MXP Max Petrol

LONDON--Max Petroleum PLC (MXP.LN), a Kazakhstan-focused oil producer whose shares have been suspended since March, said Friday that despite "severe financial distress" it hasn't entered administration because there's a chance that debt restructuring talks could result in a deal.

"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, [company directors] have not yet put the company into administration," it said.

Production is running at 2,900 barrels a day.

Write to Ed Ballard at ed.ballard@wsj.com

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