27th Oct 2005 14:48
Max Petroleum PLC27 October 2005 MAX PETROLEUM PLC REGISTRATION OF CONTRACT RIGHTS BY COMPETENT AUTHORITY The Board of Max Petroleum PLC ("Max" or "the Company"), is pleased to announcethat the rights of its Kazakhstan subsidiaries Samek International LLP ("SI")and Samek Development Enterprises LLP ("SDE"), as contractors under thecontracts for Blocks A&E and East Alibek, respectively, (the "Contracts") havebeen registered today by the competent authority in Kazakhstan, the Ministry ofEnergy and Mineral Resources ("Registration"), thereby transferring full right,title and benefit of the Contracts to SI and SDE respectively. On 12 October 2005, Max acquired 80% of the share capitals of Madiran InvestmentBV ("Madiran") and Sherpico Investments Limited ("Sherpico"). Madiran andSherpico own 100% of the charter capital in SI and SDE who have been assignedthe rights as contractor under the A&E Contract and East Alibek Contractrespectively. The consideration for the acquisitions comprised US$33,650,000 in cash and theissue and allotment to the vendor and its nominees of 134,100,000 OrdinaryShares. As Registration of SI and SDE as contractors under the Contracts has nowbeen completed, US$24,050,000 of the deferred cash consideration will be paid tothe vendors under the acquisition agreements. James A. Jeffs, Max's Chief Executive Officer, commented: "I am delighted that the registration process for these highly prospectiveassets has been completed. We will now be continuing our extensive seismicgathering project as we work towards achieving early production." Thursday 27th October 2005 Enquiries:Max Petroleum PLC James A. Jeffs T: +44 (0)20 7514 1490 Chief Executive Officer Steve Kappelle Chief Operating Officer Pelham Public Relations Charles Vivian T: +44 (0)20 7743 6672 E : [email protected] Alisdair Haythornthwaite T : +44 (0) 20 7743 6676 E: [email protected] Nabarro Wells & Co. Limited Hugh Oram T : +44 (0) 20 7710 7400 Jonathan Naess This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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