MXP.L Regulatory News (MXP)

4 December 2012

MAX PETROLEUM PLC

("Max Petroleum", the "Company" and, together with its subsidiaries, the "Group")

Shareholder Meeting in Connection with Debt Restructuring

Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, announces, further to its announcement on Tuesday 27 November (the "27 November Announcement"), that it will today issue a circular to shareholders convening a general meeting to be held at the offices of Akin Gump LLP, Eighth Floor, Ten Bishops Square, London E1 6EG on 20 December 2012 at 11.00am (London time) at which shareholder approval will be sought in connection with the restructuring of the Company's outstanding bonds (the "Bonds", and their restructuring, the "Bonds Restructuring") as described in more detail in the 27 November Announcement.

As previously announced, it is expected that a total of approximately 919,000,000 ordinary shares of 0.01p each in the Company (the "Shares') will be issued to bondholders pursuant to the Bonds Restructuring (assuming that the cash tender offer is taken up in full and that all outstanding Bonds are converted into Shares by 31 March 2013, as expected). If no Bonds are successfully tendered pursuant to the cash tender offer and conversion of all Bonds into Shares does not take place until 8 March 2018 (the final payment in kind interest date on the Bonds following implementation of the Bonds Restructuring), it is expected that up to 1,406,000,000 Shares may be issued by the Company in full exercise of the Bond Restructuring. Accordingly, the Company will seek shareholder approval to allot up to this number of Shares.

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