Preliminary Results

MAPLE ENERGY PLC

("MAPLE" OR THE "COMPANY")

Preliminary results

for the twelve months ended 31 December 2010

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 2010. Highlights for 2010 are set forth below:

Key Financial Highlights

·; Revenues increased to US$71.2 million in 2010 compared with US$64.7 million in 2009 primarily due to increases in international hydrocarbon prices

·; Gross profit for 2010 was US$21.1 million compared with US$15.6 million in 2009

·; Adjusted EBITDA (defined below) for 2010 was US$11.8 million compared to US$3.3 million in 2009

·; Depreciation and amortisation expense was US$6.9 million in 2010 compared with US$8.6 million in 2009

·; Net profit after taxes was US$0.2 million in 2010 (US$0.001 per share) compared to a net loss after taxes of US$23.4 million in 2009 as restated (US$0.25 loss per share as restated )

Other Financial Highlights

·; Made additional investment in the Ethanol Project during 2010 totalling US$82 million

·; Placed ordinary shares in the capital markets in January 2010 and June 2010 for gross proceeds of approximately US$11.8 million and US$27.9 million, respectively

·; Issued new Class B convertible preferred shares of The Maple Companies, Limited for gross proceeds of US$12.5 million

·; Executed agreements for senior secured debt financing for the Ethanol Project for a total of US$148.5 million (the "Ethanol Project Debt Financing"), and the first two disbursements under this financing of US$61 million and US$40 million occurred in September 2010 and January 2011, respectively

·; Sold Maple's 2,000 horsepower, heli-transportable drilling rig ("Maple Rig 1") to a third party for approximately US$19.1 million plus certain costs for a profit of US$1.8 million

·; Achieved savings of over US$4 million during 2010 as a result of implementing cost reduction programmes

Ethanol Project Highlights

·; Macacara pump station on the Chira River was substantially completed and placed into operation along with the 660,000 cubic metre Macacara Reservoir

·; Substantially completed the civil construction works related to the El Arenal pump station on the Chira River

·; Approximately thirty-two kilometres of pipelines for the main water delivery system were installed as of year end

·; Completed the civil works for nine drip irrigation system pumping stations and placed two stations into operation

·; Installed approximately 1,500 hectares of drip irrigation to efficiently supply water to the plantation

·; Approximately 80% of the sugar cane handling, juice extraction, and juice treatment equipment required for the ethanol plant was manufactured as of year end, and the first shipment of this equipment arrived in Peru in January 2011

·; Fermentation, distillation, and dehydration equipment necessary to produce fuel-grade ethanol was delivered to Peru, and approximately 53% of this equipment was transported to the Ethanol Project site

·; Approximately 70% of the boiler and complementary steam generation equipment was manufactured as of year end, and the first shipment of this equipment arrived in Peru in January 2011

·; 100% of the 37-megawatt turbogeneration unit was manufactured as of year end

·; Engineering for the integration of the equipment for the ethanol plant was 90% complete at year end

·; Commenced construction activities for the installation of the major equipment packages at the Ethanol Project site

·; Commenced construction activities for the 60-kilovolt transmission line to interconnect with the national power grid and the construction activities for the electric distribution system for the plantation

·; Entered into an agreement with Penta Tanks Terminals S.A. ("Penta") to build, own, and operate an ethanol storage and loading facility near the city of Paita, and construction of this facility began in the last quarter of 2010

·; Entered into an ethanol distribution agreement with a subsidiary of Mitsui & Co., Ltd. to purchase ethanol produced from the Ethanol Project following commencement of operations

Hydrocarbon Production, Refining, and Marketing Highlights

·; Refinery feedstock averaged approximately 2,073 barrels per day ("bpd") in 2010 compared to 2,195 bpd in 2009, consisting of natural gasolines supplied by Aguaytia Energy del Peru SRL ("Aguaytia Energy") and crude oil from Maple´s oilfields

·; Average daily sales of refined products were 2,004 bpd in 2010 compared to 2,164 bpd in 2009

·;   Average daily crude oil production in December 2010 was approximately 505 bpd compared with approximately 520 bpd in December 2009

