Max Announces Equity for Services Share Allotment to Zhanros

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces that it has issued 8,035,708 ordinary shares of 0.01 pence in the Company (“Shares”) at 5 pence per Share to Zhanros Drilling L.L.P. (“Zhanros”). Application has been made for these Shares to be admitted to trading on AIM on Wednesday 26 September 2012.

The Shares are issued in settlement of drilling services under the terms of its agreement with Zhanros, whereby Zhanros will fund up to US$7 million worth of drilling and workover services in exchange for Shares in the Company (the “Agreement”). Under the terms of the Agreement, Zhanros will drill up to four shallow, post-salt, wells and fund related ancillary services in exchange for up to 90,322,581 Shares at a price of 5p per share in lieu of cash payment. Zhanros will be issued Shares on a monthly basis as payment for the drilling and workover services provided under existing service contracts between the Company’s operating subsidiary, Samek International LLP, and Zhanros as services are completed. The balance of remaining drilling services available for settlement under the Agreement amounts to US$6,377,232, or 82,286,873 Shares at a price of 5p per share.

For the purposes of the Financial Services Authority's Disclosure and Transparency Rules (“DTRs”), the issued ordinary share capital of the Company following this allotment consists of 1,026,524,566 Shares with voting rights attached (one vote per Share). There are no Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Max Petroleum under the DTRs.