Interim results

Immediate Release

19 August 2013

MAPLE ENERGY PLC

("MAPLE" OR THE "COMPANY")

Interim results

for the six months ended 30 June 2013

Maple Energy plc (AIM:MPLE, LIMA:MPLE), an integrated independent energy company with assets and operations in Peru, today announces its unaudited interim financial results for the six months ended 30 June 2013. Capitalized terms used but not defined in this release have the meanings assigned to them in the Company's 2012 annual report, a copy of which may be found on Maple's website at www.maple-energy.com.

Key Financial Highlights for the six months ended 30 June 2013

· Revenues increased to US$71.6 million compared with US$50.8 million for the same period in 2012, primarily due to a full six-month period of commercial operations of the ethanol business during 2013 as compared to 2012 which reflected only a partial year of commercial operations.

· Gross profit was US$18.8 million compared with US$13.0 million for the same period in 2012.

· Adjusted EBITDA (defined below) increased to US$12.2 million compared with US$3.7 million for the same period in 2012.

· Depreciation and amortisation expense was US$8.0 million compared to US$4.4 million for the same period in 2012.

· Net loss after taxes was US$8.6 million (loss of US$0.051 per share) compared to a net loss after taxes of US$28.9 million (loss of US$0.184 per share) for the same period in 2012.

Ethanol Production and Marketing Highlights (Maple Etanol S.R.L. and Maple Biocombustibles S.R.L.)

· During the six months ended 30 June 2013, approximately 924 additional hectares were planted with sugar cane on the Company's plantation to achieve a plantation of approximately 7,456 hectares.

· 558,900 gross tonnes of sugar cane (approximately 500,000 net tonnes) have been harvested and processed for the first half of 2013, compared to approximately 135,300 gross tonnes (approximately 121,700 net tonnes) of sugar cane during the same period in 2012. The net tonnes of processed sugar cane excludes sugar cane "trash" which primarily consists of green and dry leaves of the sugar cane that are ultimately used as fuel to generate steam and electricity.

· Approximately 38,285 cubic metres (approximately 10.1 million gallons) of fuel-grade ethanol were produced at the Ethanol Plant during the first half of 2013 compared to approximately 8,744 cubic metres (approximately 2.3 million gallons) during the same period in 2012.

· Approximately 57,438 megawatt-hours ("MWh") were generated at the Ethanol Plant for the first half of 2013. Electrical energy purchased from the national power grid during the first half of 2013 was approximately 12,772 MWh, and electrical energy sold to the national power grid during such period was approximately 15,876 MWh. The Company's power generation facilities commenced operations in July 2012.

· Under the Company's existing sales and distribution agreement, Maple sold an aggregate volume of approximately 36,419 cubic metres (approximately 9.6 million gallons) of fuel-grade ethanol to Mitsui during the first half of 2013 for delivery to customers in the European Union.

· Maple sold a total of approximately 1,911 cubic metres (approximately 500,000 gallons) of ethanol to domestic and regional markets during the first half of 2013.

Hydrocarbon Production, Refining, and Marketing Highlights (Maple Gas Corporation del Peru S.R.L.)

· Refinery feedstock averaged approximately 1,832 barrels per day ("bpd"), compared to 2,039 bpd during the same period in 2012, consisting of natural gasolines supplied by Aguaytia Energy del Peru S.R.L. ("Aguaytia Energy") and crude oil from Maple's oilfields.

· Average daily crude oil production was approximately 417 bpd, compared to approximately 470 bpd during the same period in 2012.

· Average daily sales of refined products were 1,854 bpd, compared to 2,010 bpd during the same period in 2012.

· Pursuant to the periodic price redetermination provisions of the Company's long-term agreement with Aguaytia Energy to supply natural gasolines as feedstock for the Pucallpa refinery, Maple and Aguaytia Energy agreed on a new price formula for the price paid by Maple for natural gasolines for the three-year period beginning 1 March 2013 which is expected to result in an approximate six percent increase in the price the Company pays for natural gasolines during this period.

Other Financial Highlights for the six months ended 30 June 2013

· The sixth and final disbursement of US$8.8 million under the Ethanol Project Debt Financing occurred in January 2013.

· Maple completed a share offer by way of a private placement of 14,921,595 ordinary shares (the "Placing Shares") at a price of 60.5 pence per Placing Share with investors for approximately £9.03 million (approximately US$14.4 million in gross proceeds before expenses. Admission of the Placing Shares to trading on AIM became effective and dealings commenced on 4 February 2013.

· The Company contributed the net proceeds of the private placement discussed above as an equity contribution to The Maple Companies, Limited, a subsidiary of the Company ("MCL") in exchange for 452,701 new Class A shares of MCL. After giving effect to the issuance of new Class A shares of MCL, the Company holds 5,424,352 Class A shares of US$0.01 each in the share capital of MCL, representing an interest of 95.43% in the 5,683,904 Class A shares of US$.01 each outstanding in the share capital of MCL. MCL further contributed the net proceeds received to its ethanol segment subsidiaries.

· In April 2013, Maple terminated the Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd. Under the terms of the SEDA, Yorkville had agreed to a firm commitment to subscribe for up to US$30 million of the Company's ordinary shares, subject to the other terms and conditions within the SEDA.

