Max Petroleum PLC Statement re Suspension (1755G)

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RNS Number : 1755G

Max Petroleum PLC

02 March 2015

2 March 2015

Max Petroleum Plc

("Max Petroleum" or the "Company")

Statement re suspension

Max Petroleum announces that, following its announcements of 9 February 2015 and 19 February 2015, it has requested that trading in its ordinary shares on the AIM market of London Stock Exchange plc be suspended pending the outcome of final 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.

The Directors of Max Petroleum currently believe that there remains a reasonable prospect that these discussions could result in a sufficient refinancing of the Company and, on that basis, have not yet put the Company into administration.

However, in light of the protracted nature of the discussions as well as outstanding creditor payments, including a material amount that became due on 25 February 2015 to the Kazakh tax authorities and payable in early March 2015, there is now only a very limited period remaining to achieve such a refinancing. If current negotiations are unsuccessful, or if other events outside the control of the Company require that the Company ceases trading while such negotiations are ongoing, then the consequences will be negative for all stakeholders in the Company.

A further announcement will be made in due course.

ENQUIRIES:

 
                             +44 (0) 20 3713 
 Max Petroleum Plc                      4015 
 Tom Randell 
 
 Oriel Securities Limited 
                             +44 (0) 20 7710 
 Michael Shaw                           7600 
 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

END

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