Ethanol Project Update

3 May 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,

is pleased to provide an update on the development of its ethanol project ("Ethanol Project"). Maple is making excellent progress on the Ethanol Project, and the Company expects to commence commercial operations of the Ethanol Project during the fourth quarter of 2011.

60-kilovolt Electric Transmission Line

The 60-kilovolt electric transmission line, which connects the Ethanol Project to the national power grid, is now substantially complete, and certain portions of the electric distribution system for the pump stations have also been substantially completed. The Company expects to energise the electric transmission line and begin purchasing electricity from a generator on the national power grid by mid-May. The cost of this electricity is expected to be lower than the cost currently incurred by Maple through the use of diesel generators, which are the primary source of power for the agricultural operations.

Maple's ethanol plant, which is currently being constructed, will include a distillery as well as a power generation plant with capacity to produce up to 37 megawatts ("MW") of electric power. The steam for the power generation facilities will be provided by a high pressure boiler using bagasse, the sugar cane's dry residue, and some additional plant foliage from Maple's plantation as a fuel source. This power plant will supply 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. Once the ethanol plant, including the power generating facilities, begins operating, the Company will principally use the 60-kilovolt transmission line to deliver electric energy to the national power grid.

Competitive Advantages

The Ethanol Project possesses significant competitive advantages relative to certain of its competitors, including its use of sugar cane as a feedstock, which is widely regarded as the most efficient feedstock for producing ethanol. Furthermore, the strategic location of the Ethanol Project in the Piura Region on the North coast of Peru has a highly-favourable agricultural climate that allows for year-round planting, cultivating and harvesting of sugar cane, which is expected to generate attractive sugar cane yields. The Ethanol Project will also utilise modern farming techniques and automation, including the extensive use of drip irrigation and mechanical harvesting which will enhance the project's operational efficiency while reducing costs. Lastly, the Ethanol Project's proximate location to the export terminal on the Pacific coast will allow for relatively low transportation costs to access key international markets. Through existing international trade agreements, Peru is able to sell ethanol duty-free to both the European Union and the United States. All of these factors will assist Maple in effectively competing with ethanol producers locally and globally.

Estimated Ethanol Project Production Costs

The Company has recently updated projections for its estimated ethanol production costs to take into consideration the impact of the current economic climate, particularly increasing commodity prices and other related costs during the past year. While Maple currently estimates that its production costs for ethanol will be higher than previously reported figures, such projected increased costs are expected to be more than offset by higher sales prices for ethanol sold due to increases in the spot prices for fuel-grade ethanol. In particular, the spot price for fuel-grade ethanol at the port of Rotterdam in the European Union, which is currently the anticipated primary target market for Maple's initial shipments of ethanol production, has risen in recent months.

The Company estimates an increase in projected direct production costs primarily caused by an increase in certain commodity prices. These price increases are resulting in higher cost for fertiliser, which is used in the sugar cane plantation. Commodity price increases are also directly impacting the cost of diesel which the Company uses for operating certain rolling stock including tractors, cane hauling vehicles and harvesting equipment. In addition, an improving employment market in Peru over the past year is raising the cost of labour which will impact direct production costs as well as administration costs. Insurance expenses for the Ethanol Project are also higher than previously projected resulting in an increase in expected administration costs. Primarily as a result of these factors, the total production costs per gallon of ethanol produced ("Total Production Costs") using Maple's own sugar cane as feedstock have been revised and are now expected to be approximately US$1.42 per gallon (as compared to US$1.28 per gallon previously reported on 29 March 2010) once the Ethanol Project is in full commercial operation and the entire sugar cane estate has been developed. This estimate includes direct production costs ("Direct Production Costs") (US$0.847 per gallon); administrative costs (US$0.189 per gallon); and transportation, storage and marketing costs (US$0.384 per gallon). The Direct Production Costs estimate of US$0.847 per gallon includes estimated agricultural (US$0.689/gallon), industrial (US$0.129/gallon) and other costs (US$0.029 per gallon).

Rex Canon, CEO of Maple Energy, commented today:

"Maple continues to aggressively develop and advance its Ethanol Project and expects to commence commercial operations in the fourth quarter of 2011. I am pleased by our progress including the substantial completion of electric transmission line, an important component to the project which connects the ethanol plant to the national power grid enabling us to sell power to the Peruvian national grid once the Ethanol Project is fully completed as planned."

"The Company actively monitors the price for fuel-grade ethanol on the spot market and notes its increase over the past year as the demand for this product is increasing along with the overall rise of commodity prices generally. This increase in price, if sustained, should result in improved economics for our project."

"The Maple team will continue to work hard to finalise the Ethanol Project and commence operations. Anew presentation has been posted with further details of the project and the progress that we are making as we approach the commencement of commercial production of ethanol. We encourage all shareholders and interested parties to visit our website at http://www.maple-energy.com/Inv_Presentations.aspx to view this update with more detailed information on the status of this important project."

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

The estimates of Total Production Costs and Direct Production Costs are based on Maple's management estimates as at the date of this release. Maple does not assume any obligation to publicly update any estimates, whether as a result of new information, future events, or otherwise. Each of these estimates is based on numerous assumptions and such assumptions and the resulting estimates are subjective and not fixed, and therefore susceptible to varying interpretations and periodic re-evaluation based on actual experience, business, market and industry conditions. For example, increased commodity and energy costs are likely to materially adversely affect the estimates related to Total Production Costs and Direct Production Costs. As such, actual costs may differ from the estimates provided above, and such differences may be material.

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 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 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.