Other Key Events occurring subsequent to the six months ended 30 June 2013

· In July 2013, the Company executed an agreement with Banco Itau BBA S.A., Nassau Branch, Banco Internacional del Peru S.A.A. ("Interbank"), and Bancolombia Puerto Rico Internacional Inc. whereby such banks, together with Corporación Financiera de Desarrollo S.A., agreed to provide an eight-year, senior secured term loan for US$160 million (the "Term Loan"). Proceeds from the Term Loan were disbursed in a single draw during August 2013. The proceeds from the Term Loan were used to pay all of the outstanding obligations, including principal, interest, and prepayment fees of the existing senior secured debt financing with Corporacion Andina de Fomento, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Inter-American Development Bank, and Interbank previously incurred in connection with the development of the Company's ethanol business (the "Project Financing"), to pay the transaction expenses and fees associated with the Term Loan, and to provide additional funds for general corporate purposes.

· On 15 August 2013, the Company provided notice to Perupetro S.A. that it had chosen not to continue activities for the retention period granted in connection with shale gas encountered when drilling the Santa Rosa 1X well in Block 31-E. As a result, the geographic area covered by Maple's licence contract for Block 31-E will be reduced to a geographic area that covers only the Pacaya oilfield plus a surrounding area within an approximate five-kilometre radius of such oilfield.

Key Management and Board Changes

· Mr. Rex W. Canon, Chief Executive Officer and one of Maple's co-founders stepped down effective 31 July 2013 and the Board of Directors appointed Mr. Guillermo Ferreyros Cannock to be Chief Executive Officer with effect on 1 August 2013.

· Mr. Rex Canon resigned as Executive Director with effect on 31 July 2013 and Mr. Guillermo Ferreyros Cannock was appointed as Executive Director with effect on 1 August 2013.

· Nigel B. Christie and Gianfranco Maximo Dante Castagnola Zuniga were not reappointed as Directors pursuant to the shareholders vote at the Company's Annual General Meeting held on 1 August 2013. The Board of Directors will seek to appoint new members in replacement.

· Mr. Carlos Palacios Rey was appointed as Maple's independent Non-Executive Chairman with effect on 9 August 2013.

· Mr. Guillermo Ferreyros (Chief Executive Officer and Executive Director) and Mr. Francisco Mesquita (independent Non-Executive Director) were elected to the Company's Nomination Committee with effect on 9 August 2013. This Committee is now composed of Mr. Ferreyros, Mr. Mesquita and Mr. Carlos Palacios (independent Non-Executive Chairman).

· Mr. Alberto Camet was appointed chairman of the Company's Audit Committee with effect on 9 August 2013.

Guillermo Ferreyros Cannock, CEO of Maple, commented today:

 "As we continue into our first full year of producing and selling ethanol, we will remain focused on increasing efficiency of our ethanol operations by closely monitoring maintenance and operational processes and costs of production. We will continue with efforts to expand the sugar cane plantation which will not only increase the amount of sugar cane feedstock available for the production of fuel-grade ethanol, but should also enable us to increase the utilization of the Ethanol Plant. By maximizing the Ethanol Plant utilization and minimizing and controlling operating costs, we expect to maximize the value of this important asset. We will also continue with efforts to optimize the hydrocarbon business, with a plan to recomplete six wells in the Agua Caliente and Maquia oilfields during the third quarter of 2013 and by close management of operating costs. "

For further information, please contact

Maple Energy plc (+ 51 1 611 4000)

Guillermo Ferreyros Cannock, 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

Earnings Call

Guillermo Ferreyros Cannock, Chief Executive Officer, and James L. Pontiff, Chief Financial Officer, will host a conference call to present and discuss the Company's results for the six months ended 30 June 2013 on Tuesday 20, August 2013 at 4pm BST (10am Peruvian time and 11am Chilean). The call can be accessed by dialling +44 (0)20 3139 4830 or 0808 237 0030 (within the UK), or +1 718 873 9077 or +1 866 928 7517 (within the US and South America). Call participants will be asked for their full name, company details, and pass code. The pass code for this call is 68996584#. A recording of the conference call will be available shortly thereafter on Maple's website at www.maple-energy.com.

Operating Results for the six months ended 30 June 2013

Consolidated revenues increased by 41% to US$71.6 million compared with US$50.8 million during the same period in 2012. Revenues from hydrocarbon operations decreased by 8% to US$ 42.9 million compared with US$46.9 million during the same period in 2012, primarily due to lower refinery throughput compared to the same period in 2012. Revenues from ethanol operations increased to US$28.7 million compared with US$3.9 during the same period in 2012.This increase is primarily due to a full six-month period of commercial operations of the ethanol business during the first six months of 2013 as compared to the same period in 2012 which reflects only a partial semester of commercial operations.

Consolidated gross profit was US$18.8 million compared with US$13.0 million for the same period in 2012. Gross profit from hydrocarbon operations decreased by 18% to US$11.5 million compared with US$14.1 million for the same period in 2012. Gross profit from ethanol operations increased to US$7.3 compared to gross loss of US$1.2 million during the same period in 2012.

Maple generated a net loss after tax of US$8.6 million (loss of US$0.051 per share) compared to a net loss after taxes of US$28.9 million for the same period in 2012 (loss of US$0.184 per share). Adjusted EBITDA, a key performance indicator for measuring Maple's underlying financial operating efficiency, was US$12.2 million compared to US$3.7 million during the same period in 2012.

The table below shows Maple's (i) summary consolidated financial data for the period, (ii) summary consolidated financial data for the same period in 2012, and (iii) other summary financial and operating data.

