Resource Estimates of Exploration Potential

Max Petroleum Plc

(the "Company")

Resource Estimates of Exploration Potential on Blocks A & E

from Ryder Scott Company, L.P.

12 July 2010

Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, announces today the results of its Competent Person's estimate of recoverable prospective resources associated with certain leads and prospects on the Company's Blocks A&E licence areas. Ryder Scott's estimates are based on its independent review of the prospect portfolio developed by the Company using approximately 4,980 km2 of 3D seismic data acquired, processed and interpreted in Blocks A&E.

Highlights from the report prepared by Ryder Scott in accordance with standards established by the Society of Petroleum Engineers, are as follows:

·; Total risked mean recoverable resources estimated at 1,100 million barrels of oil equivalent ("MMBOE");

·; Total unrisked mean recoverable resources estimated at 5,358 MMBOE, distributed within a probable range (P90 to P10) of 2,004 MMBOE to 8,847 MMBOE, including:

o 9 post-salt prospects with unrisked mean recoverable resources of 183 million barrels of oil ("MMBO"), distributed within a probable range (P90 to P10) of 72 MMBO to 318 MMBO; and

o 14 deep pre-salt prospects and leads with unrisked mean recoverable resources of 5,175 MMBOE, distributed within a probable range (P90 to P10) of 1,932 MMBOE to 8,529 MMBOE.

Details of the post salt and pre-salt prospects and leads covered in the Ryder Scott report are set out in the following tables:

Block A&E Post-salt Prospects

(*formerly identified as Komsomolskoye South).

Ryder Scott's estimation for prospective resources in the post-salt section is based on analysis using one productive horizon for each formation. Most of the productive fields in the area, including the Company's Zhana Makat and Borkyldakty Fields, have multiple productive horizons per formation. Ryder Scott acknowledges this fact but does not speculate on the number of productive horizons likely to be encountered in any individual formation, due to the exploratory nature of the prospects. As a result of this approach, Ryder Scott's volumes and geologic risks vary from the Company's internal estimates.

Blocks A&E Pre-salt Prospects and Leads

In the above table, Ryder Scott differentiates between "prospects" and "leads" on the basis of 3D seismic coverage. "Prospects" are fully covered by the existing 3D surveys. "Leads" are mostly, but not completely covered by 3D. The leads have a similar seismic character as the prospects. For calculation of prospective resource volumes, only the portions of the "leads" covered by 3D seismic are considered to be prospective. "Type II" prospects and leads are deeper (below 6,000 metres) features of Devonian and Carboniferous age which are believed to be carbonate buildups, in some ways analogous to the super-giant Karachaganak, Tengiz and Kashagan Fields. The "Type I" pre-salt targets are shallower (about 5,000 metres), interpreted by the Company to be Permian tidal flat deposits sealed by the Kungurian salt.

A copy of the Ryder Scott's resource report of Blocks A&E has been placed on the Company's website at www.maxpetroleum.com.

Jim Jeffs, Executive Co-Chairman, commented:

""We are pleased that Ryder Scott's assessment of our portfolio, like our own, recognizes the significant potential of both the pre and post-salt prospects and leads we have identified on Blocks A & E. The report reinforces our enthusiasm for our ongoing exploration programme.""

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.

Steve Phillips, Geologist, Geophysicist and Senior Vice President of Ryder Scott, is the qualified person who reviewed and approved the technical information relating to the update from Ryder Scott.

Ryder Scott is an internationally recognized oil and gas consultancy firm which conducts independent petroleum reserves evaluations and economic analysis for oil and gas companies worldwide.

Glossary

Risk (Pg) - Risk is defined as the probability of loss or failure. In the oil and gas industry, risk is commonly applied to the estimation of prospective (undiscovered) resources to account for the possibility that the outcome of drilling a well may not be successful. Risk is defined through the term geological chance of success which considers the geological factors that will result in the formation of a hydrocarbon reservoir with sufficient quality to allow for sustained flow rates of oil or gas.

Prospective Resources

Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.

Unrisked Resources - Unrisked prospective resource volumes are commonly categorized as Unrisked P90, P50, P10 or Mean Resources and are estimated before multiplying by the geological chance of success which assumes that the drilling of an exploration well is successful.

Risked Resources - Risked prospective resource volumes are commonly categorized as Risked Mean Resources and are calculated by multiplying the unrisked mean resources by the geological chance of success to account for the risk of drilling an unsuccessful exploration well.

P90 - The quantity for which there is a 90% probability that the quantities actually recovered will equal or exceed the estimate. In reserves estimation, this is the number quoted as the proven value.

P10 - The quantity for which there is a 10% probability that the quantities actually recovered will equal or exceed the estimate. In reserves estimation, this is the number quoted as the proven value.

Mean - The mean is also known as the expectation or expected value. It is the average over the entire probability range, weighted with the probability of occurrence.