Max Petroleum PLC Financial and Operational Update (9291L)

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RNS Number : 9291L

Max Petroleum PLC

01 May 2015

1 May 2015

Max Petroleum Plc

("Max Petroleum" or the "Company")

Update re financial and operational position

Max Petroleum announces that, following the suspension of trading in its ordinary shares on the AIM market of London Stock Exchange plc on 2 March 2015, positive discussions have continued in respect of an appropriate debt restructuring with Sberbank and an equity investment from AGR Energy. In addition to a debt restructuring and equity investment, the Company also requires bridge financing to ensure the Company is viable for the period until the regulatory and other approvals can be in place to permit the debt restructuring and equity investment, if agreed.

The company continues in operation, producing circa 2,900 bopd, under severe financial stress.

The Directors of Max Petroleum currently continue to believe that there remains a reasonable prospect that ongoing discussions could result in a sufficient refinancing of the Company, including bridge finance, being agreed with Sberbank and AGR Energy in the very near future and, on that basis, have not yet put the Company into administration.

A further announcement will be made in due course.

ENQUIRIES:

 
 Max Petroleum Plc                 [phone] 
 Tom Randell 
 
 Stifel Nicolaus Europe Limited 
 Michael Shaw                      [phone] 
 Tom Yeadon 
 

Save where the context requires otherwise, capitalised and technical terms used in this announcement shall have the same meaning as ascribed to them in the Company's circular to shareholders dated 12 November 2014.

This information is provided by RNS

The company news service from the London Stock Exchange

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