(1) Adjusted earnings before interest, taxation, depreciation, and amortisation ("Adjusted EBITDA") is calculated as operating income/(loss) plus depreciation, amortisation, worker's profit sharing, employee termination costs, and the impairment provision of Block 31-E and excludes the change in value of biological assets.

Shown below is a reconciliation of operating income to Adjusted EBITDA:

Outlook for the remainder of 2013

2013 is a transformational year for Maple as it will be its first full year of producing and selling ethanol as compared to 2012 which reflected only a partial year of commercial operations for the ethanol business.

Operations at the Ethanol Plant have stabilized following an initial "ramp up" period and the time the Ethanol Plant was available to process sugar cane and produce ethanol has increased from the previous year. In addition, using the additional harvesting equipment purchased in the first quarter, the Company completed the harvesting of all overage cane in August, 2013; and going forward will seek to harvest sugarcane of approximately 10 to 12 months of age. Looking forward, Management's focus will be on increasing the efficiency of the Company's operations by closely monitoring maintenance and operational processes and costs of production. Management will continue with efforts to expand the sugar cane plantation which will not only increase the amount of sugar cane feedstock available for the production of fuel-grade ethanol, but should also enable the Company to increase the utilization of the Ethanol Plant.

The timing and completion of the Company's 2013 operating and investing activities are subject to a number of factors including availability of services and equipment as well as the obtention of governmental approvals. As a result of these and other factors, Maple may, increase or decrease planned activities, or prioritise certain projects over others during 2013. The Company's capital expenditure programme for 2013, which includes the execution of certain key initiatives outlined below, is currently expected to be primarily funded through the Company's available cash from operations, proceeds from its recent equity capital raise, and existing or new debt financing facilities.

Ethanol Business

Agricultural Development and Operations

During the first half of 2013, the Company planted approximately 924 additional hectares of sugar cane reaching a plantation size of 7,456 hectares. Approximately 76% of the fields were planted with cane varieties from various countries that had been selected from trials on Maple's plantation. Subject to obtaining certain additional governmental approvals, Maple plans to continue expanding its plantation by an additional 367 hectares this year to achieve a total planned plantation size of approximately 7,824 hectares by the end of the year.

In order to increase the amount of cane harvested on a daily basis, Maple ordered two additional mechanical harvesters and related harvesting equipment. This equipment was delivered to the plantation during the first quarter of 2013 and resulted in Maple's fleet of mechanical harvesters being increased from six to eight . With increased harvesting capabilities, the Company began increasing the gross tonnes of sugar cane harvested and delivered to the Ethanol Plant on a daily basis resulting in an increase in ethanol production volumes.

Maple harvested and delivered approximately 558,900 gross tonnes (approximately 500,000 net tonnes) to the Ethanol Plant during the first half of 2013. During this year, Maple expects to harvest and deliver approximately 1.1 million gross tonnes of sugar cane from its plantation to its Ethanol Plant.

Maple plans to begin the development of the next phase of the plantation in 2014 with a goal of further expanding the plantation to approximately 10,000 hectares. This phase of development of the Company's plantation includes land clearing and preparation works, the installation of additional main water delivery and drip irrigation systems, the planting of additional sugar cane, and the purchase of more rolling stock. Maple continues to evaluate new and promising sugar cane varieties suitable for ethanol production, mechanised harvesting, and the specific climate of the area near its ethanol business with the aim of increasing the yields of sugar cane production and ethanol on a per hectare basis.

A key part of the Company's strategy for 2013 and 2014 is to secure additional sugar cane in order to maximise the utilisation of the installed processing capacity of the Ethanol Plant. In addition, Maple will continue evaluating other opportunities for ethanol projects in Peru in order to expand its ethanol business unit.

Industrial Operations

During the first half of 2013, the Ethanol Plant was available to process sugar cane and produce ethanol for approximately 82% of the time on average. The approximate 18% of downtime resulted from a combination of both planned and unplanned maintenance activities.

The Ethanol Plant produced an aggregate amount of approximately 38,285 cubic metres (approximately 10.1 million gallons) of fuel-grade ethanol during the first half of 2013, resulting in an average ethanol yield during the first half of 2013 of approximately 76.6 litres (approximately 20.2 gallons) per net tonne of sugar cane processed. Maple currently expects to produce in the range of approximately 20 to 23 gallons of fuel-grade ethanol on average from each net tonne of sugar cane processed at the Ethanol Plant in 2013 with ethanol yields at the low end of this range during the typically warmer months of the Peruvian summer from January to March, and yields in the higher end of this range during the cooler months of the year.

One of the Company's key objectives is to continue improving the operating efficiency of the Ethanol Plant in order to maximise the production of ethanol and minimise plant downtime related to unplanned maintenance activities. Beginning this year, the Company plans to shut down the Ethanol Plant on an annual basis to perform certain routine major maintenance activities. In 2013, this annual shutdown began in mid-August and is expected to result in the Ethanol Plant being unavailable due to these maintenance activities for a period of approximately three to four consecutive weeks.

The power generation facilities of the Ethanol Plant are currently supplying substantially all of the electrical energy required for Maple's agricultural and industrial operations, and any "excess" electricity is being sold to the national power grid. Currently, when the Ethanol Plant is not undergoing maintenance activities, Maple is producing between approximately 20 and 25 MW of electric power, while the internal demand for power for the Company's ethanol business is currently between 10 and 15 MW. Maple is evaluating alternatives to use additional amounts of sugar cane leaves as additional fuel for the steam generation facilities, resulting in more steam available for power generation. With additional steam available, Maple expects its power generation facilities to be able to produce up to 37 MW of electric power, resulting in more electricity being sold to the national power grid.