·; Performed two fracture stimulation works to existing wells in the Agua Caliente oilfield resulting in a production increase from these two wells of approximately 45 bpd on average during the last quarter of 2010

·; Obtained a five-year retention period, which may be extended further at the discretion of Perupetro S.A., allowing additional time to analyse and develop the shale gas opportunity in Block 31-E

Nigel Christie, Chairman of Maple, commented today:

"2010 was a truly pivotal year for Maple as the Company made substantial progress in advancing the Ethanol Project and improving significantly the financial performance of its hydrocarbon production, refining, and marketing business. Looking forward, 2011 promises to be an exciting year as Maple expects to commence commercial production of fuel-grade ethanol from the Ethanol Project in the fourth quarter of this year. This important milestone is a key part of the Company's goal to become one of the lowest-cost producers of fuel-grade ethanol in the world."

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

Jefferies International Limited (+44 20 7029 8000)

Thomas Rider

Mirabaud Securities Ltd (+44 20 7321 2508)

Peter Krens

Rory Scott

Citigate Dewe Rogerson (+44 20 7638 9571)

Martin Jackson

George Cazenove

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 2010 on Thursday, 28 April 2011 at 4:00 pm BST (10:00 a.m. Peruvian time). The call can be accessed by dialing 0800 634 5205 (within the UK), +1 866 629 2704 (within the US) or +44 208 817 9301 (International including Peru). Call participants will be asked for their full name, company details, and pass code. The pass code for this call is 4789166. A recording of the conference call will be available shortly thereafter on Maple's website at www.maple-energy.com.

2010 Operating Results

For the year ended 31 December 2010, revenues increased to US$71.2 million compared with US$64.7 million in 2009. The Company's gross profit for the year ended 31 December 2010 was US$21.1 million compared with US$15.6 million for the year ended 31 December 2009.

Maple realised a net profit after taxes of US$0.2 million in 2010 (US$0.001 per share) compared to a net loss after taxes of US$23.4 million in 2009 as restated (US$0.25 loss per share as restated). Adjusted EBITDA (as defined below), a key performance indicator for measuring Maple's underlying financial operating performance, was US$11.8 million in 2010 compared to US$3.3 million in 2009. The following items, which exclude depreciation and amortisation, contributed to a higher Adjusted EBITDA in 2010 compared to Adjusted EBITDA in 2009: a) higher gross profit by US$5.1 million and b) lower administrative expenses (excluding employee termination costs) by US$3.2 million.

The table below shows Maple's (i) consolidated financial data for the year ended 31 December 2010; (ii) consolidated financial data for the year ended 31 December 2009, and (iii) other financial and operating data.

 (1) Adjusted Earnings before Interest Taxation Depreciation and Amortisation ("Adjusted EBITDA") is calculated as operating income/(loss) plus depreciation, amortisation, and employee termination costs, but including share of profit of an associate.

(2) These figures were restated for a change in accounting policy outlined in Note 4 below.

Shown below is a reconciliation of operating income/(loss) to Adjusted EBITDA:

2010 2009

US$'000 US$'000

Consolidated Consolidated (1)

Operating income/(loss) 3,665 (7,295)

Depreciation and Amortisation 6,875 8,560

Employee termination costs 1,303 -

Share of profit of an associate - 2,053

_______ _______

Adjusted EBITDA 11,843 3,318

======== ========

(1) These figures were subject to a restatement arising from a change in accounting policy, note 4.

Cash and cash equivalents were US$16.3 million at 31 December 2010 compared to US$5.4 million at 31 December 2009. The higher cash and cash equivalents balance was primarily due to the outstanding balance of the cash resulting from the first disbursement of the Ethanol Project Debt Financing.

Material Factors Affecting Operating Results

Maple's 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 and Aguaytia Energy and delivered as feedstock to the Pucallpa refinery, and (iii) the level of the Company's total operating and administrative costs. These factors are operational or financial in nature, and certain of these factors are beyond the Company's ability to control them. Set forth below is a brief description of each of these factors and its impact on Maple's results of operations in 2010.

