ETHANOL PROJECT UPDATE

9 December 2011

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, provides an update on the development of its ethanol project (the "Ethanol Project").

Maple has made substantial progress in the development of its Ethanol Project including the planting of approximately 5,685 hectares of sugar cane on the Company's plantation and substantially completing the erection and installation of the Ethanol Plant. However, as a result of unexpected delays from third-party providers relating to the Ethanol Plant, the Company is revising the anticipated commencement of commercial operation of the Ethanol Project to the first quarter of 2012.

As a result of this delayed commencement, the Company will incur certain incremental project-related costs, including additional internal project management and administrative costs as well as additional pre-operating costs related to the development and ongoing planting and cultivating of sugar cane on the main estate. These incremental project-related costs and other expenditures associated with the completion of the Ethanol Project are expected to be funded through the Company's available cash and borrowings under its available debt instruments, including an existing stand-by letter of credit facility (the "Stand-by LC") in the amount of US$ 12.5 million that was primarily established to fund any cost over-runs or other necessary expenditures in excess of the budgeted amounts for the Ethanol Project. The Company currently intends to draw down a substantial portion of the Stand-by LC during the next 60 days.

Ethanol Project Highlights As of Today

(In order to show recent progress, the information in brackets relates to the figures reported in the announcement on 28 October 2011.)

·; Approximately 5,340 hectares (4,820 hectares) of commercial sugar cane have been planted on the main estate using sugar cane from the Company's 345-hectare seed cane farm.

·; Completed the approximate 43-kilometre water pipeline system which forms part of the main water delivery system.

·; Placed in operation the El Arenal Pump Station and the El Arenal Reservoir, with a capacity of 110,000 cubic metres.

·; Completed the civil works for 13 (13) drip pumping stations, and ten (nine) of these stations are available for operation with nine (eight) of these currently in operation.

·; Installed the drip irrigation tape in approximately 6,900 hectares (6,100 hectares) of the plantation including the seed cane farm.

·; Erected and installed approximately 99% (96%) of the sugar cane handling, juice extraction, and juice treatment equipment.

·; Erected and installed approximately 99% (96%) of the fermentation, distillation, and dehydration equipment necessary to produce fuel-grade ethanol.

·; Erected and installed approximately 96% (95%) of the boiler and complementary steam generation equipment; most of the unexpected delays mentioned above relate to the completion of the steam generation facilities.

·; Installed the major components of the 37-megawatt ("MW") turbogeneration unit, including the steam turbine and generator, as well as the auxiliary piping related to this unit.

·; Substantially completed and commissioned the water treatment facilities as well as certain medium voltage and low voltage equipment in the motor control centers for the Ethanol Plant.

·; Currently operating the 36-kilometre, 60-kilovolt transmission line to interconnect with the national power grid.

·; Penta Tanks Terminals S.A. ("Penta") has completed approximately 94% (92%) of the works for the ethanol storage, loading, and shipping facilities near the port of Paita.

Project Photo Album 

A photo album of the Ethanol Project, which includes photos of the Ethanol Plant taken on 6 December 2011 is now available on Maple's website (www.maple-energy.com/photoalbum.html).

Rex Canon, CEO of Maple Energy, commented today:

"We are pleased to report continued progress of our Ethanol Project, which is near substantial completion. While we have experienced certain unexpected delays in completing the Ethanol Plant, we believe we are well-positioned, financially and operationally, to address these issues and begin operations in the near term. We remain enthusiastic about the overall Ethanol Project and look forward to announcing to the market the full completion of this exciting initiative in the first quarter of 2012."

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

Christian Goodbody

Notes

Ethanol Project Overview

The Ethanol Project is a greenfield 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 tonnes per day of sugar cane and produce up to 35 million gallons of ethanol per year, (iii) a 37-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, approximately 36 kilometres in length, 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.

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 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; and;

·; 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.

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.