Max Petroleum gives monetary and operational upgrade

Max Petroleum declares that Sberbank has genuinely allowed a six month stop on all essential and premium installments due under the Organization's c.US$80 million credit through to 14 December 2015. Moreover, the Organization has gathered US$3.8 million of enthusiasm starting 30 June 2015. Hobby will keep on accrueing amid the halt period.

The Organization proceeds in operation under extreme monetary anxiety, at present creating in abundance of 3,500 barrels of oil for every day, including from the Sagiz West field after administrative consent was conceded in June to resume generation from both Sagiz West and East Kyzylzhar I fields under Trial Generation Stage. East Kyzylzhar I field dispatching and come back to creation of a few hundred extra barrels for every day is additionally expected in the following week.

Max Petroleum has gotten warning from the Service of Money of the Republic of Kazakhstan affirming that, under assessment enactment, installments of over US$20 million are expected for Soviet-period chronicled information expenses caused in the Organization's Pieces A&E permit region. The Organization can't help contradicting this understanding and utilization of the assessment enactment and considers that to date it has met its commitments to repay verifiable expenses as they fall due. The Organization plans to put its case to the duty powers.

Discourses with AGR Vitality keep on securing financing to guarantee the progressing suitability of the business and with Sberbank for a more drawn out term obligation rebuilding. The Executives of Max Petroleum right now keep on accepting that there remains a sensible prospect that such discourses could bring about an adequate renegotiating of the Organization and, on that premise, have not yet put the Organization into organization.

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