Preliminary results 2012

Immediate Release

30 April 2013

MAPLE ENERGY PLC

("MAPLE" OR THE "COMPANY")

Preliminary results

for the twelve months ended 31 December 2012

Maple Energy plc (AIM: MPLE, LIMA: MPLE), an integrated independent energy company with assets and operations in Peru, today announces its preliminary financial results for the twelve months ended 31 December 2012. Highlights are set forth below:

Key Financial Highlights for the twelve months ended 31 December 2012

·; Revenuesincreased to US$118.2 million in 2012 compared with US$87.0 million in 2011 primarily due to the commencement of commercial operations of the ethanol business.

·; Gross profit for 2012 was US$28.2 million compared with US$28.6 million in 2011.

·; Adjusted EBITDA (defined below) for 2012 was US$13.2 million compared with US$16.7 million in 2011.

·; Excluding ethanol operations which commenced in the first half of 2012 with a "ramp up" period during the initial phase of operations, Adjusted EBITDA for 2012 was also US$13.2 million compared to US$16.7 million in 2011.

·; Depreciation and amortisation expense was US$12.8 million in 2012 compared with US$4.8 million in 2011.

·; Net loss after taxes was US$39.7 million in 2012 (loss of US$0.253 per share) compared to a net profit after taxes of US$12.7 million in 2011 (profit of US$0.081 per share). US$22.0 million of such net loss after tax was the result of the "write-down" of the capitalised exploratory costs in Block 31-E, most of which costs were incurred in 2008 and 2009 in connection with the drilling of the Santa Rosa 1X well.

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

·; All facilities necessary for the processing of sugar cane and the production of fuel-grade ethanol were completed and placed into operation in late March 2012. In addition, the power generation facilitates consisting of a 37-megawatt ("MW") power plant and related equipment were fully commissioned and placed into operation in July 2012.

·; During 2012, 526 hectares were planted with sugar cane on the Company's plantation to achieve a plantation of approximately 6,532 hectares.

·; Penta Tanks Terminals S.A. completed the installation and commissioning of the ethanol storage, loading, and shipping facility near the port of Paita in July 2012. Maple began delivering ethanol product to the storage facility in June 2012, and the entire facility was placed into operation in August 2012.

·; Total Ethanol Project costs are currently estimated at US$280 million, including interest paid during construction, a debt service reserve account, and certain value-added taxes, and excluding assets acquired under finance leases. As of 31 December 2012, the Company spent approximately US$270 million of such Ethanol Project costs.

·; During 2012, a total of approximately 579,000 gross tonnes of sugar cane (approximately 521,000 net tonnes) were harvested and processed since the Ethanol Plant began processing sugar cane at the end of March 2012. For the quarter ending 31 March 2013, an aggregate amount of approximately 252,000 gross tonnes of sugar cane (approximately 225,000 net tonnes) were harvested and processed by the Ethanol Plant.

·; Approximately 42,300 cubic metres (approximately 11.2 million gallons) of fuel-grade ethanol were produced at the Ethanol Plant during 2012. For the quarter ending 31 March 2013, an aggregate amount of approximately 17,000 cubic metres (approximately 4.5 million gallons) of fuel-grade ethanol were produced.

·; Approximately 40,700 megawatt-hours ("MWh") were generated at the Ethanol Plant during 2012 following the start-up of the power generation facilities in July 2012. Electrical energy purchased from the national power grid during the period from July through December 2012 was approximately 19,700 MWh, and electrical energy sold to the national power grid during such period was approximately 11,450 MWh.

·; Under the Company's existing sales and distribution agreement, as of 31 December 2012, the Company had completed a total of eight export sales of fuel-grade ethanol to Mitsui since commencing exports in August 2012. These sales were for an aggregate volume of approximately 30,275 cubic metres (approximately 7.999 million gallons) of ethanol.

