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

excellent - shows great confidence et cetera

http://www.investegate.co.uk/Article.aspx?id=201102020700055244A

Extension of credit facility and fund raising now coming. Early march for the new shares. Stay out until then, imo.

Best thing is to hold if you are already in....like myself...

Interesting that they haven't announced the result of the book building for the placement.

My experience is that it completes later that day (ie yesterday)
With the sp heading south maybe they are struggling to get it done. With JJB now under their placing price it is evedent that market conditions at this very moment are very poor.

StockMarketWire.com
Kazakhstan-focused oil and gas company Max Petroleum said it had raised $85m gross via a placing of 310m new shares with institutional investors at 17p, a 10.5% discount to the closing price on Tuesday (Feb 2).

The new shares represent about 69% of the company's issued share capital before the placing and conversion of warrants.

President and CFO Michael Young said, 'This successful offering will provide the capital to test our exciting deep pre-salt portfolio as well as continue with our shallow post-salt programme.'

The shares were up 0.75p at 18.75p.

i think the estimated 1 min. to 5 billion pot. boip helps a tad...

i would not want to be outta mxpp over the weekend - yeeeeeeeeeeee haaaaaaaaaaaaaaaa!!

INTERVIEW: Max Petroleum To Start Deep Drilling In August

By Jason Douglas

Of DOW JONES NEWSWIRES

4 February 2011

10:30

Dow Jones International News

LONDON (Dow Jones)--Oil and gas explorer Max Petroleum PLC (MXP.LN) Friday said it will start drilling the first of up to four deep exploration prospects in Kazakhstan in August after raising $85 million in a share sale.

Max Petroleum said Friday it raised more than the $75 million it was aiming for in a share sale announced Thursday.

Chief Executive Michael Young told Dow Jones Newswires the company and advisers Macquarie and JP Morgan Cazenove expected the fundraising to take up to two weeks but were able to close the deal early because of strong interest.

"We had a very good response from the investor community," Young said.

The fundraising went hand-in-hand with a capital reorganization that pushed out repayment dates for loans and convertible bonds by about two years, which will enable the company to focus on its exploration program, Young said.

The program includes exploring two prospects onshore in an area called the pre-Caspian basin at depths of between 5,000 and 7,000 meters, which could contain up to 1.06 billion barrels of oil equivalent. The geology of the prospects is similar, albeit smaller, to Chevron Corp.'s (CVX) enormous Tengiz field, Young said.

Young said Max Petroleum intends to begin drilling the first of these in August and the operation will take about six months. If successful, it intends to drill a second well nearby but if not it still has two other deep prospects to check out, he said.

The company's drilling program also includes exploration and appraisal of shallower prospects in Kazakhstan that, if successful, will enable the company to boost production, Young said.

LOLarooooooooooooooooooooooooooooooooooooooooo

http://www.screencast.com/users/sniffer78/folders/Jing/media/3616c65e-cbcf-419d-a720-dbea114ef396

http://www.screencast.com/users/sniffer78/folders/Jing/media/2d80a0c0-eb7c-4ed6-93fe-d785f1a2ea30

http://www.screencast.com/users/sniffer78/folders/Jing/media/f7e931b9-84d3-472d-8dcf-1e1e051f6f8e

remember cash in the bank now in addition to oip et cettttttttttt errrrrrr rraaaaaaaaaaaaaaaa

Goldman Sachs - raise MXP to buy from neutral....just out

kerrrrrchinnnnnggggggggggggggggggggggggggggggggggggggaaaaarinnnnngggggggggggggg

*DJ Max Petroleum Raised To Buy From Neutral By Goldman Sachs

(END) Dow Jones Newswires

February 04, 2011 08:53 ET (13:53 GMT)

Copyright (c) 2011 Dow Jones & Company, Inc.

(END) Dow Jones Newswires

February 04, 2011 08:54 ET (13:54 GMT)

Drilling starts in august. That is way off in the future. Sideways trading for the next few months imo. I see no reason to get in yet.

