Max Petroleum PLC Price move (3666F)
February 19 2015 - 7:18AM
UK Regulatory
TIDMMXP
RNS Number : 3666F
Max Petroleum PLC
19 February 2015
FOR IMMEDIATE RELEASE
19 February 2015
Max Petroleum Plc
("Max Petroleum" or the "Company")
Statement re share price rise
The Board notes the recent price movement in the Company's
ordinary shares and confirms that there are currently no updates to
the Company's announcement of 9 February 2015.
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.
The Directors of Max Petroleum currently believe that there is a
reasonable prospect that ongoing discussions could result in a
sufficient refinancing of the Company and, on that basis, have not
put the Company into administration. However, in light of upcoming
creditor payments, including a material amount that becomes due on
25 February 2015 to the Kazakh tax authorities and payable by early
March 2015, there is only a short period remaining to achieve such
a refinancing and if current efforts are unsuccessful 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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