·; As of 31 December 2012, Maple had sold a total of approximately 8,571 cubic metres (approximately 2.264 million gallons) of ethanol to the local Peruvian market since commencing sales in May 2012.

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

·; Refinery feedstock averaged approximately 1,961 barrels per day ("bpd") in 2012 compared to 1,935 bpd in 2011, consisting of natural gasolines supplied by Aguaytia Energy del Peru S.R.L. ("Aguaytia Energy") and crude oil from Maple´s oilfields.

·; Average daily sales of refined products were 1,945 bpd in 2012 compared to 1,868 bpd in 2011.

·; Average daily crude oil production from the Company's oilfields in 2012 was approximately 449 bpd compared with approximately 468 bpd in 2011.

·; Eight fracture stimulations works were performed on existing wells in the Agua Caliente oilfield, and two such works were performed in the Maquia oilfield. The results of these works, while still being economic, were not as expected; and oil production from Agua Caliente and Maquia decreased by 18 bpd and 8 bpd, respectively, on average for 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 twelve months ended 31 December 2012

·; Recorded an impairment provision of US$ 31.2 million for the capitalised exploratory costs incurred in Block 31-E in relation to the Company´s shale gas opportunity. The impairment provision of US$31.2 million, which was a non-cash charge was offset by deferred tax effect of US$9.2 million resulting in a net loss after tax of US$22.0 million.

·; Advanced the development, construction, and completion of the Ethanol Project during 2012 through spending an additional approximate US$24.8 million of project related costs. This investment was primarily financed through available cash and debt financing transactions.

·; In February 2012, drew down the full amount of a stand-by letter of credit facility in the amount of US$12.5 million (the "Stand-by LC") to fund incremental Ethanol Project related costs. The Stand-by LC was fully repaid with a combination of available cash and US$8.5 million of borrowings under the Medium Term Facility described below.

·; Entered into a US$8.5 million, 23-month secured credit facility (the "Medium Term Facility") with Banco Internacional del Peru in February 2012. The proceeds of the Medium Term Facility were used to repay the outstanding amounts drawn down under the Stand-by LC.

·; In the first half of 2012, entered into three short-term credit facilities with three Peruvian commercial banks for an aggregate amount of US$10 million in availability and drew down the full amount under these facilities during the first half of 2012.

·; The fifth disbursement under the US$148.5 million senior secured debt financing for the Ethanol Project (the "Ethanol Project Debt Financing") of US$2.2 million occurred in May 2012. As of 31 December 2012, US$139.7 million of the Ethanol Project Debt Financing had been disbursed.

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

Board Changes

·; On 11 January 2012, Mr. Francisco Mesquita Neto was appointed as an independent, non-executive director on the Company´s Board of Directors.

Nigel Christie, Chairman of Maple, commented today:

"2013 is expected to be a transformational year for Maple with 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. Beginning this year, the Company expects that its primary source of Adjusted EBITDA will now be its ethanol business as Maple continues its initiative to develop one of the largest ethanol businesses in Peru with the goal of being a low-cost, globally competitive ethanol producer."

For further information, please contact

Maple Energy plc (+ 51 1 611 4000)

Nigel Christie, Chairman of the Board and Independent Non-Executive Director

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

Earnings Call

Rex W. Canon, 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 year ended 31 December 2012 on 2 May 2013 at 3:00 pm BST (9:00 am Peruvian time and 10 am Chilean time). The call can be accessed by dialling: +44 (0)20 3428 1542 or 080 8237 0040 (within the UK), 1866 928 7517 (within the US) or +55 11 3351 7052 (International including Peru). Call participants will be asked for their full name, company details, and pass code. The pass code for this call is: 73232245#. A recording of the conference call will be available shortly thereafter on Maple's website at www.maple-energy.com.

2012 Operating Results

For the year ended 31 December 2012, revenues increased to US$118.2 million compared with US$87.0 million in 2011. The Company's gross profit for the year ended 31 December 2012 was US$28.2 million compared with US$28.6 million for the year ended 31 December 2011.

