/KASE, February 9, 15/ – MAX PETROLEUM PLC (London), whose shares are officially
listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following
information statement:
quote
Recent material fall in oil price means Group will be insolvent without debt
restructuring and additional financing Subscription by AGR Energy will not
proceed Discussions with AGR Energy continue with respect to an investment in
the Group Negotiations continue with Sberbank to restructure the debt facility.
The fall in the oil price since November 2014 has had a very severe adverse
impact on the Company's current and forecast liquidity position in 2015 and
beyond. As a result, Max Petroleum's business has been rendered unviable
unless further material investment is made into the Company in addition to there
being a comprehensive debt restructuring agreed with Sberbank. Negotiations
with Sberbank regarding the terms of such debt restructuring have so far not
been successful.
While, as a result of the above, the Subscription by AGR Energy will not
proceed, 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 (being some 50% below their level when the AGR
Energy Subscription was proposed in August 2014 and 30% lower than when
shareholders approved the Subscription in December 2014).
unquote
The said information is available on KASE website at
http://www.kase.kz/files/emitters/GB_MXPT/gb_mxpt_reliz_090215.pdf
[2015-02-09]