Discovery at Eskene North

Max Petroleum Plc

(the "Company")

Discovery at Eskene North

31 December 2012

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces that the ESKN-1 exploration well in the Eskene North prospect has reached a depth of 1,507 metres with electric logs indicating 20 metres of net pay over an 90 metre gross interval in the Triassic Formation at measured depths between 1,272 and 1,362 metres. Reservoir quality is fair with porosities ranging from 15% to 20%. 

The Company is setting production casing in the well and expects to begin testing ESKN-1 [early in] 2013 to determine commerciality after obtaining the relevant government approvals. The Zhanros rig will now move to drill the Tolegen West prospect in Western Block E, targeting eight million barrels of mean resources.

Michael Young, President and Chief Financial Officer of Max Petroleum commented:

"The Eskene North discovery looks to have substantial oil in place though the porosity is of lower quality than we have seen in some of our other post-salt Triassic discoveries. We will announce the results of our production test as soon as possible and look forward to confirming our eighth commercial discovery."