Maple realised a net loss after taxes of US$39.7 million in 2012 (US$0. 253 per share) compared to a net profit after taxes of US$12.7 million in 2011 (US$0.081 per share). Adjusted EBITDA (as defined below), a key performance indicator for measuring Maple's underlying financial operating performance, was US$13.2 million in 2012 compared to US$16.7 million in 2011. After excluding depreciation and amortisation, impairment of exploration expenditures, and changes in the value of biological assets, the following items contributed to a lower Adjusted EBITDA in 2012 compared to Adjusted EBITDA in 2011: higher administrative expenses (excluding employee termination costs) and selling expenses of US$8.2 million and US$1.3 million, respectively, mainly related to the commencement of commercial operations of the ethanol business.

The table below shows Maple's (i) historical audited consolidated financial data for the year ended 31 December 2012; (ii) historical audited consolidated financial data for the year ended 31 December 2011, and (iii) other unaudited financial and operating data. The historical consolidated financial data of Maple as of and for the years ended 31 December 2011 and 2012 are derived from the Company's audited consolidated financial statements.

 (1) Unaudited.

 (2) Adjusted earnings before interest, taxation, depreciation, and amortisation ("Adjusted EBITDA") is calculated as operating income/(loss) plus depreciation, amortisation, Base Logistica Ucayali ("BLU Camp") impairment, impairment of Block 31-E exploration expenditures, and employee termination costs, and excludes changes in the value of biological assets.

Cash and cash equivalents were US$7.3 million at 31 December 2012 compared to US$8.4 million at 31 December 2011.

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

(1) Unaudited.

Outlook for 2013

2013 is expected to be a transformational year for Maple with 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. Beginning this year, the Company expects that its primary source of Adjusted EBITDA will now be its ethanol business as Maple continues its initiative to develop one of the largest ethanol businesses in Peru with the goal of being a low-cost, globally competitive ethanol producer.

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 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 quarter of 2013, the Company planted 880 hectares of sugar cane reaching a plantation size of 7,412 hectares. Approximately 525 hectares of the 880 hectares were planted with a promising cane variety from Brazil which became the fourth variety of sugar cane being grown in Maple's plantation on a commercial basis. Subject to obtaining certain additional governmental approvals, Maple plans to continue expanding its plantation by an additional 375 hectares this year to achieve a total planned plantation size of approximately 7,787 hectares by the end of the year. The total plantation expansion planned for 2013 is expected to cost approximately US$3.3 million.

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 mechanical harvesters. 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 to the Ethanol Plant approximately 252,000 gross tonnes (approximately 225,000 net tonnes) during the first quarter of 2013. During this year, Maple expects to harvest and deliver to its Ethanol Plant approximately 1.1 million gross tonnes of sugar cane from its plantation. The Company continues to expect an average yield of approximately 150 gross tonnes of sugar cane per hectare for sugar cane harvested at 12 months of age.

Maple plans to begin the development of the next phase of the plantation in 2014 with a goal of further expanding the plantation. 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 evaluating 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 quarter of 2013, the Ethanol Plant was available to process sugar cane and produce ethanol for approximately 84% of the time on average. The approximate 16% of downtime resulted from a combination of both planned and unplanned maintenance activities.