Commodity Prices

The international price of crude oil impacts the market prices in Peru and therefore the price for which Maple sells its refined 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 increased from US$62 per barrel during 2009 to US$79 per barrel during 2010 based on the average of spot prices for West Texas Intermediate crude oil. As a result of these higher crude oil prices, Maple was able to realise higher sales prices and gross profit from the sale of its refined products in 2010 as compared to 2009. Specifically, Maple generated an average of US$28.82 of gross profit per barrel of refined product sold in 2010 compared with an average of US$19.75 in 2009. This increase in gross profit per barrel of refined product sold materially and positively impacted Maple's 2010 financial results.

Refinery Feedstock

Maple's primary source of revenues is 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 2,195 bpd in 2009 to an average of 2,073 bpd in 2010. The reduction in feedstock was largely a result of production declines in the volumes of natural gasolines produced by Aguaytia Energy and lower production levels from the Maquia oilfield offset by increased production from the Agua Caliente and Pacaya oilfields. The most significant reduction in feedstock volumes relates to natural gasolines produced by Aguaytia Energy which were affected by normal production decline as well as interruptions in natural gas liquids production due to insufficient product storage capacity being available to Aguaytia Energy during transportation disruptions. These transportation disruptions were caused by temporary closures of roads used to transport certain natural gas liquids produced at the Aguaytia Energy fractionation facility, which caused Aguaytia Energy to reduce its field production of natural gas liquids resulting in less production of natural gasolines from the fractionation facility. The Company hopes that through future successful development activities, as well as potential improvements to product storage and transportation logistics affecting the supply of natural gasolines, additional volumes of hydrocarbons may be produced to offset normal production declines or increase the total feedstock delivered to the Pucallpa refinery. 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 continue to decline, which would materially impact future results of operations.

Cost of Sales

Cost of sales for the year ended 31 December 2010 was US$50.1 million compared to US$49.1 million in 2009. Cost of sales was higher in 2010 primarily due to increases in the cost of natural gasolines purchased from Aguaytia Energy and royalty payments paid to the Peruvian government offset by reductions in personnel expenses and crude oil production costs resulting from the implementation of the cost reduction programmes described below. The most significant factor increasing Maple's cost of sales was the cost of the natural gasoline purchased from Aguaytia Energy, which increased due to higher commodity prices during 2010 in comparison with the previous year. During 2010, the average cost per barrel of natural gasoline purchased was US$52.09 compared to an average cost per barrel of US$40.28 during 2009.

Another significant factor affecting cost of sales was the royalty paid by Maple to the Peruvian government for its production from its producing fields. During 2010, Maple's total royalty payments increased to US$4.9 million compared to US$3.7 million in 2009.

Administrative Expenses

Administrative expenses decreased to US$14.8 million in 2010 compared to US$19.2 million in 2009 as restated. The decrease in administrative expenses can primarily be attributed to the implementation of the cost reduction programmes described below and lower depreciation and amortisation costs.

Cost Reduction Programmes

During the second half of 2009, the Company concluded an internal review to determine where opportunities existed to reduce fixed costs while maintaining operations in its existing business units. As a result of this review, Maple identified a number of cost-saving alternatives and implemented a significant cost reduction programme in late 2009. This programme resulted in savings of over US$4 million during 2010, offset by one-time employment termination costs of approximately US$1.3 million, which is reflected in a reduction in field operating costs as well as a reduction in administrative expenses. In order to achieve further efficiencies and increases in cash flow from the Company's hydrocarbon production, refining, and marketing business unit, Maple prepared an additional fixed cost reduction plan in the second quarter of 2010, which was implemented in the second half of 2010. This programme is expected to result in a reduction of an additional US$2 million of operating and administrative expenses in 2011.

The Company had 343 employees as of 31 December 2010 compared to 423 on 31 December 2009. Maple Gas reduced its employee headcount from 364 as of 31 December 2009 to 250 as of 31 December 2010, whereas Maple Etanol increased its employee headcount from 59 as of 31 December 2009 to 93 as of 31 December 2010. The reduction in employees in Maple Gas was primarily the result of the cost reduction programme implemented in 2010.

