Drilling Update

Max Petroleum Plc

(the "Company")

Drilling Update

Successful Baichonas West Appraisal Well

Field Extended into Triassic Section

22 May 2013

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that the BCHW-2 appraisal well in the Baichonas West field has reached a total vertical depth of 1,487 metres, with electric logs indicating a total of seven metres of net pay in Jurassic reservoirs and five metres of net pay in Triassic reservoirs, as well as 93 metres of lower quality Triassic reservoirs that could be potentially productive with hydraulic fracturing over a 170 metre gross interval.

The seven metres of net pay in the Jurassic comprises two zones, including an upper interval at vertical depths between 1,106 to 1,116 metres and a lower interval at depths between 1,187 to 1,201 metres. The lower interval correlates with pays seen in the BCHW-1 well, while the upper zone is a new reservoir not previously encountered. Reservoir quality in the Jurassic is excellent with porosity ranging from 15 to 27%.

The Triassic section, which extends from vertical depths of 1,210 to 1,380 metres, is largely composed of tight sandstones, all of which appear to be charged with hydrocarbons. Electric logs indicate five metres of these sands can be considered net pay having porosity of 15% or greater, which is the standard porosity cut-off the Company has used historically for Triassic reservoirs. An additional 33 metres of reservoirs have porosities ranging between 8% and 15%, with a further 60 metres of additional tight sandstone reservoirs with porosities below 8%. The entire 170 metre hydrocarbon-charged Triassic section is a candidate for hydraulic fracture stimulation and therefore will be included in the testing programme for the well.

Production casing has been run in the well and testing will begin as soon as regulatory approvals are received. The Zhanros ZJ30 Rig will now move to drill the SAGW-4 well, an important appraisal well in the Sagiz West Field, located four km south of the nearest producing well in the field.