The Ethanol Plant produced an aggregate amount of approximately 17,008 cubic metres (approximately 4,493,037 gallons) of fuel-grade ethanol during the first quarter of 2013, resulting in an average ethanol yield during the first quarter of 2013 of approximately 75.6 litres (approximately 20.0 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 and as the average age of the harvested sugar cane approaches 10 to 12 months of age later in 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 is expected to occur during the middle of the year and result in the Ethanol Plant being unavailable for a period of approximately three 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 Sales Agreement, Maple completed a total of four export sales of fuel-grade ethanol to Mitsui during the first quarter of 2013. These sales were for an aggregate volume of approximately 16,390 cubic metres (approximately 4.33 million gallons) of ethanol 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 293 cubic metres (approximately 0.077 million gallons) of ethanol to domestic and regional markets during the first quarter 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 quarter of 2013, refinery feedstock averaged approximately 1,920 bpd, consisting of natural gasolines supplied by Aguaytia Energy and crude oil from Maple's oilfields, and average daily sales of refined products were 1,970 bpd. Crude oil production from the Company's oilfields was approximately 423 bpd during the same quarter.

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 and also recomplete three wells in the Maquia oilfield. The objective of these recompletions is to offset at least 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.

Financing Activities

In the first quarter 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$14.2 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. 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. 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 and Maple Biocombustibles (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 Etanol 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 of operations in 2012.

Commodity Prices

The international price of crude oil impacts the market prices in Peru and therefore the price for which Maple 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 decreased from US$95 per barrel during 2011 to US$94 per barrel during 2012 based on the average of spot prices for West Texas Intermediate crude oil. As a result of these slightly lower crude oil prices and changes in the composition of refinery feedstock and refined products, Maple realised lower sales prices and gross profit from the sale of its refined products in 2012 as compared to 2011. Specifically, Maple generated an average of US$38.47 of gross profit per barrel of refined product sold in 2012 compared with an average of US$41.90 in 2011.

The international price of ethanol impacts the market prices in Peru and therefore impacts the price Maple sells its ethanol both locally 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$3.08 per gallon during the twelve months ended 31 December 2012 based on the average spot prices for fuel-grade ethanol T2 FOB Rotterdam.

Refinery Feedstock

Maple's main source of revenues during 2012 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 increased from an average of 1,935 bpd in 2011 to an average of 1,961 bpd in 2012. The increase in feedstock was largely a result of higher production volumes of natural gasolines produced by Aguaytia Energy and higher production levels from the Pacaya oilfield offset by lower production from the Agua Caliente and Maquia oilfields. The most significant increase in feedstock volumes relates to natural gasolines produced by Aguaytia Energy. 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

In the second quarter of 2012, Maple commenced generating revenues from the sale 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. In 2012, during the "ramp up" period of the initial phase of operations of the Ethanol Plant, plant availability was lower than the expected availability over the long term primarily due to higher levels of unplanned maintenance. Such lower plant availability is not unusual during the start-up and initial operations of a new plant facility of this type.

Cost of Sales

Cost of sales for Maple Gas for the year ended 31 December 2012 was US$64.2 million compared to US$58.4 million in 2011. The most significant factors increasing Maple Gas's cost of sales in 2012 were higher purchased volumes of natural gasolines and higher natural gasoline prices price paid to Aguaytia Energy.

Maple Ethanol's cost of sales for the year ended 31 December 2012 was US$25.8 million, and mainly related to the fair value of the sugar cane harvested, sugar cane harvesting and transportation costs, power purchases, certain operation and maintenance costs for the Ethanol Plant, depreciation and amortisation, and changes in the fair value of biological assets.

Administrative Expenses

Administrative expenses increased to US$22.0 million in 2012 compared to US$12.8 million in 2011. The increase in administrative expenses can primarily be attributed to administrative expenses of Maple Ethanol as a result of the commencement of commercial operations of the Ethanol Project in 2012.

The Company employed through its subsidiaries 725 employees as of 31 December 2012 compared to 460 on 31 December 2011. The increase in headcount can primarily be attributed to the commencement of commercial operations of the Ethanol Project.

Non-Operating Results

Finance costs increased from US$1.7 million in 2011 to US$13.4 million for 2012. This increase was primarily a result of the Ethanol Project Debt Financing interest increasing by approximately US$7.6 million, the interest of US$1.8 million arising on the preferred shares held by a subsidiary company, higher bank fees by US$1.0 million, and higher finance lease interest by US$0.5 million.