Non-Operating Results

Finance costs increased from US$3.2 million in 2009 to US$4.1 million for 2010 primarily as a result of an increase of US$1.8 million due to the change in the fair value of a financial liability related to the transaction with AC Capitales offset by the early repayment of the lease financing facility for the Maple Rig 1 with Interbank (the "Lease Financing Facility").

Income tax expense decreased from a charge of US$6.4 million in 2009 as restated to a credit of US$2.7 million for 2010 mainly as a consequence of minimal exploration costs in the Santa Rosa 1X well in 2010 as compared to 2009, and the recognition of a deferred tax asset related to the tax loss carry forward that will be applied to the expected taxable income to be generated in 2011 only.

Outlook for 2011

Maple expects 2011 to be one of the most important years in its history with the expected commencement of commercial operations of its Ethanol Project in the fourth quarter of this year. This event will mark a key milestone for the Company in its initiative to develop one of the first and most significant ethanol projects in Peru with the goal of being a low-cost, globally competitive ethanol producer. This milestone will be an important part of the Company's strategy of building a leading integrated energy company in Peru. In addition to Maple's expected completion of the Ethanol Project in the second half of this year, the Company expects to strengthen its cash flow from operations through the continued optimisation of its hydrocarbon production, refining, and marketing activities and the savings generated by the cost reduction programmes implemented in 2009 and 2010. Based on the success of the fracture stimulation works performed on two oil wells in Agua Caliente in 2010, the Company currently plans to continue additional well fracture stimulations in the Agua Caliente and Maquia oil fields in the second half of 2011 with the aim of increasing oil production for these two fields. In addition, Maple plans to continue evaluating the shale gas opportunity in Block 31-E and seeking to develop this asset with an industry partner.

The timing and completion of the Company's 2011 operating and investing activities are subject to a number of factors including availability of services and equipment as well as governmental approvals. As a result of these and other factors, Maple may increase or decrease planned activities or prioritise certain projects over others during 2011. The Company's capital programme, including execution of the key initiatives outlined above, is expected to be funded through the Company's available cash from operations and the Ethanol Project Debt Financing.

Ethanol Project

The Ethanol Project is expected to commence commercial operations in the last quarter of 2011. In preparation for the start of commercial operations, the Company will be focused on the following activities in 2011: (i) achieving additional disbursements pursuant to the Ethanol Project Debt Financing as required to fund the ongoing development and construction of the Ethanol Project, (ii) completion of all components of the main water delivery system, (iii) completion of the drip irrigation system for the 7,800 hectare plantation (the "Main Estate"), (iv) commercial planting of sugar cane on a substantial portion of the Main Estate, (v) completion of the ethanol plant that will be able to process up to 5,000 tonnes of sugar cane per day and will include a distillery with capacity to produce up to 35 million gallons of fuel-grade ethanol per year and a power generation plant with capacity to produce up to 37 megawatts of electric power (collectively including all ancillary systems, the "Ethanol Plant"), (vi) completion of the electric transmission line to connect the Ethanol Project to the national power grid, and (vii) completion of the ethanol storage and loading facility by Penta.

Agricultural Developments

One of Maple's principal focus areas for the Ethanol Project will be developing an efficient and productive sugar cane plantation that is capable of producing sufficient amounts of sugar cane feedstock for the Ethanol Plant. The initial phase of the sugar cane estate includes developing approximately 7,800 hectares. Maple started commercial planting of sugar cane on the Main Estate in January 2011, and to date the Company has planted over 1,800 hectares of the Main Estate which it expects to begin harvesting during the fourth quarter of this year in conjunction with the startup of the Ethanol Plant.

Maple expects to have planted approximately 7,000 hectares of sugar cane on the Main Estate by year end 2011 and to complete the planting of the entire 7,800 hectares of the Main Estate during the first quarter of 2012. The Company plans to begin the development of the second phase of the plantation next year with a goal of eventually expanding to approximately a 10,000 hectare plantation including the Main Estate.

Approximately 345 hectares have been developed as a secondary seed cane farm utilising sugar cane seed from Maple's primary seed cane farms of La Huaca and Macacara. This secondary seed cane farm is supplying the sugar cane seed for the commercial planting described above. The equipment for cutting, loading, and planting of seed cane has been purchased and delivered to the Main Estate. In addition, Maple has purchased tractors, trailers for hauling cane, and various road construction equipment. During the rest of this year, the Company will purchase harvesters for the mechanical harvesting of commercial cane and additional tractors and trailers for hauling cane.

