Maple has made substantial progress in the development of its Ethanol Project including the planting of approximately 5,685 hectares of sugar cane on the Company's plantation and substantially completing the erection and installation of the Ethanol Plant. However, as a result of unexpected delays from third-party providers relating to the Ethanol Plant, the Company is revising the anticipated commencement of commercial operation of the Ethanol Project to the first quarter of 2012.

As a result of this delayed commencement, the Company will incur certain incremental project-related costs, including additional internal project management and administrative costs as well as additional pre-operating costs related to the development and ongoing planting and cultivating of sugar cane on the main estate. These incremental project-related costs and other expenditures associated with the completion of the Ethanol Project are expected to be funded through the Company's available cash and borrowings under its available debt instruments, including an existing stand-by letter of credit facility (the "Stand-by LC") in the amount of US$ 12.5 million that was primarily established to fund any cost over-runs or other necessary expenditures in excess of the budgeted amounts for the Ethanol Project. The Company currently intends to draw down a substantial portion of the Stand-by LC during the next 60 days.

Ethanol Project Highlights As of Today

(In order to show recent progress, the information in brackets relates to the figures reported in the announcement on 28 October 2011.)

■ Approximately 5,340 hectares (4,820 hectares) of commercial sugar cane have been planted on the main estate using sugar cane from the Company's 345-hectare seed cane farm. ■ Completed the approximate 43-kilometre water pipeline system which forms part of the main water delivery system. ■ Placed in operation the El Arenal Pump Station and the El Arenal Reservoir, with a capacity of 110,000 cubic metres. ■ Completed the civil works for 13 (13) drip pumping stations, and ten (nine) of these stations are available for operation with nine (eight) of these currently in operation. ■ Installed the drip irrigation tape in approximately 6,900 hectares (6,100 hectares) of the plantation including the seed cane farm. ■ Erected and installed approximately 99% (96%) of the sugar cane handling, juice extraction, and juice treatment equipment. ■ Erected and installed approximately 99% (96%) of the fermentation, distillation, and dehydration equipment necessary to produce fuel-grade ethanol. ■ Erected and installed approximately 96% (95%) of the boiler and complementary steam generation equipment; most of the unexpected delays mentioned above relate to the completion of the steam generation facilities. ■ Installed the major components of the 37-megawatt ("MW") turbogeneration unit, including the steam turbine and generator, as well as the auxiliary piping related to this unit. ■ Substantially completed and commissioned the water treatment facilities as well as certain medium voltage and low voltage equipment in the motor control centers for the Ethanol Plant. ■ Currently operating the 36-kilometre, 60-kilovolt transmission line to interconnect with the national power grid. ■ Penta Tanks Terminals S.A. ("Penta") has completed approximately 94% (92%) of the works for the ethanol storage, loading, and shipping facilities near the port of Paita.

Rex Canon, CEO of Maple Energy, commented, "We are pleased to report continued progress of our Ethanol Project, which is near substantial completion. While we have experienced certain unexpected delays in completing the Ethanol Plant, we believe we are well-positioned, financially and operationally, to address these issues and begin operations in the near term. We remain enthusiastic about the overall Ethanol Project and look forward to announcing to the market the full completion of this exciting initiative in the first quarter of 2012."

Tags: Maple Energy plc