MAX PETROLEUM PLC announces change in price of ordinary shares GB00B0H1P667 (GB_MXPT) and further negotiations with AGR Energy and Subsidiary Bank Sberbank of Russia

/KASE, February 23, 15/ – MAX PETROLEUM PLC (London, hereinafter – the Company), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following information statement of February 19, 2015: quote 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) 203 713 4015 Tom Randell Oriel Securities Limited Michael Shaw / Tom Yeadon +44 (0) 207 710 7600 unquote [2015-02-23]