MXP.L Regulatory News (MXP)

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AIM: MXP

9 September 2014

Max Petroleum Plc

("Max Petroleum" or the "Company")

Updated Rule 2.10 Announcement

In accordance with Rule 2.10 of the Code, Max Petroleum confirms that it currently has in issue 2,175,305,483 ordinary shares of 0.01p each. The International Securities Identification Number for the ordinary shares is GB00B0H1P667. The total number of shares attracting voting rights in the Company is therefore 2,175,305,483 and there are no ordinary shares held in Treasury. This figure may be used by shareholders to determine the percentage of issued ordinary share capital they hold in the Company and if they are required to notify an interest in, or a change to their interest in, the Company.

On 8 September 2014, 4,940,000 warrants held by former bondholders of Max Petroleum or their transferees ("bondholder warrants") expired, with no such bondholder warrants having been exercised. An additional 3,400,000 bondholder warrants, convertible into an aggregate of 3,400,000 ordinary shares of Max Petroleum, remain outstanding, which expire on 8 September 2015. The exercise price of these warrants is 5p and, based on the closing share price of 1.17p per ordinary share as at 8 September 2014, all the remaining bondholder warrants are considered to be significantly out of the money.

In addition, as of today, warrants held by the Macquarie Syndicate ("MBL warrants") are convertible into an aggregate of 97,624,047 ordinary shares of the Company at a weighted average exercise price of 5.23p. The MBL warrants expire on 31 December 2015. The lowest exercise price of the MBL warrants is 4.54p and, therefore, they are all considered to be significantly out of the money.

Both the bondholder warrants and the MBL warrants are transferable but are certificated and are not exchange traded instruments.

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