Operational Update

Max Petroleum Plc

("Max Petroleum" or the "Company")

Operational Update

21 October 2011

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

ASK-2 well in the Asanketken Field confirms original Jurassic discovery

The ASK-2 exploration well in the Asanketken Field has reached an intermediate casing point at 2,000 metres, with electric logs indicating 12 metres of net oil pay in Jurassic reservoirs between depths of 1,284 and 1,308 metres. These reservoirs appear to correlate to the previously tested Jurassic reservoirs discovered in the ASK-1 well, confirming the Company's original Jurassic discovery in the Field. Reservoir quality is excellent with porosities ranging from 25% to 30%. No additional oil-bearing Jurassic reservoirs were discovered above the original discovery made in the ASK-1 well. The Company is currently running intermediate casing in the well prior to drilling ahead to total depth of approximately 3,300 metres to test the well's primary target, Triassic reservoirs with unrisked mean resource potential of 50 million barrels of oil ("mmbo").

Successful appraisal well drilled in the Zhana Makat Field

The ZMA-E2 appraisal well in the Zhana Makat Field has reached a total depth of 915 metres with electric logs indicating six metres of net oil pay in two Jurassic reservoirs at depths between 835 and 875 metres. Reservoir quality is very good with porosities ranging from 20% to 25%. Casing is being run on the well and it will be placed on test production as soon as the necessary government approvals are obtained. This well is more than two kilometers southeast of the main Jurassic producing area in the Zhana Makat Field. Once production is established, it will allow reclassification of "probable" to "proven" reserves for the area and help define additional offset drilling locations for Jurassic production.

NUR-1 well on track to commence drilling operations by end of October

Mobilisation of Saipem's National 1625 DE onshore drilling rigis on track to commence drilling the NUR-1 exploration well on the Emba B Prospect in Block E by 31 October 2011, with 95% of the rig and related equipment on location and approximately 60% rigged up. The NUR-1 well will target unrisked mean resource potential of 467 million barrels of oil equivalent with a 29% geological chance of success.

Expanded post-salt prospect inventory

The Company has matured the Besbolek NE (formerly Sagiz SE) prospect into its drillable post-salt prospect inventory. The Besbolek NE Prospect is a four-way, Triassic rim structure on Block E with unrisked mean resource potential of 10 mmbo and a 38% geological chance of success. The Company has an additional five post-salt leads that it is evaluating using recently acquired 3D seismic data, the majority of which it expects to mature into post-salt prospects to be drilled during 2012.

Narmundanak South deemed non-commercial

The Company has determined that the Narmundanak South prospect in Block E is non-commercial after initial production test results from the NARS-1 well produced oil at non-commercial rates. The Company will plug and abandon the well as soon as the necessary government approvals are obtained.

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.