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9 May 2012
Maple Energy
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Disclaimer
This Presentation and other information which you are given at the time of presentation, in whatever form, do not constitute or form part of any offer orinvitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in Maple, nor shall it or any part of it form the basis of, orbe relied upon in connection with, any contract or commitment whatsoever. This Presentation does not constitute a recommendation regarding theshares of Maple. No part of the contents of this Presentation is to be taken as any form of commitment on the part of the Company to proceed with anytransaction, and the right is reserved to terminate any discussions or negotiations with any prospective investors. The distribution of this Presentation incertain jurisdictions may be restricted by law. No action has been taken or will be taken by Maple, by the existing shareholders or by any professionaladviser to Maple, that would permit an offer of shares or possession or distribution of this Presentation where action for that purpose is required. Personsinto whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Any failure to comply with theserestrictions may constitute a violation of the securities laws of any such jurisdiction.
In no circumstances will Maple be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of Maple. Infurnishing this Presentation, Maple does not undertake or agree to any obligation to provide the recipient with access to any additional information or toupdate this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent.
This Presentation has been prepared by Maple and all reasonable care has been taken to ensure that the facts stated in the Presentation are true andaccurate in all material respects to the best of thedirectorsknowledge, information and belief and that the opinions expressed are fair and reasonable.No reliance can be placed for any purpose whatsoever on the information contained in this Presentation or on its completeness. Certain figures notedherein are illustrative projections and are based on a number of assumptions, and no figures should be regarded as a profit forecast.
This Presentation contains forward-looking statements, which are based on Maple's current expectations and assumptions and involve known andunknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in suchstatements. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables, whichcould cause actual results or trends to differ materially. Each forward-looking statement speaks only as of the date of the particular statement. Except asrequired by the AIM Rules, the London Stock Exchange or by law, the Company disclaims any obligation or undertaking to release publicly any updatesor revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change
in events, conditions or circumstances on which any such statement is based.
In this presentation, theCompanyand Maple refer to Maple Energy plc and/or its subsidiaries, unless otherwise indicated or the context otherwiserequires.
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Company Highlights
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Vertically integrated Ethanol Project which began producing ethanol in April 2012
Expected low-cost, globally competitive ethanol producer
Enhanced operational efficiency of Ethanol Project through automation and sophisticated techniques and
processes
Attractive ethanol demand outlook supported by existing and increasing mandates for ethanol on a global basis
Stable existing cash flow from hydrocarbon production, refining and marketing operations
Management team with significant in-country project management, development and operational experience
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Maple Summary
Core Business
An integrated independent energy company with assets andoperations in Peru
Primary goal of becoming one of the lowest cost producers of fuel-grade ethanol in the world
Current Operations
Operation of an integrated ethanol production business producingfuel-grade ethanol
Operation of a fully integrated liquid hydrocarbon business fromproduction to refining and marketing
Evaluation of a shale gas opportunity Strategy
Complete Ethanol Project and ramp up commercial production
during 2012
Seek to expand current Ethanol Project
Seek to identify additional ethanol development opportunities
Maximise efficiency and profitability of hydrocarbon production,refining and marketing operations
Management Team
Significant in-country experience since 1993
Project management, construction, development and operationexpertise
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100% working interest in three producing oilfields in Peru:
December 2011 average production: approximately 485 bpd
Total net 2P reserves of 1.423 mmbbls and net 3P reserves of2.402 mmbbls as of 31 December 2011
Exploration assets within prospective hydrocarbon region
Oil & Gas Production & Exploration (2)
Summary Ethanol Project
Agriculture:
Approximately 13,500 ha of land owned near Northern coast of Peru Water rights to irrigate sugar cane plantation
Water delivery and drip irrigation systems in operation
Industrial:
Distillery with capacity to produce up to 35 million gallons of ethanolper annum
37 MW co-generation power plant expected to be placed intooperation during the middle of 2012
Total estimated project cost is in the range of US$275-280 million(1)
Commercial production of ethanol commenced in April 2012
Refining and Marketing
Maple-operated Pucallpa refinery
Feedstock directly from Maples producing fields and Aguaytia Energy
Daily capacity of 3,000-4,100 bbls based on type of feedstock andproduct demand
Storage capacity of approximately 200,000 bbls
Products sold primarily into local markets
(1) Based on Maples management estimates (including interest during construction, a debt service reserve account, and certainvalue-added taxes, and excluding assets acquired under finance leases). The estimated total costs for the Ethanol Project aremanagement estimates based on numerous assumptions and such estimates are subjective, and therefore susceptible tovarying interpretations and periodic re-evaluation based on actual experience and business, market and industry conditions.
