Max Equity for Services Share Allotment to Zhanros Drilling LLP

Source: 3/7/2013, Location: Asia

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces that it issued 13,386,337 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 13 March 2013.

The Shares were issued in final 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 has drilled four shallow, post-salt, wells and funded related ancillary services totalling US$6.99 million in exchange for a total of 90,245,506 Shares at a price of 5p per share in lieu of cash payment, and accordingly, the Agreement is now completed in full.

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 1,817,734,349 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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