Sales and Marketing

Under the Company's existing sales and distribution agreement with Mitsui, Maple sold an aggregate volume of approximately 36,419 cubic metres (approximately 9.6 million gallons) of ethanol. These sales were destined for customers in the European Union, and in the near term Maple expects to continue exporting a significant portion of its ethanol production to the European Union. In addition to the Mitsui sales, Maple sold a total of approximately 1,911 cubic metres (approximately 500,000 gallons) of ethanol to local and regional markets during the first half of 2013.

A substantial portion of the ethanol produced during the rest of this year is expected to be sold into the export market under the existing agreement with Mitsui.

Hydrocarbon Production, Refining, and Marketing Business

During the first half of 2013, refinery feedstock averaged approximately 1,832 bpd, consisting of natural gasolines supplied by Aguaytia Energy and crude oil from Maple's oilfields, and average daily sales of refined products were 1,854 bpd. Crude oil production from the Company's oilfields was approximately 417 bpd during the same period.

Maple's goal is to substantially maintain its cash flow from hydrocarbon operations through the continued optimisation of its hydrocarbon production, refining, and marketing activities and the continued close management of operating costs. As part of its capital expenditure programme for this year, Maple plans to recomplete three wells in the Agua Caliente oilfield to the Cushabatay formation and also recomplete three wells in the Maquia oilfield to the Vivian formation. The objective of these recompletions is to offset a portion of the normal production decline in these two mature oilfields. These works are expected to be completed by the end of the third quarter of 2013.

Devonian Shale Gas Opportunity in Block 31-E

On 15 August 2013, the Company provided notice to Perupetro S.A. that it had chosen not to continue activities for the retention period granted in connection with shale gas encountered when drilling the Santa Rosa 1X well in Block 31-E. As a result, the geographic area covered by Maple's licence contract for Block 31-E will be reduced to a geographic area that covers only the Pacaya oilfield plus a surrounding area within an approximate five-kilometre radius of such oilfield.

Financing Activities

During the first half of 2013, the Company completed two key financing activities. Maple received the final disbursement of US$8.8 million under the Ethanol Project Debt Financing which was used to fund a debt service reserve account pursuant to the terms of such financing. In addition, Maple successfully completed a share offer by way of a private placement with investors in the UK, Peru, and Chile for approximately £9.03 million (approximately US$14.4 million) in gross proceeds before expenses to be used to further expand and enhance the ethanol business and for working capital and general corporate purposes.

In July, the Company executed an agreement with Banco Itau BBA S.A., Nassau Branch, Banco Internacional del Peru S.A.A. ("Interbank"), and Bancolombia Puerto Rico Internacional Inc. whereby such banks, together with Corporación Financiera de Desarrollo S.A., agreed to provide an eight-year, senior secured term loan for US$160 million (the "Term Loan"). Proceeds from the Term Loan were disbursed in a single draw during August 2013. The proceeds from the Term Loan were used to pay all of the outstanding obligations, including principal, interest, and prepayment fees of the existing senior secured debt financing with Corporacion Andina de Fomento, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Inter-American Development Bank, and Interbank previously incurred in connection with the development of the Company's ethanol business (the "Project Financing"), to pay the transaction expenses and fees associated with the Term Loan, and to provide additional funds for general corporate purposes.

The Company continues to actively monitor the capital markets for opportunities to reduce its cost of capital and increase its free cash flow through the potential refinancing of outstanding debt facilities on attractive terms.

The execution of the 2013 operating plan by Maple's dedicated team of employees is expected to add significant value to the Company. By optimising both, the ethanol operations and the hydrocarbon production and refining activities, Maple will further its mission of building a leading integrated energy company in Peru.

Material Factors Affecting Operating Results

The Company's hydrocarbon operations are primarily conducted through Maple Gas Corporation del Peru S.R.L. ("Maple Gas"). Maple Gas results of operations have historically been materially impacted by certain factors, including (i) the international price of oil, (ii) volumes of hydrocarbons produced by Maple Gas and Aguaytia Energy and delivered as feedstock to the Pucallpa refinery, and (iii) the level of total operating and administrative costs.

The Company's ethanol operations are primarily conducted through Maple Etanol S.R.L. and Maple Biocombustibles S.R.L. (collectively "Maple Ethanol"). Maple Ethanol results of operations are materially impacted by certain factors, including (i) the international and local price of ethanol, (ii) volumes and quality of sugar cane produced by Maple Ethanol and delivered as feedstock to the Ethanol Plant, (iii) the prices of fertilizer and fuel for harvesting operations, (iv) the level of total operating and administrative costs, and (v) the operating efficiency of the Ethanol Plant which is affected by a number of factors including the level of unplanned maintenance.

The results of operations and prospects of the Company depend on numerous factors beyond its control. As a result, if any of these factors become worse than expected or projected, such change may materially and adversely affect the Company's future business, financial condition, results of operations, liquidity, or ability to finance planned capital expenditures.

Set forth below is a brief description of each of these factors and its impact on Maple's results for the six months ended 30 June 2013.