The successful operation of the Main Estate requires effective water conveyance and irrigation systems which will play an integral role in ensuring efficient production and high yields of sugar cane while minimising the amount of water required for the plantation. The Macacara Pump Station is substantially complete and is currently in operation extracting water from the Chira River for delivery through a pipeline and canal system to the Macacara Reservoir, which is also complete and in operation. The El Arenal Pump Station is currently under construction with civil works substantially completed and all pumps and piping installed, and it should be completed during the second quarter and begin operation during the third quarter of 2011. The El Arenal Reservoir is complete and will go into operation upon commencement of operation of the El Arenal Pump Station. The two river pump stations will be used to supply all the water requirements for the Main Estate. Construction is progressing on the approximate 43-kilometre water pipeline system which forms part of the main water delivery system for the Ethanol Project, and approximately 34 kilometres of this pipeline system have been installed as of today. The Company expects to complete this water pipeline system during the second quarter of 2011. The main water delivery system will supply water to the drip irrigation pumping stations which will deliver water to the drip irrigation systems for the Main Estate. To date, the civil works for nine drip irrigation pumping stations have been completed, and three of these stations are in operation.

During the second half of this year, Maple expects to complete the installation of all 13 drip irrigation pumping stations and have all of these stations available for operation. To date, the drip irrigation systems for the Ethanol Project are complete in over 2,800 hectares of the plantation including the systems for the seed cane farm, and Maple expects to complete the drip irrigation systems for all 7,800 hectares of the Main Estate by year end.

Industrial Developments

As of this date, a substantial portion of the major equipment for the Ethanol Plant is manufactured. Uni-systems, Inc. ("Uni-systems") has manufactured approximately 90% of the sugar cane handling, juice extraction, and juice treatment equipment for the Ethanol Plant. Three shipments of this equipment have arrived in Peru, and 100% of the shipped equipment has been transported to the Ethanol Project site. All of the Uni-systems equipment is expected to be manufactured and delivered to the project site by the end of the second quarter of 2011. Substantially all of the fermentation, distillation, and dehydration equipment manufactured by Praj Industries Limited has already been delivered to the project site.

The boiler and steam generation equipment currently being manufactured by Uni-systems and Allsoft Engenharia e Informatica Industrial (also known as Mitre) in Brazil is 98% complete, and eight shipments of this equipment have already arrived in Peru. During the second quarter of 2011, the Company expects all of the remaining boiler and steam generation equipment to be manufactured and transported to the Ethanol Project site. The first shipment of the turbogeneration equipment manufactured by Siemens arrived in Peru in March. All of the turbogeneration equipment is expected to be delivered to the project site during the second quarter of 2011. The integration engineering being performed by Sugarsoft Assessoria Empresarial Ltda. is 93% complete as of this date, and most of the final detailed engineering required to integrate the equipment and facilities of the Ethanol Plant has already been provided to Haug S.A. ("Haug"), the contractor in charge of construction of the Ethanol Plant. The remaining integration engineering should be finished and provided to Haug during the second quarter of 2011.

To date, Haug has completed all major foundation works for the Ethanol Plant and has begun the erection works related to certain portions of the major equipment. The Company expects Haug to complete the construction of the Ethanol Plant in the second half of 2011 so that the Company will be able to commence commercial operation of the Ethanol Plant in the fourth quarter of 2011. Haug has completed a substantial portion of the construction works for the 60-kilovolt electric transmission line, which interconnects the Ethanol Project to the national power grid, and Haug has begun the construction works on the electric distribution system for the plantation and pump stations. Maple expects Haug to complete all the works on the electric transmission line and distribution system during the second quarter of 2011. After the completion of the 60-kilovolt transmission line, the Company expects to purchase electricity from suppliers on the national power grid at a lower cost of electricity as compared to the energy provided by the diesel generators, which are currently the primary source of power for the agricultural operations.

