MAX PETROLEUM PLC provides update on financial and production situation
08.05.15 18:07
/KASE, May 8, 15/ – MAX PETROLEUM PLC (London), whose shares are officially
listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the
following information statement of May 1, 2015:
quote
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.
unquote
[2015-05-08]