Edwards

Ben Romney

www.buchanan.uk.com

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.

About Maple Energy

Maple is an integrated independent energy company, listed in London and Lima, with subsidiary assets and operations in Peru engaging in numerous aspects of the energy industry, including:

- The development and operation of an ethanol business;

- Exploration and production of crude oil and natural gas; and

- Refining, marketing, and distribution of hydrocarbon products.

Maple was admitted to AIM on 13 July 2007 and trades under the symbol "MPLE". The Company was also admitted to the Lima Stock Exchange on 21 December 2007 where it trades under the same symbol.

Operations

Maple's operations are conducted and revenues are generated through its majority-owned subsidiaries. Principal operations consist of the following:

- Ethanol Business. Operator and owner of an ethanol business located in the Piura Region on the north coast of Peru;

- Oil Production. Operator and holder of 100% working interests in its crude-oil producing properties, Blocks 31-B, 31-D, and 31-E;

- Refining, Marketing, and Distribution Operations. Operator of the Pucallpa Refinery and Sales Plant, which has capacity to refine up to (i) 3,400 barrels per day of crude oil producing Residual 5 fuel oil, (ii) 3,000 barrels per day of crude oil producing Residual 6 fuel oil, or (iii) 4,100 barrels per day of natural gasolines. This plant also includes sales and distribution operations in the central Peruvian jungle, central Peruvian highlands, and Lima regions; and

- Oil and Gas Exploration. Exploration opportunities through a:

- 100% working interest in Block 31-E; and

- 33.77% working interest in the Aguaytía Deep Prospect in Block 31-C.