Same thought crossed my mind, hope it'll drift back to get in later.,.

hc, bb - that certainly is an option and yep maybe sideways next month or 2, but when situations like this occur will not take much to push north quick (equally south!!!) as mxp a med to long for me the odd point or two either ay not a problem - but i would rather be in than put right now - and there are t/o whispers not right now but a few months down the line - but yeah why not good luck with your strategies chaps hope it works out ok - interesting times ahead next 3 to 9 mths

but i see mxp as much derisked now - & interesting gs rating which i consider on the low conservative side

another view from the other side............

'Well thats 5 of 20 exciting days gone in February for MXP share holders. It's really what we expected to happen this week with the placing and all good news for us as the next 12 months looks so exciting now.

You never know whats going to happen with these placing, but with the time from start to finish only a couple of days and the 17p being released for the new shares this is all a good thing for us long term holders in MXP. Also with the press releases from a number of sources now this is going to be an amazing trip for all MXP holders if you want this share long term. I don't see this share being at this price by the start of April as we will be building up for the deep drill in August and other finds could have been discovered by then. I think it could be in the 40's by then (just my thoughts) as the more press that is given to this share the higher it will go. It could fly in a couple of weeks time once this whole placing issue is in the open market. After that is anyone guesses because so many will want a piece of the action when building up to the big drill and the amount of oil that could be found. '

i would imagine 17p +/- 25% would be the floor here going fwd perhaps?

(BN) Max Petroleum to Use Cash From Share Sale to Drill 10 Oil Wells

Feb. 7 (Bloomberg) -- Max Petroleum Plc, the British oil explorer active in Kazakhstan, said it will use proceeds from a share sale to drill 10 wells in the former Soviet republic.

The explorer said last week it placed shares at 17 pence each to institutional investors to raise $85 million. Proceeds from the sale will be used to drill two deepwater pre-salt test wells and eight shallow post-salt wells, said Michael Young, the companys president and chief financial officer.

We are pretty confident of success, Young said by phone today. The potential is enormous. The exploration project will take about 18 months, he said.

Max Petroleum started pumping oil from wells in Kazakhstan in 2006. The explorer holds a 100 percent interest in Blocks A & E license area in the pre-Caspian basin in the west of the country, the second-largest former Soviet republic. The two deepwater wells will cost $30 million each and drilling will start in August, Young said.

To contact the reporter on this story:

Renee Lawrence in London at +44-20-7673-2090 or

rlawrence7@bloomberg.net

Drilling has commenced...

StockMarketWire.com
Kazakhstan-focused oil and gas company Max Petroleum plc has started drilling the ASK-1 exploration well on the Asanketken prospect in Block E.

It is the ninth of 15 post-salt exploration prospects scheduled to be drilled by the company on Blocks A & E.

The total depth of the well will be about 3,300m, targeting potential Triassic reservoirs.

yep good news - t minus 5 weeks lol!!!

From: http://shareroundup.com/2011/02/mxp-commence-drilling-ask-1-well/

Max Petroleum (MXP) has spudded its ASK-1 well. ASK-1 is the largest of Maxs shallow drills planned for 2011 and is targeting 50 million barrels of oil. Max has estimated the chance of success for the drill to be 48%, and a result is expected in about 5 weeks.

A positive result from the drill could be worth as much as 13p a share (50mil x $10 per barrel x 25% recovery factor / amount of shares in issue), on top of its current price of around 19p, highlighting the huge potential of Max at its current share price.

ASK-1 is one of eight shallow drills Max has scheduled for 2011, with a total 168 million barrels of oil being targeted. Max has also scheduled drilling on its much larger deep prospect Emba B for Q3 2011, targeting 593 million barrels of oil at a 29% chance of success. Max will then target a further 467 million barrels of oil at Emba A in Q1 of 2012, and the success of either of those could be real company makers, with a share price above 100p a distinct possibility.

Max recently acquired significant funding for these drills through a share placing, raising $85 million. The cost of the two deep drills alone is estimated to be $63 million, so the raising of this funding was vital and ensures that Max Petroleum shareholders can look forward to the possibility of a very profitable 2011.

RNS:

Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, is pleased to announce that it has commenced drilling the ASK-1 exploration well on the Asanketken prospect in Block E, the ninth of 15 post-salt exploration prospects scheduled to be drilled by the Company on Blocks A&E. The total depth of the well will be approximately 3,300 metres, targeting potential Triassic reservoirs.