ETHANOL PROJECT UPDATE

9 May 2012

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, is pleased to announce several updates for the Ethanol Project.

·; The Company has been producing fuel-grade ethanol (approximately 99.9% by volume) and expects to achieve its first sale of ethanol to the local market during this month.

·; Penta Tanks Terminals S.A. has completed the installation of the subsea pipeline and mooring system for the ethanol storage, loading, and shipping facilities near the port of Paita. As previously reported, the storage facility is currently available for use, and the entire facility is expected to be placed into operation during this quarter.

·; On 1 March 2012, Maple Etanol S.R.L. ("Maple Etanol"), a subsidiary of Maple, entered into two short-term credit facilities with two Peruvian commercial banks for an aggregate amount of US$9 million in availability (the "Working Capital Facilities"). Maple Etanol has borrowed the full amount of US$9 million to fund certain Ethanol Project costs. For more information on the terms of the Working Capital Facilities, please see the Company's release dated 2 March 2012.

An updated version of Maple's corporate presentation is now available on its website (www.maple-energy.com/Inv_Presentations.aspx).

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. Project developer 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;

·; 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.