Exercise of Warrants

Max Petroleum Plc

("Max Petroleum" or the "Company")

Exercise of warrants

8 April 2011

The Company announces today that pursuant to a warrant deed to subscribe for ordinary shares of 0.01 pence each in the Company ("Shares") dated 11 August 2009, Deutsche Bank AG London exercised a right to subscribe for 4,920,000 Shares at an exercise price of 5 pence per Share. Application has been made for these Shares to be admitted to trading on AIM on 13 April 2011. Following this exercise, 8,340,000 warrants held by Convertible Bondholders remain outstanding.

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 923,053,611 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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