Max Petroleum: 3P Reserves Up 7%, Production up 17%

Max Petroleum Plc, an oil and gas company focused on Kazakhstan, announces Group  reserves as at 31 March 2014 as estimated by its Competent Person, Ryder Scott Company  LLC (“RSC”). The reserves reflect drilling results and other technical information as at that  date, including the results from 35 wells drilled during the fiscal year ended 31 March 2014.

As at 31 March 2014, RSC estimated that the Group had 9.5 million barrels of oil equivalent  (“mmboe”) in proved and probable (“2P”) reserves with an after-tax net present value  discounted at 10% (“PV10”) of US$184 million. This is an increase of 11% from 8.6 mmboe  as at 30 September 2013, with a PV10 of $140 million, and a decrease of 14% from 10.9  mmboe as at 31 March 2013, with a PV10 of US$184 million.

RSC estimated that the Group’s total proved, probable and possible (“3P”) reserves  increased by 7% to 10.4 mmboe as at 31 March 2014, with a PV10 of US$197 million, from  total 3P reserves of 9.7 mmboe as at 30 September 2013, with a PV10 of US$157 million.

Total production during the fiscal year ended 31 March 2014 averaged 3,899 barrels of oil per day (“bopd”), an increase of approximately 17% from average production of 3,346 bopd in the prior year. Production during the first two months of the current fiscal year has been variable but averaged approximately 4,500 bopd.