MAX PETROLEUM PLC (United Kingdom) receives permit from Kazakhstan's Ministry of Oil and Gas to convert unredeemed notes

/KASE, September 3, 13/ – MAX PETROLEUM PLC (London), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release of August 30, 2013: quote Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that it has received written regulatory approval from the Ministry of Oil and Gas of the Republic of Kazakhstan permitting the conversion of the Company's outstanding 10% notes, comprising US$28.6 million in principal and accrued interest (the "PIK Notes"), into 0.01p ordinary shares of the Company ("Shares"). The PIK Notes will be mandatorily converted into approximately 358 million Shares at a price of 5p per Share. Following conversion, the Shares will be allotted to the holders of the underlying PIK Notes and application will be made for such Shares to be admitted to trading on AIM. A further update will be announced in due course confirming the expected date of such admission. The conversion of the PIK Notes, and the earlier conversion of 6.75% convertible bonds into 709 million shares announced on 21 December 2012, trigger certain anti-dilution provisions of warrants held by syndicate partners in the Company's former credit facility with Macquarie Bank Limited (the "Syndicate Warrants"), which will entitle the holders of the Syndicate Warrants to be issued additional warrants granting them a right to subscribe for approximately 49 million Shares at 5p per Share. Enquiries: Max Petroleum Plc Michael Young President and Chief Financial Officer Tom Randell Director of Investor Relations Tel: +44 (0)207 355 9590 College Hill David Simonson/ Anca Spiridon Tel: +44 (0)207 457 2020 WH Ireland Ltd Daniel Bate / Katy Mitchell Tel: +44 (0)161 832 2174 Macquarie Capital Steve Baldwin/ Nicholas Harland Tel: +44 (0)203 037 2000 Oriel Securities Michael Shaw / Tom Yeadon Tel: +44 (0)207 710 7600 unquote [2013-09-03]