MXP.L Regulatory News (MXP)

Max Petroleum Plc

("Max Petroleum" or the "Company")

Exercise of Warrants

10 March 2011

Max Petroleum announced today that pursuant to a warrant deed to subscribe for ordinary shares of 0.01 pence each in the Company ("Shares") dated 10 November 2009, Macquarie Bank Limited ("Macquarie Bank") exercised a right to subscribe for 133,971,947 Shares at an exercise price of 4.538 pence per Share. Proceeds from the exercise of US$9.8 million have been used to pay down the principal amount outstanding under the Company's revolving credit facility with Macquarie Bank (the "Credit Facility"). Following the exercise, the total loan commitment under the Credit Facility is US$68.5 million of which US$6.0 million is currently outstanding, leaving US$62.5 million in borrowing capacity under the Credit Facility. The cash exercise was completed in conjunction with Max Petroleum's recent equity placing where the Company raised approximately US$85 million (£52.7 million) before expenses (the "Placing"). Macquarie Bank has also cancelled a warrant for 182,639,369 Shares at an exercise price of 6.13 pence per share and has extended the maturity date of the Credit Facility to 31 March 2013 as a result of the Placing.

Application has been made for these Shares to be admitted to trading on AIM on 15 March 2011. For the purposes of the Financial Services Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of the Company following this allotment consisted of 913,533,611 Shares with voting rights attached (one vote per Share). There are no Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Max Petroleum under the DTRs.

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