Conversion of Bonds

Max Petroleum Plc

(the "Company")

Conversion of Bonds

21 December 2012

The Company announces that, further to the update on its debt restructuring announced earlier today, it is pleased to confirm that it has duly allotted 708,999,985 ordinary shares of 0.01 pence each in the Company ("Shares") to holders of the Company's US$85.6 million 6.75% convertible bonds (the "Bonds") on conversion into Shares of approximately US$56.7 million of Bonds in principal amount and accrued interest.

Application has been made for these Shares to be admitted to trading on AIM on 31 December 2012.

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 1,758,852,203 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.