7th May 2009 07:00
MAX PETROLEUM PLC
("MAX PETROLEUM" OR THE "COMPANY")
[AIM: MXP]
Extension of Astrakhanskiy Block Exploration Period
and Approval of Three Year Work Programme
Max Petroleum, an oil and gas exploration and development company focused on Kazakhstan, announces today that the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan ("MEMR") has approved the amendment of the Company's Astrakhanskiy Block subsoil use licence to extend the exploration period of the licence by an additional two years until 12 January 2012. Furthermore, the amendment established the Company's three-year work programme for the licence, including a commitment to begin drilling the first exploration well on the Astrakhanskiy Block on or before 31 December 2009.
The Company operates the Astrakhanskiy Block through its wholly-owned subsidiary, Alga Caspiygas LLP.
Michael Young, President and CFO commented:
"The amendment is an important milestone for the Company as it removes an uncertainty regarding the status of the licence and should provide us with a better opportunity to complete a farmout or sale of the Astrakhanskiy licence in the future."
Enquiries:
|
Max Petroleum Plc |
Michael Young President and CFO Peter Moss Investor Relations Manager |
Tel: +44 (0)20 7355 9590 |
|
Merlin PR |
Tom Randell / Anca Spiridon |
Tel: +44 (0)20 7653 6620 |
|
WH Ireland Ltd |
Daniel Bate |
Tel: +44 (0)161 832 2174 |
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