Exercise of warrants

Max Petroleum Plc

(the "Company")

Exercise of warrants

9 June 2010

The Company announces today that on 7 June 2010, pursuant to a warrant deed to subscribe for ordinary shares of the Company ("Ordinary Shares") dated 10 November 2009, ARF Energy Limited ("ARF") elected for the cashless exercise of its right to subscribe for 13,700,000 Ordinary Shares at an exercise price of 4.538p per Ordinary Share, resulting in the issue and allotment of 9,789,899 new Ordinary Shares.

Application has been made for the 9,789,899 Ordinary Shares to be admitted to trading on AIM on 14 June 2010. Following this allotment of shares, the Company's issued Ordinary Share capital will be 449,214,729 Ordinary Shares.

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