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

Well don't tell the market makers !.

try The Times .... have only seen one-liner "Kazakhstan threatens contracts in tax move"

looks like 20p quite soon..

cynic - it's old news and has been around for some time now. They tried something like it before and had to abandon the idea. I think it's just sabre rattling. It would immediately kill off all foreign investment in their energy sector.

From iii.co.uk dated 08.03.10
"It was full steam ahead for Max Petroleum (MXP) on Monday, which kicked off drilling activities at its latest Kazakhstan well.

The KZN-1 exploration well, located on the North Kyzylzhar II East Block prospect in Block E, marks the second of 12 post-salt exploration prospects to be drilled by the company on Blocks A & E.

The first well BOR-1, based on the Borkyldakty prospect in Block E, was drilled in January.

Fox Davies Capital said in a note: "Well KZN-1 is targeting post-salt objectives at around 1,500m depth and should take 25 days to drill. Mean prospective resources are circa 20 million barrels for the prospect with a chance of success above 40%."

The AIM-listed group added that it will start testing the BOR-1 exploration well later this week.

In mid-February, the group reported that 38 meters of net oil pay had been discovered at the well, spanning five Triassic sandstone reservoirs at depths ranging between 1,357 and 1,536 metres."

RNS not good news sp slipping heading for 10p?

Sold most of mine 2 months ago but still retain a small holding...not such good news but on to the next well and every thing is bad now...ftse 100 back into the 4900 hundred's....dear oh dear...

Same here sold at a loss 3 months back glad I did...I will re-visit @1 0p.

you made a loss mitzy.......noooo..;)

Not a loss really Balerboy it went through my stop loss.

This is looking very weak.

They are drilling one well a month....can't go by anything today as everything is down....if you believe in one or two aim stocks...perhaps time to buy...

A disaster.

Fantastic.

Nice rebound...

I missed again..!

stay off the vodka then..

Weak again.

This is the trouble with places like that.....still in with a smallish holding which I shall retain....but ......you never know what's lurking around the corner....still, it has some very promising oil assets.

Max Petroleum Plc

Astrakhanskiy Licence Status

19 July 2010

Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, announces today that it has received a letter from the Ministry of Oil and Gas of the Republic of Kazakhstan ("MOG") notifying the Company of the termination of its subsoil use licence for the Astrakhanskiy Block in Western Kazakhstan (the "Astrakhanskiy Licence") due to the Company's failure to comply with the work obligations stipulated under the Licence. The letter does not affect the Company's principal asset, the Blocks A&E licence area.



The Company believes the MOG's position reflects a broader policy change regarding the treatment of subsoil use licences behind in their work obligations. The Company had already decided not to drill an exploration well on the block without a partner and has obtained assurances from its senior lender, Macquarie Bank Limited, and the holders of greater than 85% of its convertible bond holders that a termination of the Astrakhanskiy Licence would not constitute an event of default under the Company's outstanding debt agreements. Accordingly, the Company does not believe the MOG's action will have any material adverse affect on its liquidity, financial condition or prospects. Nevertheless, the Company believes the MOG's action is premature and is consulting with counsel and arranging discussions with the MOG to consider its alternatives.

Good news !...on it's way to 20p again ?.....