MXP.L Regulatory News (MXP)

Max Petroleum Plc

(the "Company")

Drilling Update

24 November 2011

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce a drilling update of its activities in the Blocks A&E Licence area in the Republic of Kazakhstan.

Successful appraisal well at Zhana Makat

The ZMA-A19 development well in the Zhana Makat Field has reached a total depth of 948 metres, with electric logs indicating 28 metres of net oil pay. The pays include 5 metres in the Cretaceous Neocomian reservoir at depths from 648 to 654 metres, and 23 metres in the Jurassic JI and JII reservoirs at depths from 772 to 832 metres. Reservoir quality appears excellent with porosities ranging from 20% to 34%. The Company has run production casing in the well, which will be completed and placed on production immediately after obtaining the requisite governmental approvals. The PM Lucas IDECO rig is moving to drill the SAGW-2 appraisal well in the Sagiz West Field.

Drilling started at second East Kyzylzhar I well

Drilling has commenced at the KZIE-2 appraisal well on the East Kyzylzhar I prospect in Block E. Total depth of the well will be approximately 1,200 metres, targeting Jurassic reservoirs.

Enquiries:

Richard Hook, Chief Operating Officer of Max Petroleum, is the qualified person that has reviewed and approved the technical information contained in this announcement. Mr. Hook is a member of the Houston Geological Society and holds both Masters and Bachelors of Science degrees in geology.