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

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.

this share has more than halved since I last looked at it. why?

up 25% so must be doing something right..lol.

two months ago I held these share at .34p. I got out with a small profit. I have not bothered to look at them until today and they have halved in value. May this is a good time to buy them back again what do you think?

At 14p they look cheap janet.

only budgerigars go cheep

This is not worth it

This share is all about having faith in the acreage and the ability of management to complete a farmout deal with a bigger oil company. The company is currently in negotiations on both the AK block and also a separate deal for blocks A&E. News is awaited and if a good deal is done then you won't see the share price for dust - otherwise and until then it will languish where it is.
RXP is in a similar position.