Welcome to the new thread for Max Petroleum. Here's a link to the MXP web site and a presentation that everyone should read.

http://www.maxpetroleum.com/companypresentations.asp

any thoughts on this share, has it reached the bottom, any ideas why the continual drop is it related to the political environment regarding Russia ?

pumben,

Yes maybe Russia is casting a shoadow over the price here, but that is far too simplistic.

Look at the chart over the last two years, and the decline here started way before any problewms surfaced with Russia, IMO.

The production level is disappointing, despite assurances given to investors some time ago, that it would increase.

AGM coming up on 24 September. I hope we might get a positive update then. I will be going to the AGM and will post anything interesting. Until then, this company is valued at less than half the worst case scenario price of 69p for the AK prospect alone.
The company has been its own worst enemy, having undergone an internal purge which knocked the stuffing out of it. Since then, progress appears to have been non-existent on the surface of things and the market has gone against oilers and sent MXP to the knackers yard.
I remain confident, however. Get hold of a copy of the new annual report and read their plans for the next three years. We will be elephant hunting by the end of the year and I hope for news of at least one farm out by the end of the month - hence why I am going to the AGM.
I am the eternal optimist, but when your average buying price is 1.24, you can't be anything else!

Russia is unrelenting and wouldn't care a whisker if a Cold War occurs. I feel this has already occurs with the West attacking its policies.
The Cold War can last for years which we all know from before.

That's why MXP, SBE, DGO, JKX, RPT, FRR all of which operating in Ukraine or Georgia are nose-diving.

MXP was one of the few which escaped yesterdays carnage and the SP actually rose,today in the 1st hour over 1.5m shares traded? Could it be something will be revealed at or just proir to the AGM,which is on the 24th?
cyril

I sold yesterday at .33 and a quarter pence. Since I bought them over a week ago they have been down to as little at .25p. When they went up yesterday. I took my money back on them. I hope they go up for you.

Janet;
Thank you, not a bad time to hang on to your cash. Worth checking in to see what the AGM has to offer, as this has tremendous potential and is a producer. So if they manage to get a farm in, we could see the type of rise that'X happened before?
cyril

AGM tomorrow, great interest on a possible farm in amongst other things?
cyril

yet another E&P stock of questionable quality.
i cannot help but think that a good number of these will collapse entirely in the coming 12/24 months and that quality will once more command its rightful place

24 September 2008

Max Petroleum, an oil and gas exploration and development company focused in Kazakhstan, today updates the market regarding the Company's ongoing programme to farmout up to 25% of its Blocks A&E licence and up to 50% of its Astrakhanskiy licence in western Kazakhstan. The Company has received multiple offers on both licenses from parties that the Directors believe are capable, which may or may not lead to one or more commercial transactions. The Company is currently evaluating the various offers and expects to reach a commercial deal on one or both licenses. Given the confidential nature of ongoing discussions, the Company cannot say more at this time but will update its shareholders when additional material information is available.

Mark Johnson, Chief Executive Officer, commented:

'I am pleased with the positive response our farmout offering has received. Our management team is working diligently to conclude transactions for both licenses that will benefit Max Petroleum and its shareholders.'

cyril

MXP AGM

This was the best attended AGM I have been to in a long time. Approx 50 people with a lot of PI interest including seven posters from the board on advfn. Five of us went out for a burger and a beer after the meeting and enjoyed some good banter.
The meeting was 'The Mark Johnson Show' - aka Zoro - appointed CEO in January and 'enjoying' his first AGM. He came across as thoroughly organised and professional, if a little 'two-dimensional'. As he was talking and dealing with questions, the words poker player and politician sprang to mind - also cricketer, as he fielded every question with a straight bat.
Basically, MXP is cash flow positive now. Rigs are being contracted to commence the drilling programme. Three rigs could be drilling simultaneously next year as they work towards a target of 26 exploration wells over the next two years. The farm out process is proceeding on schedule and there have been several creditable expressions of interest for both blocks. MXP is on target to spud the first well on AK in December 08.
FWIW I think that MXP has lost a year with all the shinanegans that have gone on with the dismissal of Steve Kappelle and Ole Udsen, but I am confident that we are now on track with a seasoned operator at the helm - even if some of his answers could have been written by his PR firm brief. Nothing is wrong etc all is progressing on time etc I have every confidence etc the acreage is highly prospective etc.
I would be buying yet more of these wretched shares, but I have taken the pledge where oilers are concerned. My current average is 124p so I envy anyone able to buy in now at 31.5p.

Happy to answer any specific questions if I can.

PL, thanks for your report its much appreicated. Seems quite comprensive to me,
covering the farm in and AK.
cyril

PL, thanks for your report its much appreicated. Seems quite comprensive to me,
covering the farm in and AK.
cyril

PL, thanks for your report its much appreicated. Seems quite comprensive to me,
covering the farm in and AK.
cyril

market was impressed too ...... no reason to buy at all

Quite right cynic - I think everyone is going to wait until MXP actually delivers on some of its promises. There will be plenty of time to buy once we can see some progress. I am stuck with my shares for the present, but will want to add more if things start to move. If this company can finally get its act together, then the upside is tremendous. This is a big 'if' on past performance, but I do think that Zoro will ride to the rescue.

20p...unbelievable

18p - even more unbelievable! Market is well and truly stuffed!

But I should say MXP is not really worth investing as there are many other shares better than MXP not much dearer or even the same price.