19 Feb 2015 12:18
FOR IMMEDIATE RELEASE
19 February 2015
Max Petroleum Plc
("Max Petroleum" or the "Company")
Statement re share price rise
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.
ENQUIRIES:
Max Petroleum Plc | +44 (0) 20 3713 4015 |
Tom Randell | |
Oriel Securities 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.