Actual project costs may differ from the estimates above, and such differences may be material.(2) Reserves based on 10-year extension of License Contract for Blocks 31-B and 31-D.
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Peru: Stable Emerging Market Supports Growing Ethanol Industry
Peru is a stable and expanding economy
6.9% GDP growth for 2011 (1)
Low inflation: 4.7% for 2011 (1)
Foreign reserves at the end of 2011 were US$48.8 billion (1)
Sovereign risk rating for Peru among the lowest in Latin America (2)
Foreign currency sovereign credit investment grade rating from FitchRatings, Standard & Poors and Moodys
Economic Summary Peruvian Ethanol Industry
Existing Peruvian sugar cane and ethanol production:
As of 2010 approximately 80,000 hectares of sugar cane plantations inoperation
Currently, sugar cane is primarily grown for sugar rather than ethanol
Current government is encouraging the development of ethanol
Another local, independent ethanol producer currently producing fuel-grade ethanol
High sugar cane yields:
Climate allows year-round planting and harvesting of sugar cane
Peruvian annual sugar cane yields per hectare are among the highest in
the world
Duty-free trade agreements:
Under existing regulations, Peru is able to export ethanol directly to theEU and US duty-free
Peru has an ethanol mandate:
Existing legislation requiring a 7.8% ethanol content in gasoline sold
Demand for ethanol in the Peruvian domestic market is expected toeventually reach over 30million gallons per year
Peruvian GDP Growth (1)
(1) Source: Peruv ian Cent ra l Bank
(2) Source: Fitch Ratings February 2012
5
0%
2%
4%
6%
8%
10%
12%
2003 2004 2005 2006 2007 2008 2009 2010 2011
Growth%
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EU 2009 Renewable Energy DirectiveEU 2003 Renewable Energy Directive
Biofuels: EU Sustainability Criteria (1)
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5.75% of biofuels in transport sector
by December 2010 (non-compulsory)
Sustainability criteria for biofuels
10% share of energy from renewablesources in transport by 2020 (mandatory)
Sustainability Criteria
Only biofuels that meet sustainability criteria will count toward the targets of the 2009 RenewableEnergy Directive
Germany began implementing sustainability criteria in 2011
35% greenhouse gas emission savings target from the use of biofuels by 2010 (50% by 2017)
Biofuels should not be made from raw materials from tropical forests or recently deforested areas,drained peatland, wetland, or highly biodiverse or natural protected areas
Maples Ethanol
Sugar cane ethanol has a 71% greenhouse gas emission savings compared to fossil fuelsaccording to EU default values for biofuels (versus 49% corn, 34% wheat, and 52% sugar beet)(2)(3)
Maple is currently applying for sustainability certification with the Roundtable on SustainableBiofuels (RSB); the RSB certification process has been approved for use in the EU
SustainableBiofuels
Certificates(voluntaryschemes)
(1) Source: European Commission - Renewable Energy. Directive 2003/30/EC, Directive 2009/28/EC and MEMO/10/247.(2) Source: Directive 2009/28/EC Annex V, Rules for calculating the greenhouse gas impact of biofuels, bioliquids and their fossil fuel comparators.(3) Default value for wheat is based on natural gas as process fuel in a conventional boiler.
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Ethanol Project: Expected Low Cost Producer
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Key Project Drivers and Competitive Positioning
High Sugar Cane Yield Unique growing conditions in Northern Peru result in high sugar cane production yields per hectare
Climate allows year-round growing and harvesting
Drip irrigation system enhances productivity and yields
Integrated Model Vertically integrated production model generates significant benefits and efficiencies Direct control of feedstock supply and costs
Low Transportation Costs Ethanol plant within the plantation reduces transportation costs and improves production efficiency Proximity to a sea-port
Low Cost Ethanol
Production Sugar cane is the most efficient feedstock for the production of ethanol
Modern techniques and automation enhance operational efficiency
Unit production costs are expected to be competitive, on a global basis, with existing producers ofethanol
Duty Free Trade Peru is positioned to sell duty-free to both the EU and US under existing trade agreements
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Ethanol Project: Location