Forward-Looking Statements

Except for the historical information contained in this announcement, 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 including those 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 announcement for the year ended 31 December 2012 (the "Annual Report"). These forward-looking statements speak only as at the date of this announcement, 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.

 CONSOLIDATED INCOME STATEMENT

for the year ended 31 December 2012

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 December 2012

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2012

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2012

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2012

1. BASIS OF PREPARATION

The consolidated financial statements have been prepared on an historical cost basis, except derivative financial instruments and biological assets that have been measured at fair value. The consolidated financial statements are presented in U.S. Dollars, and all values are rounded to the nearest thousand (US$'000), except where otherwise indicated.

2. CORPORATE INFORMATION

Maple Energy plc ("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. The principal activities of the Group are described in the Directors' Report.

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 organised 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 June 2014 and support the conclusion of the Directors that the Company, and 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 forecasted 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. They also take account of the scheduled repayment of the Ethanol Project Debt Financing as well as the impact on cash flows from the delay in the initially envisaged commencement date of ethanol operations and its impact on harvesting during 2012.

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

IFRS and IFRIC Interpretations adopted during the financial year

The accounting policies adopted are consistent with those of the previous financial year. There are no new and amended standards and interpretations that impact either the financial position, financial results, disclosures or stated accounting policies of the Group.

The Group has adopted the following new amended and IFRS interpretations in respect of the 2012 financial year-end:

- IAS 12 Income Taxes (Amendment) -Deferred Taxes: Recovery of Underlying Assets

- IFRS 1 First-Time Adoption of International Financial Reporting Standards (Amendment) - Severe Hyperinflation and Removal of Fixed Dates for First-Time Adopters

- IFRS 7 Financial Instruments: Disclosures (Amendments)

- IFRS 7 Financial Instruments: Disclosures - Enhanced Derecognition Disclosure Requirements

IFRS and IFRIC Interpretations effective in respect of the 2013 financial year-end

The Group has not applied the following standards and interpretations that have been issued but are not yet effective:

- IAS 1 Presentation of Items of Other Comprehensive Income - Amendments to IAS 1 effective 1 July 2012

- IAS 19 Employee Benefits (Revised) effective 1 January 2013

- IAS 28 Investments in Associates and Joint Ventures (as revised in 2011) effective 1 January 2013

- IFRS 1 Government Loans - Amendments to IFRS 1 effective 1 January 2013

- IFRS 7 Disclosures - Offsetting Financial Assets and Financial Liabilities - Amendments to IFRS 7 effective 1 January 2013

- IFRS 10 Consolidated Financial Statements, IAS 27 Separate Financial Statements effective 1 January 2013

- IFRS 11 Joint Arrangements effective 1 January 2013

- IFRS 12 Disclosure of Involvement with Other Entities effective 1 January 2013

- IFRS 13 Fair Value Measurement effective 1 January 2013

- IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine effective 1 January 2013

- Improvements to IFRSs (May 2012) - These improvements will not have an impact on the Group, but include:

- IFRS 1 First-time Adoption of International Financial Reporting Standards

- IAS 1 Presentation of Financial Statements

- IAS 16 Property Plant and Equipment

- IAS 32 Financial Instruments, Presentation

- IAS 34 Interim Financial Reporting

These improvements are effective for annual periods beginning on or after 1 January 2013.

The standards and interpretations addressed above will be applied for the purposes of the Group Consolidated

Financial Statements with effect from the dates listed. Their application is not currently envisaged to have a material

impact on the Group's Consolidated Financial Statements with the exception of IFRS 13 Fair Value Measurement, the impact of which is still under review by the Group.

IFRS and IFRIC Interpretations effective subsequent to the 2013 financial year-end

- IAS 32 Offsetting Financial Assets and Financial Liabilities - Amendments to IAS 32 effective 1 January 2014.

