I am pleased for shareholders for this lift today ....but seriously cant see why everyone is getting so excited when we are talking about MAX which we have consistently seen how it has dropped like a stone over the last 3 years from 23p and now some people seem genuinely excited that it has moved up from a tenth of a pence up to 2 tenths of a pence ....Oil price is very low and unstable and the company is not producing enough money/ Oil to cover its loans the management at best have been proven questionable ....Am i missing something here
The Board notes the recent price movement in the Company's ordinary shares and confirms that there are currently no updates to the Company's announcement of 9 February 2015.
Max Petroleum continues negotiations with Sberbank regarding an appropriate debt restructuring and with AGR Energy regarding an equity investment that, together with the debt restructuring, would render the Company viable at current oil prices.
The Directors of Max Petroleum currently believe that there is a reasonable prospect that ongoing discussions could result in a sufficient refinancing of the Company and, on that basis, have not put the Company into administration. However, in light of upcoming creditor payments, including a material amount that becomes due on 25 February 2015 to the Kazakh tax authorities and payable by early March 2015, there is only a short period remaining to achieve such a refinancing and if current efforts are unsuccessful then the consequences will be negative for all stakeholders in the Company.
A further announcement will be made in due course.
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