Ethanol Project and Debt Facility Update

28 January 2011

MAPLE ENERGY PLC

("Maple" or the "Company")

ETHANOL PROJECT UPDATE, SECOND DISBURSEMENT OF FUNDS UNDER DEBT FACILITY AND APPOINTMENT OF INTERIM CHIEF FINANCIAL OFFICER

Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, is pleased to provide an update on its ongoing ethanol project ("Ethanol Project"), which includes additional funding under its project finance debt facility. In addition, the Company announces the appointment of a new interim Chief Financial Officer to replace the Company's existing Chief Financial Officer who is retiring.

Maple is making excellent progress on the Ethanol Project, and the Company expects to commence commercial operations of the Ethanol Project during the second half of 2011.

Second Disbursement of Funds from Debt Facility

Second disbursement under the senior secured debt financing (the "Debt Financing") for the Ethanol Project has occurred. The total amount funded to Maple under this second disbursement was US$40 million, and the Company will use this capital to fund spending on the Ethanol Project and advance the Ethanol Project towards commencement of commercial operation. The funds were provided by the senior lenders pursuant to the terms of the Debt Financing. For more information on the terms of the Debt Financing, please see the Company's release dated 29 March 2010.

Ethanol Project Update

Ethanol Project Overview

The Ethanol Project is an estimated US$ 254 million, greenfield ethanol project on the northern coast of Peru consisting of (i) a 7,800 hectare sugar cane plantation in the initial phase which will provide sugar cane feedstock to the Ethanol Project and which includes main water delivery and drip irrigation systems, (ii) an ethanol plant (the "Ethanol Plant") with capacity to process up to 5,000 tons per day of sugar cane and produce up to 35 million gallons of ethanol per year, (iii) a 37-megawatt ("MW") power plant to supply all of the Ethanol Project's power requirements with the sale of any excess power, expected to be approximately 17 MW, to the Peruvian national power grid, (iv) a 60-kilovolt electric transmission line to connect the Ethanol Project facilities to the power grid and a 33/22.9-kilovolt distribution system for the plantation and pump stations, and (v) third-party operated and owned ethanol storage, loading, and shipping facilities near the Port of Paita. The Company is in advanced stages of developing the Ethanol Project and has expended approximately US$165 million as of December 31, 2010 for the development and construction of the Ethanol Project

Agriculture and Irrigation

The Company plans to plant 7,800 hectares of sugar cane in the main estate in the first phase of development of its land in the Ethanol Project area, and 7,446 hectares of the land have been cleared for this first phase of development. Primary and secondary seed cane farms totaling 345 hectares have already been developed, and Maple began the planting of commercial sugar cane on the main estate early this month using seed cane from these farms. The Company expects to plant approximately 450 hectares of the main estate during this month. The Macacara Pump Station has been substantially completed and is currently in operation extracting water from the Chira River for delivery through a pipeline and canal system to the 660,000 cubic metre Macacara Reservoir which is also completed and is in operation. The El Arenal Reservoir, with a capacity of 110,000 cubic metres, is completed, and the El Arenal Pump Station is currently under construction with civil works completed and all pumps and certain piping installed. The two river pump stations will be used to supply all the water requirements for the 7,800 hectares being developed in the first phase. Construction is progressing on the approximate 43-kilometre water pipeline system which forms part of the main water delivery system for the Ethanol Project, and approximately 32 kilometres of this pipeline system have been installed. The main water delivery system will supply water to 13 drip irrigation system pumping stations which will deliver water to the drip irrigation systems for the sugar cane plantation. To date, the civil works for nine drip irrigation system pumping stations have been completed, and two of these stations have been put into operation. The drip irrigation systems for the Ethanol Project have been installed in over 2,100 hectares of the plantation including the systems for the seed cane farms.

Industrial Facilities

Uni-systems, Inc. has manufactured approximately 80% of the sugar cane handling, juice extraction, and juice treatment equipment required for the Ethanol Plant, and the first shipment of this equipment has arrived in Peru. The fermentation, distillation, and dehydration equipment necessary to produce fuel-grade ethanol has already been manufactured by Praj Industries Limited ("Praj") and delivered to Peru. Approximately 61% of the Praj equipment has been transported to the Ethanol Project site. The boiler and steam generation equipment currently being manufactured by Uni-systems and Allsoft Engenharia e Informatica Industrial Limitada (also known as Mitre) is 80% completed, and the first shipment of this equipment is expected to arrive in Peru by month end. The turbogeneration equipment, with planned capacity to produce up to approximately 37 MW, has already been manufactured by Siemens, and the first shipment of this equipment is expected to arrive in Peru in February.

Haug S.A., the contractor in charge of the construction of the Ethanol Plant, has commenced the construction activities for the installation of these major equipment packages and completed certain foundation works for portions of the Ethanol Plant. Haug has also begun construction of the 60-kilovolt transmission line and the electric distribution system for the plantation and pump stations including the commencement of the civil works for substation facilities at the Ethanol Plant and the Piura substation, which interconnects to the national power grid, and the commencement of the installation of the transmission line and distribution system poles. In addition, Penta Tanks Terminals S.A. has initiated works on the ethanol storage, loading, and shipping facilities near the Port of Paita, including the commencement of foundation works for the storage tanks and the fabrication of such tanks. These storage, loading, and shipping facilities are expected to be in operation and available for use when the Ethanol Project commences commercial operation.

Appointment of Interim Chief Financial Officer

Effective 31 January 2011, Raymond Cochard, the Chief Financial Officer for Maple Energy plc, is retiring from the Company. Mr. Cochard will be replaced by Jim Pontiff, the Chief Financial Officer and Adjunct General Manager of Maple's subsidiaries related to the Ethanol Project, as the interim Chief Financial Officer of Maple Energy plc. Mr. Pontiff has been actively involved in the financial activities of the Company since he joined Maple in 2008, including the successful execution of the financing of the Ethanol Project and related activities.

Mr. Cochard is not a director of the Company and Mr. Pontiff, as interim Chief Financial Officer, will not be a director of the Company, and therefore no further disclosure is required pursuant to AIM Rule 17, Schedule Two (g).

Rex Canon, CEO of Maple Energy, commented today:

"I am extremely pleased to announce the second disbursement of funds under our Ethanol Project debt facility which will allow Maple to continue to advance the construction of facilities for the Ethanol Project at a rapid pace. The Company is making excellent progress on the Ethanol Project, and we are confident that we will commence commercial production of ethanol in the second half of 2011."

"We also want to thank Raymond Cochard for his many years of service to Maple. He has been an integral part of our team since joining in 1994, and he will be greatly missed both as a colleague and an important part of the Maple family. We wish him the best as he retires from the Company."

For further information, please contact:

Maple Energy plc (+ 51 1 611 4000)

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

Jefferies International Limited (+44 20 7029 8000)

Thomas Rider

Citigate Dewe Rogerson (+44 20 7638 9571)

George Cazenove

Kate Lehane

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 assets and operations in Peru engaging in numerous aspects of the energy industry, including:

·; The development of an ethanol project

·; Exploration and production of crude oil and natural gas

·; 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 wholly-owned subsidiaries. Maple's principal operations consist of the following:

·; Ethanol Project. Project developer and owner of an estimated US$254 million ethanol project 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;

·; Oil and Gas Exploration. Significant exploration opportunities through a:

- 100% working interest in Block 31-E containing the new shale gas opportunity; and

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