Commodity Prices

The international price of crude oil impacts the market prices in Peru and therefore the price for which Maple Gas sells its refined hydrocarbon products. As a result, increases or decreases in the international price of oil and other commodities can materially impact Maple's overall revenues. The international price of crude oil was US$94.18 per barrel during the first half of 2013 compared to US$ 98.10 per barrel for the same period last year based on the average of spot prices for West Texas Intermediate crude oil. As a result of these lower crude oil prices, Maple realised lower sales prices and gross profit per barrel from the sale of its refined products during the first six months of 2013 as compared to the same period in 2012. Specifically, Maple generated an average of US$34.25 of gross profit per barrel of refined product sold during the six months ended 30 June 2013 compared with an average of US$38.64 per barrel for the same period in 2012.

The international price of ethanol impacts the market prices in Peru and therefore impacts the price Maple Ethanol sells its ethanol locally, regionally and internationally. As a result, increases or decreases in the international price of ethanol can materially impact Maple's overall revenues. The international price of ethanol averaged US$3.16 per gallon during the six months ended 30 June 2013 compared to US$2.88 per gallon during the same period last year, based on the average spot prices for fuel-grade ethanol T2 FOB Rotterdam.

Refinery Feedstock

Maple Gas's primary source of revenues was derived from its sales of hydrocarbons and refined products produced and sold from the Pucallpa refinery. The volume of refined products that the Pucallpa refinery is able to produce and sell to customers impacts the Company's cash flow and results of operations. The Pucallpa refinery's ability to produce refined products is directly impacted by the volume of feedstock that is delivered to the facility for refining. Since Maple and Aguaytia Energy currently provide all of the feedstock for the Pucallpa refinery, a decrease in the volumes of this feedstock due to declining production levels, or otherwise, can have a material adverse impact on the Company's results of operations.

Total refinery feedstock volumes delivered to the Pucallpa refinery decreased from an average of 2,039 bpd for the six months ended 30 June 2012 to an average of 1,832 bpd for the six months ended 30 June 2013. The decrease in feedstock was largely a result of production decreases in the volumes of natural gasolines produced by Aguaytia Energy and lower production levels from the Agua Caliente and Maquia oilfields. If Maple is unable to increase the volume of feedstock from its own internal production activities, or if the refinery is unable to source additional feedstock from third parties, including Aguaytia Energy, the total volume of refined products produced and sold will decline, which could materially impact future results of operations of its hydrocarbon production, refining, and marketing business.

Ethanol Plant Feedstock and Operating Efficiency

Maple Ethanol's primary source of revenues was derived from its sales of ethanol produced by the Ethanol Plant. The volume of ethanol that Maple is able to produce from the Ethanol Plant and sell to customers impacts its cash flow and results of operations. The Ethanol Plant's ability to produce ethanol is directly impacted by the volume and sugar content of the harvested cane that is delivered to the facility as well as the efficiency of the Ethanol Plant. Maple currently provides all of the feedstock for the Ethanol Plant from its sugar cane plantation, and a decrease in the volumes or sugar content of this feedstock can have a material adverse impact on the Company's results of operations. The efficiency of the Ethanol Plant is affected by the capacity utilisation of the plant, which utilisation is primarily determined by both the delivery of sugar cane as well as the availability of the plant to process sugar cane and produce ethanol. Plant availability is impacted by various factors including planned and unplanned maintenance activities.

Cost of Sales

Cost of sales for Maple Gas for the six months ended 30 June of 2013 was US$31.4 million compared to US$32.8 million for the same period in 2012. The decrease in Maple Gas' cost of sales can primarily be attributed to lower volumes and prices of refinery feedstock.

Maple Ethanol's cost of sales for the six months ended 30 June of 2013 was US$21.4 million compared to US$5.1 million during the same period in 2012. The increase in Maple Ethanol's cost of sales can primarily be attributed to higher volumes of sugarcane and ethanol processed during the first six months of 2013 compared to the same period of 2012 and as a result of a full six-months of operations during 2013 compared to three months of operations during a ramp-up period in the first half of 2012.

Administrative Expenses

Administrative expenses increased to US$13.4 million during the first half of 2013 compared to US$7.8 million during the first half of 2012. This increase in expenses can primarily be attributed to the administrative expenses of Maple Ethanol as a result of a full six-months of operations during 2013 compared to three months of operations during a ramp-up period in the first half of 2012.

The Company employed through its subsidiaries 913 employees as of 30 June 2013 compared to 614 on 30 June 2012. The increase in headcount can primarily be attributed to the commencement of operations of the ethanol business.

Non-Operating Results

Finance costs increased from US$3.6 million for the six months ended 30 June 2012 to US$9.1 million for the six months ended 30 June 2013. This increase was primarily a result of the interest expense related to the Ethanol Project financings of US$3.7 million and the change in the fair value of the preferred shares derivative of US$1.3 million due to the change in valuation of Maple Energy plc shares.

Forward-Looking Statements

Except for the historical information contained in this Interim Report, 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, the price of hydrocarbons and ethanol, weather risks, economic and political risks, and other factors discussed in Maple Energy plc'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 interim report for the six months ended 30 June 2013 (the "Interim Report"). These forward-looking statements speak only as at the date of this Interim Report, and Maple Energy plc does not assume any obligation to update any forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.

In this Interim Report, "we," "us," "our," "the Group," "the Company," and "Maple" refer to Maple Energy plc and its subsidiaries, unless otherwise indicated or the context otherwise requires.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPRENHENSIVE INCOME

for the six months ended 30 June 2013

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2013

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30 June 2013

CONSOLIDATED STATEMENT OF CASH FLOWS

for the six months ended 30 June 2013

1. BASIS OF PREPARATION

The interim condensed consolidated financial statements for the six months ended 30 June 2013 have been prepared in accordance with IAS 34 Interim Financial Reporting ("IAS 34"). The interim condensed consolidated financial information is presented in US dollars, and all values are rounded to the nearest thousand (US$'000), except where otherwise indicated.