As of this date, Penta has completed certain works related to the ethanol storage and loading facility, including major foundation works and the fabrication of portions of the three storage tanks which will have an aggregate capacity of 30,000 cubic metres. Maple expects the ethanol storage and loading facility to be completed and available for commercial operation in the fourth quarter of 2011.

Financing

Maple received the second disbursement of funds in the amount of US$40 million from the Ethanol Project Debt Financing in January 2011. The Company expects to receive additional disbursements from this financing during 2011 as required to meet the funding needs of the Ethanol Project.

Hydrocarbon Production, Refining, and Marketing Business Unit

Currently the Company's primary source of operating cash flows is its hydrocarbon production, refining, and marketing business unit. As a result of the cost reduction plan implemented in 2010, the Company expects to lower operating and administrative expenses by approximately US$2 million in 2011 which will contribute to Maple's objective to maximise the efficiency and profitability of this business unit. In addition, the Company is working with Aguaytia Energy to maximise the production of natural gasolines from the Aguaytia gas field by developing strategies to reduce the negative effects of transportation disruptions caused by temporary road closures. As of the fourth quarter of 2010, Maple had completed the fracture stimulation works on two wells in the Agua Caliente oilfield which resulted in increased production from these two wells. The Company currently plans to fracture six additional wells in the Agua Caliente oilfield and two wells in the Maquia oil field during the second half of 2011 with the objective of increasing oil production for delivery to the Pucallpa refinery. Maple does not plan to drill any additional wells in its oilfields during 2011.

Devonian Shale Gas Opportunity in Bock 31-E

After finding gas in the Devonian shale formation in Block 31-E in late 2009, the Company has continued to analyse and further evaluate the data obtained from its drilling activities of the Santa Rosa 1X well. Maple has obtained from Perupetro a retention period until February 2015 for the shale gas encountered in connection with the Santa 1X well. This retention period will provide time to advance this opportunity and potentially develop a market for the shale gas and declare a commercial discovery. This retention period may be extended up to a maximum of five additional years at the discretion of Perupetro. In the first quarter of 2011, Maple finalised with Perupetro the scope and timing of the activities to be performed by Maple during the retention period. Maple has commenced performing works pursuant to the retention period activities including the collection of additional geological information, the interpretation of existing seismic data, and the evaluation of this information and other data that Maple has already acquired. Maple will be seeking to identify a potential joint venture partner with relevant industry experience in the development of unconventional hydrocarbon resources such as shale gas. By joint venturing with an industry partner, the Company plans to utilise such partner's expertise in further evaluating the opportunity while also substantially reducing the Company's capital requirements by having the joint venture partner fund a substantial portion of the costs.

The execution of the 2011 operating plan by Maple's dedicated team of employees is expected to add significant value to the Company. By commencing commercial operations of the Ethanol Project, optimising the hydrocarbon production and refining activities, and advancing the shale gas opportunity, Maple will further its mission of being a leading integrated energy company in Peru. Maple appreciates the support of its shareholders and other stakeholders and looks forward to a successful 2011.

Forward-Looking Statements

Except for the historical information contained in this annual 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 information for the year ended 31 December 2010. These forward-looking statements speak only as at the date of this information, 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 2010

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 December 2010

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2010

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2010

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2010

1. BASIS OF PREPARATION

The consolidated financial information presented in this preliminary report has been prepared in accordance with the Group's accounting policies under IFRS as adopted for use in the EU on a basis consistent with prior years (except as outlined in Note 4 below) and on an historical cost basis except for derivative financial instruments, available for sale financial assets and biological assets that have been measured at fair value. The consolidated financial information is 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.

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 is currently in the process of executing the Ethanol Project in line with budget.

The Group has prepared forecasts and cash flow projections which take into account reasonably possible changes in the timing of starting operations of the Ethanol Project. These projections have been prepared in detail through to 30 September 2012 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 EBITDA. These projections are dependent on the currently envisaged timing of first production from the Ethanol Project, the future price of ethanol, the capital expenditures in respect of the Ethanol Project being in line with budget, and sugar cane yields. On the Group's oil and gas activities, the assumptions are also in part dependent on the price of oil over the period of the projections in addition to the Group's continued management of costs.

