Operational Update

Max Petroleum Plc

(the "Company")

Operational Update

Successful Appraisal Well Drilled in Sagiz West Field

NUR-1 pre-salt well reaches depth of 5,300m

Severe weather in Western Kazakhstan

27 February 2012

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, today announces an operational update on the results of the SAGW-3 appraisal well, progress with drilling operations at the NUR-1 well on the Emba B prospect and a report on the impact on operations of recent severe weather.

Sagiz West appraisal well

The SAGW-3 appraisal well in the Sagiz West Field has reached a total depth of 1,486 metres, with electric logs indicating 15 metres of net oil pay at depths from 1,201 to 1,254 metres. Reservoir quality appears very good with porosities ranging from 15% to 25%. The Company will run production casing in the well, which will be completed and placed on test production after obtaining the requisite governmental approvals. The ZJ-20 drilling rig will next move on to drill the ASK-J1 development well in the Asanketken Field.

Drilling update on NUR-1 well

The NUR-1 well is currently drilling at a depth of approximately 5,300 metres, and is expected to reach total depth by the end of April 2012. The Company intends to set intermediate casing at a depth of approximately 5,600 metres before drilling into the pre-salt section.

Severe Weather Conditions in Western Kazakhstan

Western Kazakhstan has experienced unusually severe winter weather conditions over the last several weeks including heavy snowfall and high winds, which has on occasion prevented the trucking of oil and the resupply of more remote drilling and production operations in the Blocks A&E Licence area in the Pre-Caspian Region. The inclement weather has not had a material impact on the Company's operations to date and the Company will continue to monitor the situation and work to mitigate any potential material adverse impact in the future.

Michael B. Young, President and CFO, commented:

"Even during the worst Kazakh winter in over fifty years, we have been able to maintain our drilling and production operations with limited disruption thanks to the professionalism and hard work of our personnel on the ground. We are excited to see the successful result in the SAGW-3 appraisal well which has drilled as expected and now confirms the discovery made by the initial well in the field and we look forward to results of NUR-1 in the next few months."

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.