1 May 2015 07:00
1 May 2015
Max Petroleum Plc
("Max Petroleum" or the "Company")
Update re financial and operational position
Max Petroleum announces that, following the suspension of trading in its ordinary shares on the AIM market of London Stock Exchange plc on 2 March 2015, positive discussions have continued in respect of an appropriate debt restructuring with Sberbank and an equity investment from AGR Energy. In addition to a debt restructuring and equity investment, the Company also requires bridge financing to ensure the Company is viable for the period until the regulatory and other approvals can be in place to permit the debt restructuring and equity investment, if agreed.
The company continues in operation, producing circa 2,900 bopd, under severe financial stress.
The Directors of Max Petroleum currently continue to believe that there remains a reasonable prospect that ongoing discussions could result in a sufficient refinancing of the Company, including bridge finance, being agreed with Sberbank and AGR Energy in the very near future and, on that basis, have not yet put the Company into administration.
A further announcement will be made in due course.
ENQUIRIES:
Max Petroleum Plc | +44 (0) 20 3713 4015 |
Tom Randell | |
Stifel Nicolaus Europe Limited | |
Michael Shaw | +44 (0) 20 7710 7600 |
Tom Yeadon |
Save where the context requires otherwise, capitalised and technical terms used in this announcement shall have the same meaning as ascribed to them in the Company's circular to shareholders dated 12 November 2014.