Ethanol Project Update

MAPLE ENERGY PLC

("Maple" or the "Company")

ETHANOL PROJECT UPDATE

Maple Energy plc (AIM: MPLE; LIMA: MPLE), an integrated energy company with assets in Peru, announces today several updates regarding its Ethanol Project.

·; The Ethanol Plant is now substantially complete and producing both ethanol and electricity.

·; Maple's 37-megawatt power plant (the "Power Plant") was recently completed and is now in operation generating electricity. The Company expects to gradually increase the amount of electricity produced from the Power Plant during the third quarter of 2012. The increased level of electricity production should provide sufficient power to satisfy the requirements of the Ethanol Project, while enabling Maple to begin selling "excess" electricity production to the national power grid by the end of the third quarter of 2012.

·; Penta Tanks Terminals S.A. has completed the installation and commissioning of the ethanol storage, loading, and shipping facilities near the port of Paita (collectively, the "Penta Facilities"). The loading and shipping facilities, which form part of the Penta Facilities, are expected to be operational during August 2012. In anticipation of these facilities being placed into operation, Maple has been storing a substantial portion of the fuel-grade ethanol produced from the Ethanol Project in the storage tanks at the Penta Facilities.The Company expects to export its first shipment of ethanol in August 2012.

·; Over 165,000 tonnes of sugar cane have been harvested and processed by the Company since it began processing sugar cane at the end of March 2012. Maple expects to increase the amount of sugar cane it harvests and processes per day as the Company continues to "ramp up" the processing of sugar cane and the production of ethanol during its initial phase of operations. Maple currently expects to harvest and process a total of approximately 900,000 tonnes of sugar cane from its plantation during 2012.

·; The total costs for the Ethanol Project are currently estimated at approximately US$280 million, which costs include interest paid during construction, a debt service reserve account, and certain value-added taxes, and exclude assets acquired under finance leases.

·; The Company continues to be engaged in a dispute with one of its third-party providers for the Ethanol Project (the "Provider"), and in 2012 arbitration proceedings were initiated by the Provider as a result of the dispute. In addition, the Provider is seeking to implement certain interim remedies through the Peruvian court system. Although no assurance can be given, Maple believes it has meritorious defenses to the claims brought by the Provider, and the Company intends to defend its position vigorously.

For further information, please contact:

Maple Energy plc (+ 51 1 611 4000)

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

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 and its subsidiaries

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 project;

·; 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 Project. Operator and owner of an 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; and

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

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

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