MXP.L Regulatory News (MXP)

Max Petroleum Plc

(the "Company")

Operational Update

22 October 2012

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces an operational update of its activities in the Blocks A&E Licence area in the Republic of Kazakhstan.

Baichonas West

The BCHW-1 well at the Baichonas West prospect has begun testing in a Triassic reservoir from depths between 1,184 and 1,190 metres, flowing at a stable rate of 450 barrels of 48 degree API gravity oil per day ("bopd") with no water. This zone was initially reported as Jurassic, but is now believed to be Triassic pending final age determination, and will be produced on test production for 90 days, after which time a second zone will be tested. The results of this test, combined with revised mapping of the structure, indicate that it is a commercial discovery with oil in place of approximately 16 mmbo and expected recovery factors between 20% and 40%.

Eskene North

The Company has decided to move the planned drilling location at Eskene North to another preferred location on the structure. Preparation of the alternate location is expected to take several weeks, but is not expected to hinder the Company's ability to complete the drilling of its post-salt portfolio prior to March 2013, subject to additional financing for wells beyond those covered by the equity for drilling services agreement with its drilling contractor, Zhanros Drilling, LLP.