8th Jun 2007 07:00
Max Petroleum PLC08 June 2007 MAX PETROLEUM PLC (AIM: MXP) COMPLETION OF $100 MILLION MEZZANINE DEBT FACILITY 8 JUNE 2007 Max Petroleum Plc ("Max Petroleum" or the "Company"), an oil and gas explorationand development company focused on Kazakhstan, announces today that it hasclosed its $100 million credit facility with Macquarie Bank Limited("Macquarie") announced on 12 April. The facility has an initial borrowing baseof $20 million to be used to fund Max Petroleum's appraisal and development ofthe Zhana Makat field on Block E. Upon closing, Max Petroleum issued Macquarie afive-year warrant to acquire 5 million ordinary shares in the Company at anexercise price of 160.6p per share. Jim Jeffs, Executive Chairman, commented: "The mezzanine facility, as one component of our capital structure, willspecifically be used to fund early stage appraisal and development costs of ourshallow and intermediate discoveries, providing us with additional financialflexibility to grow our business as quickly as possible." Enquiries: Max Petroleum Plc Michael Young Tel: +44 (0)20 7355 9590 Chief Financial Officer Peter Moss, Tel: +44 (0)78 3457 2837 Investor Relations Manager Merlin PR Tom Randell / Maria Suleymanova Tel: +44 (0)20 7653 6620 WH Ireland Ltd James Joyce/ David Porter Tel: +44 (0)20 7220 1666 Macquarie Bank Ltd Andrew Sinclair Tel: +44 (0) 20 3037 4186 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MXP.L