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2012.

2. CORPORATE INFORMATION

The interim condensed consolidated financial statements for the six months ended 30 June 2013 were authorised for issue in accordance with a resolution of the directors on 14 August 2013.

Maple Energy plc ("Maple" or the "Company") was incorporated in the Republic of Ireland on 18 October 2006. On 12 February 2007, the Company re-registered as a public limited company. The Company is domiciled in the Republic of Ireland.

Prior to 30 November 2006, the group of companies (the "Maple Group"), which now form the consolidated financial statements of Maple Energy plc and its subsidiaries (collectively, "Maple" or the "Group"), was organized as two separate groups of companies under common control: The Maple Companies, Limited ("MCL") and The Maple Gas Corporation del Perú Ltd. ("Maple BVI"), both companies registered in the British Virgin Islands. Effective 30 November 2006, a series of transactions were undertaken whereby these entities were re-organised such that MCL acquired Maple BVI and its related entities. MCL also acquired various non-controlling interests. This business combination was accounted for using the purchase method of accounting.

On 7 February 2007, the Company entered into a share exchange agreement (the "Share Exchange Agreement") with the shareholders of MCL, whereby in return for the issuance of 48,581,113 Ordinary Shares of US$0.01 each, the Company acquired 1,619,371 shares of US$0.01 each of MCL, representing its entire issued shared capital at that time, and became the ultimate holding company of the Maple Group. This group re-organisation was accounted for using the pooling of interests method. The purpose of this re-organisation was to implement a more efficient group structure to facilitate the raising of capital on the Alternative Investment Market ("AIM") of the London Stock Exchange.

3. GOING CONCERN

The Group has prepared forecasts and cash flow projections which have been prepared in detail through to 30 September 2014 and support the conclusion of the Directors that the Group will be able to operate as a going concern within the level of its current resources and those anticipated in the future.

The cash flow projections are dependent on the Group substantially achieving its forecast Adjusted EBITDA. These projections are dependent on the future price of oil and ethanol, sugar cane and ethanol yields, the rate at which cane is harvested, the Group's continued management of costs, and other factors.

After making enquiries and considering the uncertainties described above, the Directors are currently confident that the Group and the Company have and will continue to have adequate resources to continue in operation for the foreseeable future. For these reasons, the financial statements of the Group and the Company have been prepared on a going concern basis.

4. ACCOUNTING POLICIES

New standards, interpretations and amendments thereof, adopted by the Group

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2012, except for the adoption of new standards and interpretations as of 1 January 2013. The following standards and amendments became effective as of 1 January 2013 noted below:

· IFRS 1 First-time Adoption of International Financial Reporting Standards Government Loans Amendments to IFRS 1

· IFRS 7 Financial Instruments: Disclosures Offsetting Financial Assets and Financial Liabilities Amendments to IFRS 7

· IFRS 10 Consolidated Financial Statements, IAS 27 Separate Financial Statements

· IFRS 11 Joint Arrangements, IAS 28 Investments in Associates and Joint Ventures

· IFRS 12 Disclosure of Interests in Other Entities

· IFRS 13 Fair Value Measurement

· IAS 19 Employee Benefits (Revised 2011)

· IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

· Improvements to IFRSs 2009-2011 Cycle:

o IFRS 1 - Repeat application of IFRS 1

o IFRS 1 - Borrowing Costs

o IAS 1 - Clarification of the requirement for comparative information

o IAS 16 - Classification of servicing equipment

o IAS 32 - Tax effects of distributions to holders of equity instruments

o IAS 34 - Interim financial reporting and segment information for total assets and liabilities

While the amendment is applicable, it has no impact on the financial statement of the Group.

5. SEASONALITY

The Group operates continuously without fluctuations due to seasonality.

6. SEGMENT INFORMATION

Operating segments

For management purposes, the Group is organised into business units for which it may earn revenues and incur expenses and has three operating segments as follows:

- Ethanol

- Exploration, production, and marketing

- Other and corporate

The Chief Operating Decision Maker (hereinafter "CODM") of Maple reviews the information of these segments on an individual basis. Ethanol mainly refers to Maple Etanol S.R.L. and Maple Biocombustibles S.R.L. which are separate entities that manage the Ethanol Project. Exploration, production, and marketing are managed through Maple Gas Corporation del Peru S.R.L. and Acer Comercial S.R.L., both separate entities, information for which is reviewed by the CODM together. The other segment includes investment holding companies.

Reportable segments

The Company considers that the operating segments and the reportable segments in the financial statements are the same. For the operating segments mentioned above, Maple will present the following information in accordance with IFRS 8:

· Segment Revenue: The Company only includes revenues that are directly attributed to a specific segment together with the relevant portion of revenue that can be allocated to it on a reasonable basis.

· Segment Result: The Company includes operating income/(loss) resulting from the operating activities of the specific segments. Finance revenue, finance costs, and income tax expenses are also included in the specific operating segment.

· Segment Assets: Management includes all assets used in the operating activities of the specific segment, property, plant & equipment, assets held for sale, and intangible assets. Goodwill is presented in a separate line of the corresponding segment.

· Segment Liabilities: Management includes all liabilities incurred in the operating activities of the specific segment.