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Ethanol Project: Agriculture and Irrigation
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Agriculture Irrigation
Approximately 13,500 hectares of total land:
Initial acquisition of 10,676 hectares in 2007
2,839 hectares subsequently acquired
7,800 hectares net sugar cane plantation planned in first phase
Seed cane farm developed (345 ha) with three principal varieties; tenadditional varieties under further evaluation for potential future use
Commercial planting of sugar cane started in January 2011
Over 6,500 hectares of sugar cane planted by the end of April 2012
Agricultural operations overseen by Booker Tate
Harvesting and processing of sugar cane started in late March 2012
Water sourced from Chira river, and key water rights obtained
Macacara and El Arenal pumping stations completed and in operation
Macacara and El Arenal reservoirs completed and in operation
Approximate 43-km water pipeline system completed and in operation
Approximately 7,280 hectares of drip irrigation tape installed to date
Commercial PlantingMacacara Pumping StationSeed Cane Farm
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Legend
1. River pumping stations2. Water reservoirs3. Re-pumping stations
4. Water pipeline system
5. Drip pumping stations6. Drip irrigation system7. Sugar cane field
1
3
2
4
6
5
7
Ethanol Project - Water Delivery System Overview
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Ethanol Project: Industrial Facilities
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Ethanol and Power Generation Plant
Located within the sugar cane plantation to minimise transportationcosts and reduce sucrose deterioration
Substantial completion of ethanol plant and start-up by early April2012, except for certain works primarily related to the 37-megawattpower plant
Commenced ethanol production in April 2012
37-megawatt power plant substantially completed and expected to befully commissioned and placed into operation during the middle of2012
60 kilovolt electric transmission line completed and in operation
Storage, Loading and Export Facilities
Land acquired near Paitas industrial zone for storage and loadingfacilities
Key permits and authorisations for the relevant stage of developmenthave been obtained
Contract executed with third-party contractor to build, own andoperate facilities
Substantial portion of facilities completed, including the storagefacility which is currently available for use
Submarine pipeline and mooring system installed
Entire facility is expected to be placed into operation in Q2 2012
Ethanol Plant
Paita Storage , Loading and Export Facilities
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Integrated Production Process for Ethanol
Land clearing Bed forming Installation of dripirrigation system
GPS mechanical planting
A. SOIL PREPARATION AND DRIP IRRIGATION B. MECHANICAL PLANTING AND HARVESTING
D. TRANSPORTATION AND MARKETINGC.SUGAR CANE PROCESSING AND ETHANOL
PRODUCTION
GPS mechanicalharvesting
Sugar cane industrialprocess
Ethanol transportation
Storage, loading andexport facilities
Sales offuel-gradeethanol
Juice Diffuser
Bagasse and foliage
35 MM GALLONETHANOL PLANT
37 MW POWERPLANT
TRANSMISSION LINE
STORAGE ANDLOADING FACILITY
Sales to national
power grid
ESTIMATED 17 MEGAWATTS
ESTIMATED 20 MEGAWATTS
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Ethanol Project: Export Strategy and Ethanol Off-Take
Maples Ethanol Project is export-oriented
Initial primary export market will be the EU
Five-year Ethanol Distribution Agreement with a subsidiary of Mitsui & Co. Ltd has been executed
Ethanol to be sold FOB at the loading facilities near Paita where the counterparty will assume risk and responsibility
Peru is positioned to sell duty-free to both the EU and US under existing trade agreements
Peruvian domestic market expected to have capacity for a portion of Maples ethanol production
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Ethanol Export Locations
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Maple Oil & Gas Assets Map
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(1) Reflects Maple's historic unaudited production volumes of crude oil from the Maquia, Agua Caliente and Pacaya oil fields for theperiods indicated.
(2) Source: Netherland, Sewell and Associates Inc.Based on 10-year extension of License Contract for Blocks 31-B and 31-Dthrough March 2024.
(3) Reflects Maple's net oil reserves as at 31 December 2011.(4) Reflects Maple's contingent resources as at 31 December 2011.
