Drilling Update

Max Petroleum Plc

(the "Company")

Drilling Update

28 January 2013

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, today announces that it has completed drilling the TOLW-1 exploration well on the Tolegen West prospect on Block E. The well reached a total depth of 1,540 metres without encountering producible hydrocarbons. The well will now be plugged and abandoned. The Zhanros rig will next move to the Zhana Makat field to drill the ZMA-A20 well, the first of five development wells to be drilled in Zhana Makat during 2013.

The Company is currently seeking regulatory approval for a two-year appraisal extension over the entire Blocks A&E Licence (the "Licence") until March 2015, which would allow the Company to drill its two remaining post-salt prospects subsequent to March 2013. The Company will provide a more comprehensive update on the status of its Licence in the near future.

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.