Exercise of warrants

Max Petroleum Plc

("Max Petroleum" or the "Company")

Exercise of Warrants

23 September 2011

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan,

announced today that on 22 September 2011, pursuant to a warrant deed to subscribe for ordinary shares of 0.01 pence each in the Company ("Shares") dated 10 November 2009, Macquarie Bank Limited elected for the cashless exercise of its right to subscribe for 133,971,948 Shares at exercise prices between 4.538p and 5.673p per Share, resulting in the issue and allotment of 88,379,470 Shares.

Application has been made for these Shares to be admitted to trading on AIM on 29 September 2011. 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 1,011,774,748 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.

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