Drilling Update

Max Petroleum Plc

(the "Company")

Drilling Update

Successful appraisal well at Asanketken Field

14 May 2012

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces that the ASK-J1 appraisal well in the Asanketken Field has reached a total depth of 1,378 metres with electric logs indicating 36 metres of net oil pay. This includes 27 metres of high quality net oil pay in five zones at depths ranging from 1,240 to 1,321 metres in the same Middle Jurassic reservoirs that were proven productive in the first two wells drilled in the Field. Reservoir quality appears excellent with porosities ranging from 18% to 33%. In addition, there appears to be a shallower productive section in the Middle Jurassic which has not been encountered previously in the Field. These new reservoirs occur at depths from 1,069 to 1,090 metres, and include a total of nine metres of net oil pay in three zones with porosities ranging from 18% to 29%. The Company is running production casing in the well, which will be completed and placed on test production. The Zhanros ZJ-20 rig will now move to drill the ASK-J2 appraisal well in the Field.

Enquiries:

Richard Hook, Chief Operating Officer of Max Petroleum, is the qualified person that has reviewed and approved the technical information contained in this announcement. Mr. Hook is a member of the Houston Geological Society and holds both Masters and Bachelors of Science degrees in geology.