- IFRS 9 Financial Instruments: Classification and Measurement effective 1 January 2015.

5. 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 is managed through Maple Etanol S.R.L. and Maple Biocombustibles S.R.L. which are separate entities, information for which is reviewed by the CODM together. Exploration, Production, and Marketing are managed through Maple Gas Corporation del Peru S.R.L. ("Maple Gas") and Acer Comercial S.R.L. ("Acer"), both separate entities, information for which is reviewed by the CODM together. The other segment includes investment holding companies.

Reportable segments

The Group considers that the operating segments and the Reportable Segments in the financial statements are the same. For the operating segments mentioned above, Maple presents the following information in accordance with IFRS 8:

·; Segment Revenue: the Group 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 Group 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 including property, plant, and equipment, 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 loans are eliminated on consolidation.

Geographical information

Revenues from external customers

External customers are located in Peru and other international locations. Revenue from one customer amounted to US$22,015,000 (2011: US$15,604,000) arising from sales by the exploration, production and marketing segment and revenue from one customer amounted to US$21,372,000 (2011: Nil) arising from sales by the ethanol segment.

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.

6. 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%). Exploitation and 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%). Agriculture and industrial activities of ethanol operations are subject to the current Peruvian tax regime (15% and 30% respectively).

(b) Income tax

(c) Movement of deferred income tax

At 31 December 2012 and 2011, there was no recognised deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the Group's subsidiaries as:

·; the Group is able to control the timing of the reversal of the temporary difference; and

·; the Group has determined that undistributed profits of its subsidiaries will not be distributed in the foreseeable future.

The tax effect of tax losses forward in relation to the ethanol operations for which deferred tax assets have not been recognised amount to US$1,924,000 and expire four years from the period in which taxable profits arise. The deferred tax assets have not been recognised due to the start up in ethanol operations in 2012, and based on historic results, there is currently uncertainty surrounding the existence of sufficient deductible profits when the temporary differences release.

(d) Reconciliation between income tax credit and the profit/(loss) before tax multiplied by the standard tax rate

7. EARNINGS PER SHARE

Basic earnings/ (loss) per share amounts are calculated by dividing net profit/(loss) for the year attributable to equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the year 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 earnings/ (loss) and share data used in the basic and diluted earnings/ (loss) per share computations:

The following reflects the loss and share data used in the basic and diluted loss per share computations:

The Company has instruments in issue that could potentially dilute basic earnings per share in the future, and are included/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 shares ACC holds in the equity of MCL, a subsidiary of the Company. These potential Ordinary Shares were dilutive for the year ended 31 December 2011 but anti-dilutive for the year ended 31 December 2012 due to the loss incurred for the year;

(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 31 December 2012 and 2011, the contingently issuable Ordinary Shares are not included in the calculation of diluted earnings/ (loss) per share for the years ended 31 December 2012 and 2011; 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 for the years ended at 31 December 2012 and 2011.

Preferred Shares

(iv) Investment Agreement with ACC on Preferred Shares - The Company entered into an investment agreement with ACC to issue new Class B convertible preferred shares of MCL for gross proceeds of US$12.5 million. Under the terms of the investment agreement, ACC purchased 456,871 non-voting Class B convertible preferred shares (the "Class B Shares") of MCL. The Class B Shares 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 ("IRR")). The potential issue of Ordinary Shares is not included in the calculation of diluted earnings/ (loss) per share as the effect would be anti-dilutive for the years ended 31 December 2012 and 2011.

8. COMMITMENTS AND CONTINGENCIES

(a) Income tax

The tax authorities are legally entitled to review and, if necessary, adjust the income tax calculated by Peruvian subsidiaries of the Group during the four years subsequent to the year of the related tax return filing. The income tax and value added tax returns of the following years are pending review by the tax authorities:

Due to various possible interpretations of current legislation, it is not possible to determine whether or not future reviews will result in tax liabilities for the Group. In the event that additional taxes payable, interest, and surcharges result from tax authority reviews, they will be charged to expense in the period assessed and paid. However, other than as discussed below, in management's opinion, any additional tax assessment would not be significant to the consolidated financial information as at 31 December 2012.

