Max Petroleum has entered into a restructuring agreement with Horizon Services N.V. and Oriental Limited, whereby the Company will acquire Horizon’s 20% indirect minority interest in the Company’s Blocks A&E licence area in exchange for Oriental receiving the Company’s 80% interest in its East Alibek licence area and up to 37 million ordinary shares of 0.01p each in Max Petroleum (“Ordinary Shares”). Completion of the Agreement is subject to obtaining certain regulatory consents in Kazakhstan, as well as other standard terms and conditions.
Upon Completion, Max Petroleum and its subsidiaries will own a 100% interest in the Blocks A&E licence and no ongoing interest in the East Alibek licence. Horizon and Oriental are both wholly owned by Mr. Kachshapov, who is the General Director of SDE, a manager of SI, and a substantial shareholder in the Company.
