Equity for Services Share Allotment to Zhanros Drilling LLP

Source: www.gulfoilandgas.com 10/18/2012, Location: Asia

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces that on 17 October 2012 it issued 23,327,652 ordinary shares of 0.01 pence each 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 24 October 2012.

The Shares were issued in settlement of drilling services under the terms of the Company’s agreement with Zhanros, whereby Zhanros agreed to fund up to US$7 million of drilling and workover ancillary services in exchange for Shares (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 are billed to the Company’s operating subsidiary, Samek International LLP. The balance of remaining drilling services available for settlement under the Agreement amounts to US$4,569,339, or 58,959,221 Shares at a price of 5p per share. This balance is available to cover costs incurred directly by Zhanros from 1 October 2012, and third party ancillary services to be funded by Zhanros from 1 September 2012.

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 1,049,852,218 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.

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

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