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  • Max Petroleum: Samek Int Receives Creditor Protection “Rehabilitation Process” and AGR Energy Subscription is Approved

    Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces the following corporate updates:

    Acceptance of rehabilitation application for Samek International LLP

    Further to its announcement of 27 July 2015 regarding the initiation of a rehabilitation process under Kazakh law to provide its wholly owned indirect subsidiary, Samek International LLP (“Samek”), with protection from creditor claims, the Company is pleased to report that Samek’s application to the Kazakh courts for rehabilitation has been accepted and the rehabilitation case has now been opened by the Specialised Inter-District Economic Court of Almaty.

    As a result, the execution of existing court decisions and arbitration awards against Samek (resulting from claims made by trade suppliers and a contractor) has been suspended and creditor claims against Samek may only be brought within the framework of the rehabilitation procedures, subject in each case to certain exemptions. The court will in due course hear the case and decide whether rehabilitation will be approved, thereby commencing the process to agree and implement the rehabilitation plan. Further background details on rehabilitation are set out below.

    Receipt of National Bank approvals for the AGR Energy Subscription

    The Company is pleased to announce that approval from the National Bank for the Subscription has been obtained. The Company and AGR Energy continue to work to ensure that all relevant remaining conditions to Completion as set out in the Company’s circular to shareholders dated 13 August 2015 are satisfied as quickly as possible.

    Change of auditor

    As part of the Company’s ongoing review of costs, the Board of Max Petroleum has determined that it is in the best interests of the Company to change auditors in respect of the audit for the year ended 31 March 2015. The intention of this change is to maximise efficiency and ensure value for money. Accordingly, PricewaterhouseCoopers LLP (“PWC”) has agreed to resign as auditors, and the directors have appointed BDO LLP to become auditors to the Company with immediate effect.

    In accordance with Section 519 of the Companies Act 2006, PWC has sent a Statement of Circumstances letter connected with their ceasing to hold office as auditors, the text of which is set out at the end of this announcement.

    The letter will be posted to shareholders and a copy will shortly be available on the Company’s website. PWC had not begun their audit work for the year ended 31 March 2015 prior to their resignation.

    The Company is targeting publication of Max Petroleum’s Annual Accounts for the year ending 31 March 2015 on or before 30 September 2015.

    Further announcements will be made as appropriate.

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