Key Developments: Max Petroleum PLC (MXP.L)

MXP.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Max Petroleum does not declare dividend
Wednesday, 20 Aug 2014 02:00am EDT 

Max Petroleum Plc:Says no interim or final dividend has been paid or proposed during the year.  Full Article

AGR Energy to invest in Max Petroleum PLC
Monday, 4 Aug 2014 02:00am EDT 

Max Petroleum PLC:It has raised about 37.1 mln Pound (about $62.5 mln) before expenses by way of conditional cash subscription by AGR Energy Ltd for 2,264,093,462 new ordinary shares.Ordinary shares offered at price of 1.64 pence per ordinary share, such that Investor will hold 51 pct of enlarged issued share capital immediately following completion of subscription.  Full Article

Max Petroleum Plc commences formal sale process
Friday, 25 Jul 2014 12:50am EDT 

Max Petroleum Plc:Launches a review of strategic options open to the company with the intention of maximising value for shareholders.The review of strategic options may include a corporate transaction such as a merger with, acquisition of or subscription for the company's securities by a third party, a sale of the business or a farm down or disposal of assets.Discussions in relation to a merger with a third party or a sale of the company will take place within the context of a "formal sale process".Appoints Blackstone Group International Partners LLP (Blackstone) as exclusive financial adviser to conduct the formal sale process.Any interested party will be required to enter into a non-disclosure agreement with the company before being permitted to participate in the process.Following execution of an agreed non-disclosure agreement, the company intends to provide interested parties with information materials on the company.Following receipt of the materials, interested parties shall be invited to submit proposals to the company.Reserves the right to alter any aspect of the process as outlined above or to terminate it at any time and will make further announcements as appropriate.Reserves the right to reject any approach or terminate discussions with any interested party or participant at any time.  Full Article

Max Petroleum PLC updates on cost cutting initiative
Monday, 19 May 2014 02:01am EDT 

Max Petroleum PLC:Updates on previously announced cost cutting initiative and related accounting charge.Expects initiative will result in annualized ongoing cost reductions of about $4 million.Expects to establish an about $3.8 million reserve in financial statements as of March 31, for severance and other transitional expenses associated with various cost reduction measures.Says this include the closure of Houston office this year, the reduction in size and cost of the London office and a reduction in senior management and administrative personnel in Houston, London and in Kazakhstan.Among the personnel changes included in the expense reduction actions will be the departure of Michael B. Young, as a Director of the Company on May 3 and as President and CFO with immediate effect.His replacement as CFO by Kevin Clark, the Company's Chief Accounting Officer and Company Secretary.  Full Article

Max Petroleum Plc announces change in shareholding structure
Tuesday, 4 Mar 2014 06:30am EST 

Max Petroleum Plc:Receives notification that on Feb. 27 SIB (Cyprus) Limited, beneficially owned by Sberbank of Russia OJSC, acquired 197,180,534 ordinary shares in the company and accordingly now holds 197,180,534 ordinary shares representing 9.06 percent of the share capital of the company.Also receives notification, that as at Feb. 27, Macquarie no longer held a notifiable interest in the company.  Full Article

Max Petroleum Plc does not propose dividend
Monday, 30 Dec 2013 02:00am EST 

Max Petroleum Plc:Says no dividend was paid or is proposed for the six month periods ended Sept 30, 2013 and 2012, respectively.  Full Article

Max Petroleum Plc lowers FY 2014 production guidance
Monday, 30 Dec 2013 02:00am EST 

Max Petroleum Plc:Says for FY 2014, it expects average production of about 4,000 bopd, a revision downward from previous guidance of 4,500 to 5,500 bopd.Says the downward in production is due to regulatory delays in turning several wells onto test production and lack of forecast production from several unsuccessful wells drilled during the year to date.  Full Article

Max Petroleum Plc updates on drilling at Sagiz West Field in Kazakhstan
Friday, 6 Dec 2013 02:00am EST 

Max Petroleum Plc:Says its SAGW-12 appraisal well at Sagiz West Field in Kazakhstan has reached a depth of 1,524 metres with electric logs indicating 13 metres of net oil pay over a 64 metre gross interval in the Triassic Formation at measured depths between 1,185 and 1,249 metres.Says reservoir quality is good with porosities ranging from 15 percent to 27 percent.Says it is setting production casing in the well and will begin testing SAGW-12 as soon as practicable.Says the Zhanros ZJ-30 rig will next move to drill the SAGW-8 well in the central portion of the field, one of five wells remaining in the current appraisal programme at Sagiz West.  Full Article

Max Petroleum Plc Begins Drilling at Sagiz West field in Kazakhstan-Interfax
Tuesday, 8 Oct 2013 06:14am EDT 

Interfax reported that Max Petroleum Plc has begun drilling the SAGW-14 appraisal well at the Sagiz West field in Kazakhstan, a company statement says. SAGW-14 will be drilled to a total vertical depth of approximately 1,400 meters targeting Triassic reservoirs. The Company expects to drill an additional seven appraisal wells after SAGW-14 as part of its ongoing appraisal program for the field, the Company said. At Uytas, the Company has commenced drilling the UTS-9 appraisal well, which will be drilled to a total vertical depth of approximately 550 meters targeting Jurassic reservoirs. After UTS-9, an additional four wells remain to be drilled as part of the initial appraisal program in the field, it said. The SAGW-5 well in the Sagiz West field is currently testing a Triassic reservoir from depths between 1,324 and 1,330 meters. The well has tested at initial rates on various choke sizes between 100 and 240 barrels of oil per day (bopd), and is currently flowing at a stabilized rate of 110 bopd on a 10/64 choke. After testing for up to 90 days in this reservoir, the well will be re-completed in the next reservoir at depths between 1,283 and 1,296 meters, it said.  Full Article

Max Petroleum Plc Commences Drilling of BCHW-3 Appraisal Well
Sunday, 1 Sep 2013 08:00pm EDT 

Max Petroleum Plc announced that it has commenced drilling the BCHW-3 appraisal well in the Baichonas West Field on Block E using the Zhanros ZJ-20 rig. The well will be drilled to a total vertical depth of approximately 1,460 metres targeting Jurassic and Triassic reservoirs. The Company has also reached the target depth at the UTS-13 appraisal well in the Uytas Field which is currently being logged. The logging results will be announced as part of the next drilling update.  Full Article

BRIEF-Max Petroleum says to enter in talks with Sberbank on debt repayment

* Raised conditionally approximately 37.1 million stg before expenses by way of a cash subscription

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