Ethanol Project Update

21 March 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 its ongoing 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 second half of 2011.

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, approximately 37 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.

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 approximately 7,600 hectaresof the land for this first phase of development has been cleared. 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 in January 2011 using seed cane from these seed cane farms. The Company planted approximately 986 hectares of the main estate during January and February 2011 and expects to plant approximately 550 additional 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 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 33 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 three of these stations have been put into operation. The drip irrigation systems for the Ethanol Project have been installed in approximately 2,300 hectares of the plantation including the systems for the seed cane farms, and the drip tape for an additional approximate 700 hectares has also been installed.

Industrial Facilities

Uni-systems, Inc. has manufactured approximately 85% of the sugar cane handling, juice extraction, and juice treatment equipment required for the Ethanol Plant. The second shipment of this equipment has been delivered to the Ethanol Project site, and the remaining portions of this equipment are expected to be delivered to the site during the second quarter of 2011. 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, and all of the Praj equipment has been transported to the Ethanol Project site. The boiler and steam generation equipment being manufactured by Uni-systems and Allsoft Engenharia e Informatica Industrial Limitada (also known as Mitre) is 85% completed. The first shipment of this equipment arrived to Peru in January 2011, and additional shipments arrived to Peru and were delivered to the Ethanol Project site during February. All of the remaining portions of this equipment are expected to be delivered to the Ethanol Project site during the second quarter of 2011. The turbogeneration equipment, with planned capacity to produce up to approximately 37 MW, has already been manufactured by Siemens, and substantially all of this equipment is expected to arrive in Peru near the end of this month and be delivered to the Ethanol Project site in the first half of April2011.

 Haug S.A. ("Haug"), the contractor in charge of the construction of the Ethanol Plant, commenced the construction activities for the installation of these major equipment packages in September 2010 and has completed approximately 48% of the civil works for the Ethanol Plant. Foundation works for the diffuser, the fermentation tanks, the distillation columns, certain steam generation equipment including the boiler, and the main electric transformer of the Ethanol Plant are completed, and Haug has begun installing portions of the diffuser, the fermentation tanks, portions of the boiler, and the main electric transformer. Haug has also begun construction of the 60-kilovolt transmission line and the electric distribution system for the plantation and pump stations. The civil works for the electric substation facilities at the Ethanol Plant and the Piura substation, which interconnects to the national power grid, are substantially completed. To date, Haug has installed the transmission line poles for 28 kilometres of the 60-kilovolt transmission line and begun installing the insulators and certain accessories. Haug has also installed eight kilometres of the poles for the electric distribution system for the plantation.

In addition, Penta Tanks Terminals S.A. is continuing its works on the ethanol storage, loading, and shipping facilities near the Port of Paita and has completed all foundation works for the storage tanks. Fabrication of such tanks has commenced and is approximately 15% complete. These storage, loading, and shipping facilities are expected to be in operation and available for use when the Ethanol Project commences commercial operation. 

Rex Canon, CEO of Maple Energy, commented today:

"I am delighted by the progress that the Company has made since we last updated the market with news of our exciting Ethanol Project two months ago. We remain on track to deliver commercial production of ethanol in the second half of 2011. I would like to encourage shareholders to visit our website (www.maple-energy.com) where a new presentation has been posted with further details of the project and the progress that we are making."

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 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.