Maple Crude Oil Production (1)
Oil & Gas Exploration and Production
Maple is currently producing crude oil in three oilfields:
Maquia (Block 31-B) Agua Caliente (Block 31-D)
Pacaya (Block 31-E)
Maple is the operator and holds a 100% working interest in allthree blocks
Average crude oil production for December 2011 wasapproximately 485 bpd
Oil quality is high gravity (30 44 API) low sulphur
Fiscal regime with attractive royalty obligations:
Pacaya 15% (fixed), Maquia 50% (capped) and Agua Caliente 30% (capped)
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Producing Assets
Exploration
100% working interest in Block 31-E:
New shale gas opportunity
Devonian shale formation underlies Blocks 31-E and 31-B
Maple intends to identify a joint venture partner for further explorationand appraisal of Block 31-E
33.77% economic interest in the Aguayta Deep gas prospect in Block31-C
Reserves and Resources (2)
0
100
200
300
400
500
600
2008 2009 2010 2011
bpd
(Thousand bbls) 31-B 31-D 31-E
Oil Reserves (3) Maquia Agua Caliente Pacaya Total
Proven 294.4 391.2 265.3 950.9
Probable 313.0 109.4 50.0 472.4
Possible 425.7 352.2 200.7 978.6
Total 1,033.0 852.8 516.1 2,401.9
Contingent Oil Resources (4) Gross (Thousand bbls) Net (Thousand bbls)
Low Estimate (1C) 349.2 329.0
Best Estimate (2C) 142.9 134.6
High Estimate (3C) 13.2 12.4
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Refining & Marketing
Maple operates the Pucallpa Refinery and Sales Plant, located in
Pucallpa in the Central Peruvian jungle The refinery has daily capacity to process:
3,000 barrels of crude oil producing a Residual 6 fuel oil;
3,400 barrels of crude oil producing a Residual 5 fuel oil; or
4,100 barrels of natural gasoline
The facility also maintains approximately 200,000 barrels of feedstockand refined product storage capacity
Feedstocks for the refinery consist of natural gasoline purchased from
Aguaytia Energy and crude oil produced from Maples oilfields
Maple produces a number of refined products from the refineryincluding gasoline, diesel, solvents, aviation fuel, naphthas andresidual fuel oil
These products are marketed by Maple in the Central Peruvianjungle, Central Peruvian highlands and Lima
The strategic location of the refinery in the rapidly growing CentralPeruvian jungle region and the integration of Maples operations
provide an important competitive advantage
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Refining & Marketing
Pucallpa Refinery
(1) Reflects Maples unaudited historic feedstock volumes delivered to the Pucallpa Refinery for the periodsindicated.
Refining Feedstock Volumes (1)
0
500
1,000
1,500
2,000
2,500
3,000
2008 2009 2010 2011
bpd
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Maple Financial Summary
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(1) Adjusted earnings before interest, taxation, depreciation and amortisation (Adjusted EBITDA) is calculated as operating income plus depreciation,amortisation, Base Logistica Ucayali (BLU Camp) impairment, and employee termination cost.
Key Performance
Indicators
2011 2010
Refinery sales volume, barrels 681,894 731,460
Gross profit per barrel sold US$41.90 US$28.82
US$000Consolidated
US$000Consolidated
Revenue from operations 86,979 71,153
Gross profit 28,570 21,079
Operating income 9,978 3,665
Profit for the year 12,710 236
Adjusted EBITDA (1) 16,710 11,843
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Corporate Information
Listing Venue / Ticker AIM (London): MPLE; BVL (Peru): MPLE
Ordinary SharesOutstanding 149.2 million
Nomad & Main Brokers
Cenkos Securities plc (nomad & joint-broker) - UK
Mirabaud Securities Limited (joint-broker) - UK
Credibolsa SAB (listing sponsor) - Peru
Listing Highlights
Lima Stock Exchange main indexes: IGBVL (36), ISBVL (15), INCA
Eligible security for investment by Peruvian Pension Funds
Part of the first Peruvian ETF MSCI All Peru Capped Index Fund (EPU)
Part of FTSE AIM 100 Index
Board of Directors
Nigel B. Christie Chairman of the Board and Independent Non-Executive Director
Rex W. Canon Chief Executive Officer, President and Executive Director
Tony L. Hines Senior Vice President of Operations and Executive Director
Carlos A. Palacios Rey Independent Non-Executive Director
Gianfranco Castagola Ziga Non-Executive Director
Alberto Camet Blanco Non-Executive Director
Francisco Mesquita Neto - Independent Non-Executive Director
Independent Research
Mirabaud Securities Limited - UK
Cenkos Securities plc - UK
BBVA Research - Peru
Kallpa Securities SAB - Peru
Seminario & Ca SAB - Peru
Website WWW.MAPLE-ENERGY.COM
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Ethanol Project Photo Album
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Ethanol Project: Land Development
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Macacara River Pumping Station
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S
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El Arenal River Pumping Station
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M W t R i
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Macacara Water Reservoir
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Drip P mping Station DPS 5
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Drip Pumping Station DPS 5
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Drip Irrigation System
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Drip Irrigation System
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Plantation Equipment
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Plantation Equipment
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Sugar Cane Commercial Planting
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Sugar Cane Commercial Planting
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Sugar Cane Commercial Planting
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Sugar Cane Commercial Planting
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Seed Cane Farm
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Seed Cane Farm
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Ethanol Plant
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Ethanol Plant
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Sugar Cane Reception and Preparation Facilities
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Sugar Cane Reception and Preparation Facilities
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Diffuser
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Fermentation Facilities
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Distillation Facilities
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Cooling Water System
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Steam Generation Facilities
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Motor Control Center Room
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Power Generation House
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Electric Substation
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Electric Transmission Line
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Ethanol Storage and Loading Facility
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Ethanol Storage and Loading Facility
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