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

Workers profit sharing

Answering a clarification request regarding the classification of workers profit sharing, in November 2010 the IFRS Interpretations Committee concluded that the workers profit sharing must be accounted for in accordance with IAS 19 "Employee benefits" instead of IAS 12 "Income taxes". The Committee observed that the objective of IAS 19 is to record compensation expenses only when the employee has provided the related service. Consequently, an entity should not recognise an asset or liability related to future expected reversals of differences between taxable profit and accounting profit in connection with an employee profit-sharing arrangement. Up to the date of this clarification, Maple had included the workers profit sharing in the determination of the deferred tax calculation in accordance with IAS 12.

As a result of this clarification, the Group has excluded workers profit sharing from its deferred tax calculation and has changed its income tax accounting policy. The application of this change was retrospectively made in accordance with IAS 8, "Accounting policies, changes in accounting estimates and errors".

Where adjustments have been made to comparative information in respect of the year ended 31 December 2009 the relevant financial statement or note is headed up as "Restated". The principal adjustments made are summarised below:

2009 2009 2009 2008 2008 2008

As previously As previously

Reported Adjustment Restated Reported Adjustment Restated

US'000 US'000 US'000 US'000 US'000 US'000

Income statement

Administrative expenses 21,175 (1,959) 19,214 17,796 (560) 17,236

Income tax expense 5,792 587 6,381 1,837 170 2,007

____________ ____________ ____________ ____________ ____________ ____________

Loss for the year from

continuing operations 18,240 (1,372) 16,868 7,005 (390) 6,615

____________ ____________

Consolidated Statement of

Comprehensive Income

Net gain on cash flow hedge (208) (21) (229) - - -

____________ ____________ ____________ ____________ ____________ ____________

Statement of financial position

Goodwill 12,653 (2,696) 9,957 12,653 (2,696) 9,957

Other reserves (3,920) (21) (3,941) (3,113) - (3,113)

Retained loss 38,007 (1,415) 36,592 14,747 (137) 14,610

Non-controlling interests (8,225) (104) (8,329) (9,736) (10) (9,746)

Deferred income tax liability (16,345) (1,818) (18,163) (10,966) (1,219) (12,185)

Deferred workers profit sharing (6,054) 6,054 - (4,062) 4,062 -

____________ ____________ ____________ ____________ ____________ ____________

The effect on basic and diluted loss per share related to the restatement in 2009 was US$0.014.

The effect of this change for the year ended 31 December 2010 is a decrease in administrative expenses of US$1,163,000 and a decrease in the income tax credit of US$349,000.

IFRS and IFRIC Interpretations adopted during the financial year

The Group has adopted the following new and amended IFRS and IFRIC interpretations in respect of the 2010 financial year-end:

With the exception of the accounting policy change in respect of workers profit sharing, the application of the other standards and interpretations noted above did not result in material changes in the Group's Consolidated Financial Statements.

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:

- Exploration, Production and Marketing

- Ethanol

- 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. ("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 Company 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 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 loans are eliminated on consolidation.

Geographical information

Revenues from external customers

All external customers are located in Peru. Revenue from one customer amounted to US$11,965,000 (2009: US$9,920,000) arising from sales by the exploration, production and marketing 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 and exploration and evaluation assets.

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%). 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%).

(b) Income tax

(c) Movement of deferred income tax

At 31 December 2010 and 2009, 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 Group has recognised a deferred income tax asset related to tax losses expected to be utilised in 2011 based on the current year forecasts and projections and on the basis that the utilisation of tax losses forward commenced in 2010.

The tax effect of the temporary differences associated with exploration costs and tax loss carry forward for which deferred tax assets have not been recognised aggregate to US$936,000 (2009: Restated US$1,404,000) and US$5,432,000 (2009: Restated US$8,848,000), respectively and expire four years from the first period in which taxable profits arise. A deferred tax asset is not recognised due to uncertainty surrounding the existence of sufficient deductible profits, from 2012 and beyond, when the temporary differences release.

(d) Reconciliation between income tax expense and the loss before tax multiplied by the standard tax rate