Holding(s) in Company

Max Petroleum Plc

(the "Company")

Holdings in Company

3 April 2012

On 2 April 2012, the Company received notification that, as of 30 March 2012, Henderson Global Investors ("Henderson") held a beneficial interest in 119,228,633 ordinary shares in the Company ("Ordinary Shares"), consisting of 95,528,969 Ordinary Shares and convertible bonds held in the Company, which are convertible into 23,699,664 Ordinary Shares at a conversion price of 32p per share at a fixed USD/GBP exchange rate of $1.49 to £1. If these convertible bonds were exercised (and assuming no other convertible bonds, warrants or options in the Company were exercised) the resulting holding of Henderson would represent 11.4% of the then issued share capital of the Company.