1. Inter-segment revenues are eliminated on consolidation.

2. Inter-segment loans are eliminated on consolidation.

1. Inter-segment revenues are eliminated on consolidation.

2. Inter-segment interest is eliminated on consolidation.

Non-current assets

Non-current assets are allocated based on where the assets are located:

Non-current assets for this purpose consist of property, plant and equipment, other intangible assets, exploration and evaluation assets, and biological asset.

7. IMPAIRMENT

Goodwill

Goodwill is tested for impairment annually (as at 31 December), and when circumstances indicate the carrying value may be impaired. The Group's impairment test for goodwill and intangible assets with indefinite lives is based on value in use calculations that use a discounted cash flow model. The key assumptions used to determine the recoverable amount for the hydrocarbon production and marketing cash generating unit were discussed in the annual financial statements for the year ended 31 December 2012.

As of 30 June 2013, goodwill arising on business combinations of US$9,957,000 has been allocated to the hydrocarbon production and marketing cash generating unit.

With regard to the impairment test, the main change to the sensitivity information disclosed at 31 December 2012 was related to oil prices and working capital assumptions. The oil price is a key assumption in the Company's subsidiary cash flow projection and for the first five years is based on West Texas Intermediate ("WTI") forward price curves at year-end. The Group's oil price assumption is an average of US$94.93 per barrel in 2013, US$90.62 per barrel in 2014, US$85.94 per barrel in 2015, US$83.05 per barrel in 2016, US$81.19 per barrel in 2017, and US$80.00 per barrel in 2018 and beyond.

Management performed an impairment calculation as at 30 June 2013 by updating the oil price assumption, among other variables. As a result, management did not identify an impairment for this cash generating unit to which a goodwill of US$9,957,000 is allocated.

8. INCOME TAX

(a) Income tax regulations

The Company is subject to Irish tax regulations. Subsidiaries incorporated in the British Virgin Islands are not subject to income tax. Peruvian subsidiaries of the Company are subject to the Peruvian tax system.

Corporation tax in Ireland is 12.5% on trading activities and 25% on non-trading activities. Exploitation activities of hydrocarbons in Blocks 31-B and 31-D are subject to the Peruvian tax regulations in force as of 30 March 1994 (30%). Exploration activities in Block 31-E are subject to the Peruvian tax regulations in force as at 6 March 2001 (22%). Refining and commercial activities of hydrocarbons are subject to the current Peruvian tax regime (30%). Agricultural and Industrial activities of ethanol operations are subject to the current Peruvian tax regime (15% and 30%, respectively).

(b) Income tax expense

9. EARNINGS PER SHARE

Basic earnings per share amounts are calculated by dividing the net profit for the first half of 2013 attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during that period. Diluted earnings per share amounts are calculated by dividing the net profit for the first half of 2013 attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during that period plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.

The following reflects the profit/(loss) and share data used in the basic and diluted earnings/(loss) per share computations:

The Company has instruments in issue that could potentially dilute basic earnings per share in the future, and these are included or excluded in the calculation for the reasons outlined below:

  Ordinary Shares

(i) Stock Option Agreement with Fondo de Inversión en Infraestructura, Servicios Publicos y Recursos Naturales ("ACC") - The Company granted ACC options to receive 7,786,560 Ordinary Shares of US$0.01 each in exchange for the 259,552 Class A shares ACC holds in the equity of MCL, a subsidiary of the Company. These potential Ordinary Shares were anti-dilutive at 30 June 2013;

(ii) Investment Agreement with ACC - If a subsidiary of the Company has to make tax payments in connection with certain potential tax claims for the tax years 2001, 2002, and 2003, the Company shall compensate ACC by one of the following, as selected by the Company, after consultation with ACC: (i) make a payment equal to 10.989% of the amount of the payment ("Pro Rata Tax Claim Amount"); or (ii) an amount in shares of MCL that is equivalent to the number of shares of the Company having a then market value equal to the Pro Rata Tax Claim Amount. As the status of the contingency remained unsatisfied at 30 June 2013 and 30 June 2012, the contingently issuable Ordinary Shares are not included in the calculation of diluted loss per share at 30 June 2013 and 30 June 2012; and

(iii) Employee Stock Options - Total number of shares related to the outstanding options that could potentially dilute basic earnings per share in the future. These potential Ordinary Shares were anti-dilutive at 30 June 2013.

Preferred Shares

(iv) Stock Option Agreement with ACC - The Company granted ACC options to receive Ordinary Shares of US$0.01 each in exchange for the 456,871 Class B convertible preferred shares ACC holds of MCL, a subsidiary of the Company. The Class B Shares are non-voting and hold certain rights to cash flow and dividends of MCL and are convertible into ordinary shares of Maple Energy plc at a conversion rate of 30 to 1 at ACC´s discretion (or 20.7 to 1, at ACC's discretion once ACC has achieved a certain internal rate of return). The potential issue of Ordinary Shares is not included in the calculation of diluted loss per share as the effect would be anti-dilutive at 30 June 2013.

10. PROPERTY, PLANT AND EQUIPMENT

Acquisitions and disposals

During the six months ended 30 June 2013, the Group acquired assets with a cost of US$3,126,000.

The additions are primarily related to the ethanol business.

11. BIOLOGICAL ASSET

The Company measures the plantation of sugar cane at its fair value. The fair value is calculated using the estimated expected net cash flows and the cost related to these activities, according to IAS 41-Biological Assets. As of 30 June 2013, the fair value of the Company's biological assets was estimated at US$21,725,000 resulting in an upward adjustment of US$1,061,000.

12. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

(a) Cash and cash equivalents

(b) Restricted cash

The sixth and final disbursement of the Senior Lenders occurred in January 2013 by US$8,800,000. The Company used this capital to fund a debt service reserve account pursuant to the terms of the agreements for the Ethanol Project Debt Financing.

At 30 June 2013, an amount of US$258,000 (30 June 2012: US$642,000) is not available to the Group for general use, but exclusively for the purpose of the Ethanol Operations. This amount has been presented in the trust fund account as cash and cash equivalents above because it is available for this purpose.

13. SHARED BASED PAYMENT

The expense recognised for employee services during the first half of 2013 is US$181,000 (US$118,000 during the first half of 2012).

14. COMMITMENTS AND CONTINGENCIES

Refer to Note 27 of the annual consolidated financial statements as at 31 December 2012 for details of the Group's commitments and contingencies.

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. 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.

15. SUBSEQUENT EVENTS

Execution of Senior Secured Financing

On July 15, 2013 Maple executed an agreement with Banco Itau BBA S.A., Nassau Branch, Banco Internacional del Peru S.A.A. ("Interbank"), and Bancolombia Puerto Rico Internacional Inc. whereby such banks, together with Corporación Financiera de Desarrollo S.A., will provide an eight-year, senior secured term loan for US$160 million (the "Term Loan").

The Term Loan was entered into by two of Maple's subsidiaries, Maple Etanol S.R.L. and Maple Biocombustibles S.R.L., who directly own and operate the Company's ethanol business. Proceeds from the Term Loan were disbursed in a single draw on 12 August 2013, the proceeds from the Term Loan were used to: (1) pay all of the outstanding obligations, including principal, interest, and prepayment fees of the existing senior secured debt financing with Corporacion Andina de Fomento, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Inter-American Development Bank, and Interbank previously incurred in connection with the development of the Company's ethanol business; (2) pay the transaction expenses and fees associated with the Term Loan; and (3) provide additional funds for general corporate purposes.

The Term Loan will be secured by: (1) trust arrangements over certain assets of the Borrowers including: (i) a collection account for the deposit of revenues of the Borrowers; (ii) a debt service reserve account; (iii) 100% of the ownership interests in the Borrowers; and (iv) substantially all physical assets of the Borrowers, including land, growing sugar cane, machinery, equipment, and fixtures; and (2) a guaranty of the payment obligations under the Term Loan by Maple Gas Corporation del Perú S.R.L., the subsidiary of the Company that holds its hydrocarbon production, refining, and marketing business, which Guaranty may be exchangeable with a guaranty from another subsidiary of the Company upon meeting certain conditions

Retention Period in Block 31-E

On 15 August 2013, the Company provided notice to Perupetro S.A. that it had chosen not to continue activities for the retention period granted in connection with shale gas encountered when drilling the Santa Rosa 1X well in Block 31-E. As a result, the geographic area covered by Maple's licence contract for Block 31-E will be reduced to a geographic area that covers only the Pacaya oilfield plus a surrounding area within an approximate five-kilometre radius of such oilfield.

Key Management and Board Changes

Mr. Rex W. Canon, Chief Executive Officer and one of Maple's co-founders stepped down effective 31 July 2013 and the Board of Directors appointed Mr. Guillermo Ferreyros Cannock to be Chief Executive Officer with effect on 31 July 2013.

Mr. Rex W. Canon resigned as Executive Director with effect on 31 July 2013 and Mr. Guillermo Ferreyros Cannock was appointed as Executive Director with effect on 1 August 2013.

Nigel B. Christie and Gianfranco Maximo Dante Castagnola Zuniga were not reappointed as Directors pursuant to the shareholders vote at the Company's Annual General Meeting held on 1 August 2013. The Board of Directors will seek to appoint new members in replacement.

Mr. Carlos Palacios Rey was appointed as Maple's independent Non-Executive Chairman with effect on 9 August 2013.

Mr. Guillermo Ferreyros (Chief Executive Officer and Executive Director) and Mr. Francisco Mesquita (independent Non-Executive Director) were elected to the Company's Nomination Committee with effect on 9 August 2013. This Committee is now composed of Mr. Ferreyros, Mr. Mesquita and Mr. Carlos Palacios (independent Non-Executive Chairman).

Mr. Alberto Camet was appointed chairman of the Company's Audit Committee with effect on 9 August 2013.

Result of AGM

  All resolutions proposed at the Company's Annual General Meeting held in Dublin on 1 August 2013 other than Resolution 2 (to re-appoint Nigel B. Christie as a Director), Resolution 3 (to re-appoint Gianfranco Máximo Dante Castagnola Zúñiga as a Director) and Resolution 7 (to empower the Directors to make certain allotments of equity securities of the Company for a period of 15 months as if the statutory pre-emption rights did not apply) were passed. The retirement of Directors was voted by the shareholders as provided by article 87 of the Articles of Association, which establishes that at every Annual General Meeting one third of the Directors must retire by rotation and be eligible for re-appointment. Resolution 7 was decided on a poll. The results of the poll were 46,803,113 votes in favour of the resolution and 51,273,581 against.

16. STATUTORY ACCOUNTS

This half year report does not constitute statutory accounts, copies of which are required to be annexed to the annual return. A copy of the statutory accounts for the year ended 31 December 2012 has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified.

17. BOARD APPROVAL

The Board of Directors approved and authorised for issue the unaudited interim condensed consolidated financial statements in respect of the six months ended 30 June 2013 on 14 August 2013.