Conversion of Bonds

Max Petroleum Plc

(the "Company")

Conversion of Bonds

3 September 2013

The Company announces that, further to the update on the final conversion of convertible bonds announced on 30 August 2013, it is pleased to confirm that it has duly allotted 357,571,134 ordinary shares of 0.01 pence each in the Company ("Shares") to holders of the Company's outstanding 10% notes, comprising US$28.6 million in principal and accrued interest (the "PIK Notes"), in full settlement of the PIK Notes, which have now been cancelled.

Application has been made for these Shares to be admitted to trading on AIM on 6 September 2013.

For the purposes of the Financial Services Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of the Company following this allotment consisted of 2,175,305,483 Shares with voting rights attached (one vote per Share). There are no Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Max Petroleum under the DTRs.