Operational Update

Max Petroleum Plc

(the "Company")

Operational Update

8 June 2012

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce an operational update of its activities in the Blocks A&E Licence area.

Successful Appraisal Well at Asanketken

The ASK-J2 appraisal well in the Asanketken Field has reached a total depth of 1,401 metres with electric logs indicating nine metres of net oil pay in two zones at depths ranging from 1,286 to 1,322 metres in the same Middle Jurassic reservoirs that were proven productive in the first three wells drilled in the Field. Reservoir quality appears excellent with porosities ranging from 18% to 30%. The Company is running production casing in the well, which will be completed and placed on test production as soon as possible. The Zhanros ZJ-20 rig will now move on to drill the Baichonas West prospect in Block E, the first of seven remaining shallow post-salt exploration prospects the Company intends to drill prior to March 2013.

Production Test at Asanketken Field

The ASK-J1 well in the Asanketken Field has begun testing in a Jurassic reservoir from depths between 1,308 and 1,316 metres, flowing at a stable rate of 300 barrels of oil per day ("bopd"). This is the first of six zones which will be produced on test production for up to 90 days each. The Asanketken Field is currently producing approximately 2,000 bopd from three wells.

New Exploration Prospect in Block E

After completion of the final technical review of recently acquired 3D seismic data in western Block E, a new post-salt prospect has been added to the drillable portfolio. Tolegen West is a four-way Triassic rim prospect located near the Tolegen Field in Block E. It is estimated by the Company to have recoverable resource potential of eight million barrels with a geologic chance of success of 26%. Including Tolegen West, the Company estimates the total unrisked mean resource potential of the seven prospects in the Company's post-salt exploration portfolio on Blocks A&E is now 67 million barrels of oil ("mmbo") with risked mean resource potential of 24 mmbo.

Enquiries:

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.