Result of General Meeting and Bondholder Meeting

1 March 2011

ANNOUNCEMENT

RESULT of general meeting and bondholder meeting

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL

MAX PETROLEUM PLC

("Max Petroleum" or the "Company")

Further to the announcements dated 2 February 2011 (the "Placing Announcement") and 4 February 2011, Max Petroleum is pleased to announce that at its General Meeting, held earlier today, the Shareholder Resolutions were duly passed and at its Bondholder Meeting, also held earlier today, the Bondholders approved the Bondholder Resolution.

The Company has raised approximately US$85 million (£52.7 million) before expenses through a placing of 309,846,935 new Ordinary Shares to institutional investors at 17.0 pence per share and Admission of the Placing Shares is expected to take place and dealings are expected to commence on AIM at 8.00 a.m. tomorrow, 2 March 2011.

With effect from Admission, the maturity date of the Company's Credit Facility with its senior lender, Macquarie Bank, will be extended to 31 March 2013. By passing the Bondholder Resolution, the Bondholders have agreed with effect from Admission, inter alia, to extend the final maturity date of the Convertible Bonds to 8 September 2013.

In addition, with effect from Admission, Macquarie Bank will cancel unvested warrants exercisable into approximately 182.6 million Ordinary Shares at an exercise price of 6.13p per Ordinary Share and has agreed to exercise approximately 268.8 million vested warrants of which up to 50% will be cash exercised with proceeds of approximately US$10 million being used to repay the Credit Facility.

Capitalised terms used in this Announcement are, save where the context requires otherwise, as defined in the Placing Announcement.

Contacts

IMPORTANT NOTICE

This Announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by J.P. Morgan Cazenove, Macquarie, Renaissance or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

J.P. Morgan Cazenove and Macquarie are acting as Joint Bookrunners and Renaissance is acting as Co-Lead Manager in connection with the Placing. J.P. Morgan Cazenove, Macquarie and Renaissance, each of which is authorised and regulated by the Financial Services Authority are acting for the Company in connection with the Placing and no-one else and neither J.P. Morgan Cazenove, Macquarie nor Renaissance will be responsible to anyone other than the Company for providing the protections afforded to the respective clients of J.P. Morgan Cazenove, Macquarie and Renaissance nor for providing advice in relation to the Placing or any other matter referred to herein.

The distribution of this Announcement and the Placing of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company, J.P. Morgan Cazenove, Macquarie or Renaissance that would permit an offering of such shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company, J.P. Morgan Cazenove, Macquarie and Renaissance to inform themselves about, and to observe, such restrictions.

The information in this Announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would require preparation of further prospectuses or other offer documentation, or be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

No public offer of securities of the Company is being made in Australia, the United Kingdom, the United States, the Republic of South Africa or elsewhere. The information in this Announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") nor the security laws of any state or other jurisdiction of the United States. The securities mentioned herein may not be offered or sold in the United States except pursuant to Regulation S under the Securities Act or another exemption from, or transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of securities in the United States.

The information in this Announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.

This Announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Announcement and include, but are not limited to, statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial position, liquidity, prospects, growth, strategies and expectations.

By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the development of the markets and the industry in which the Group operates, may differ materially from those described in, or suggested by, the forward-looking statements contained in this Announcement. In addition, even if the development of the markets and the industry in which the Group operates are consistent with the forward-looking statements contained in this Announcement, those developments may not be indicative of developments in subsequent periods. A number of factors could cause developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, changes in regulation or government, changes in its business strategy, political and economic uncertainty and other factors.

Any forward-looking statements in this Announcement reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's operations and growth strategy. Investors should specifically consider the factors which could cause results to differ before making an investment decision. Subject to the requirements of the AIM Rules for Companies or applicable law, the Company undertakes no obligation publicly to release the result of any revisions of any forward-looking statements in this Announcement that may occur due to any change in the Company's expectations or to reflect events or circumstances after the date of this Announcement.