The 2001 income tax return of Maple Gas was reviewed by the Tax Administration, and on 9 December 2003, Maple Gas received assessments related to a supposed omission of an income tax payment of US$2,223,000, including interest as at 27 November 2003. On 7 January 2004, Maple Gas filed a tax claim against those assessments to the Tax Administration. The assessment including interest and penalties as at 31 December 2012 amounts to US$11,393,000. On 8 September 2009, the Company filed a tax claim against the assessments with the Tax Court. Arising on the acquisition of Maple BVI, the Group recognised an amount of US$809,000 in connection with the fair value of this contingency.

(b) Ethanol Project

On 5 January 2007, the Group signed a contract with the Peruvian government to acquire untilled lands for the cultivation of sugar cane and to develop an industrial project for producing automotive ethanol. The Group acquired 10,676 hectares of land for a total amount of US$641,000 and made the following commitments:

·; To pay in favour of the Piura region, for a 20-year period, an annual donation of US$500,000. The initial payment will be made at the end of the first year of commercial production which is April 2013; and

·; To grant security in favour of the Peruvian state in the amount of US$500,000 to guarantee compliance for the annual donation mentioned above.

The Group entered into an investment agreement with the Government of Peru thereby allowing early recovery of a substantial portion of the value-added taxes incurred in connection with the project costs for the Ethanol Project. As part of this agreement, the Group committed to invest, within approximately 45 months from October 2008, a minimum of US$162.4 million for, among other things, the development of the main water delivery system, sugar cane plantation, and facilities related to the processing of the harvested sugar cane. As of 31 December 2012, all of the investment required pursuant to this investment agreement has been made.

Owing to the long term nature of the ethanol production facilities, no decommissioning provision has been recognised nor are any of the ethanol producing facilities subject to any legal or constructive decommissioning obligations.

(c) Environmental matters

The Group is subject to the Code for the Environment and Natural Resources. Such code requires companies to prepare an Environmental Impact Assessment ("EIA") approved by a competent authority. In connection with such Code and its rulings, the Group filed the corresponding EIAs for Blocks 31-B and 31-D, which were duly approved in 1996 and 2003, respectively. In April 2008, the Group received approval of the EIA for Block 31-E. In the same month, the Group received approval of the EIA for the Ethanol Project from the Peruvian Government.

In addition, according to the relevant license contracts and to the refinery and sales plant lease contract mentioned below, the Group is not responsible for environmental damages caused before the beginning of its operations. As at 31 December 2012 and 31 December 2011, management believes that the Group is in compliance with the current environmental regulations, and therefore no provisions are required with respect to environmental matters.

(d) Operating lease of refinery and sales plant and administrative facilities

The Group entered into an operating lease agreement for the refinery and sales plant in Pucallpa and the associated buildings and equipment. The primary term of the agreement between Petróleos del Perú S.A. ("Petroperu") and Maple for the lease of the Pucallpa Refinery and Sales Plant ends on 28 March 2014, and Maple has begun discussions with Petroperu regarding the extension of such lease for up to an additional 20 years through March 2034. Under the terms of the existing agreement, the lease may be extended on similar terms and conditions provided that Maple Gas is not in breach of any terms of the lease, and the License Contract for the Exploitation of Hydrocarbons in Blocks 31-B and 31-D or the License Contract for the Exploitation of Hydrocarbons in Block 31-C remains in force. While no assurance can be given, the Company continues to believe the lease agreement for the refinery and sales plant shall be extended. In addition, the Group has entered into operating leases for its administrative facilities in Lima and in Northern Peru; these leases expire in various periods until 2014.

The minimum future lease payments are as follows: