Operational Update

Max Petroleum Plc

(the "Company")

Operational Update

Successful Development Well in Zhana Makat

Drilling of Baichonas West Appraisal Well

Production Update

Regulatory Update

1 May 2013

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce a drilling and operational update regarding its activities in the Blocks A&E Licence in Western Kazakhstan (the "Licence").

Zhana Makat Field

The ZMA-E5 development well in the Zhana Makat Field has successfully reached a total depth of 871 metres, encountering hydrocarbons in Jurassic sandstone reservoirs in line with expectations. The Company plans to complete the well and then place it on production as soon as practicable. The Zhanros ZJ-20 rig will now move to drill the ZMA-E6 development well in the Zhana Makat Field before moving to Block A to drill the Uytas North Prospect, targeting resource potential of 11 million barrels of oil ("mmbo") with a current geological chance of success of 24%.

Baichonas West Field

The Company has spudded the BCHW-2 well, the first appraisal well in the Baichonas West Field, which was discovered in September 2012. The initial results of logging and production testing of the BCHW-1 well indicated a commercial discovery with oil in place of approximately 16 mmbo from Jurassic reservoirs with an expected recovery factor of between 20% and 40%. The BCHW-2 well will be drilled with a ZJ-30 rig from our drilling contractor Zhanros Drilling LLP, to a depth of approximately 1,400 metres.

Sagiz West Field

After drilling the BCHW-2 well, the Company will move the ZJ-30 rig to drill the SAGW-4 appraisal well in the Sagiz West Field. Preliminary mapping of recently acquired high-fold 3D seismic data has confirmed the location of SAGW-4, four km south of the SAGW-3 well, as prospective. If successful, the new well will substantially extend the known productive area of the field. The results of the SAGW-4 well, together with the new seismic data, will be crucial in evaluating a significant portion of the 79.8 mmbo of in-place contingent resources in the field, as well as assisting the Company in the design of the future appraisal and development plan for the field.

Uytas Field

The Company is currently tendering for a third shallow drilling rig to conduct a 13-well appraisal programme for the Uytas Field. These wells, which will vary in depth between 200 and 550 metres, will appraise a significant portion of the 27.2 mmbo of conventional in-place contingent resource potential in the field and assist in preparation of a full-scale development plan.

Production Update

Total production during the fiscal year ended 31 March 2013 averaged 3,346 barrels of oil per day ("bopd"), an increase of approximately 19% from average production of 2,807 bopd in the prior year. This increase is in line with the Company's guidance that production would average between 3,200 and 3,600 during this period. For the current fiscal year ending 31 March 2014, it is expected that production will average between 4,500 and 6,000 bopd.

Regulatory Update

The Ministry of Oil and Gas of the Republic of Kazakhstan ("MOG") has progressed the final ratification of the two-year extension of the exploration period of the Company's Licence (the "Appraisal Extension"), which is now expected in May 2013. The approval of the Appraisal Extension is the single remaining requirement for the Company to convert the Asanketken Field to trial production status and resume continuous production from all four wells in the field in order to gather the required technical data to progress Asanketken to full field development status during 2014. The Company has already received a gas flaring permit for the field and expects to resume production during May 2013 with a combined productive capacity in excess of 2,000 bopd from the Asanketken wells.

Michael Young, President and CFO, commented:

"It is positive to have two drilling rigs in operation with a third coming into play in the near future. The near term drilling programme will allow us to further evaluate Baichonas West, Sagiz West and Uytas, as well as test the Uytas North Prospect. These are all important milestones in this year's post-salt drilling programme, with the results of the SAGW-4 well being the most significant. Moving Asanketken onto trial production will also add a substantial boost to our current production rate of 2,200 bopd from Zhana Makat."

Richard Hook, Chief Operating Officer of Max Petroleum Plc, 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.