Max Petroleum: Total 2P Reserves up 40%

Max Petroleum Plc, an oil and gas company focused on Kazakhstan, announces the estimated reserves for the Sagiz West Field as of 31 December 2013 by its Competent Person, Ryder Scott Company LLC, updating the Sagiz West reserve estimate produced by RSC as of 30 September 2013. The updated CPR takes into account two successful appraisal wells (SAGW-8 and SAGW-12) drilled in the field during the quarter ended 31 December 2013, as well as two unsuccessful appraisal wells (SAGW-14 and SAGW-11) drilled in October 2013 and January 2014, respectively.

The increase in reserves in Sagiz West as of 31 December 2013 is entirely due to additional oil reserves in the field. The Company plans to drill three additional appraisal wells in Sagiz West in the next few months, including the SAGW – 10 well that is currently drilling in the central western portion of the field, followed by the SAGW – 13 well appraising the southern limit of the field, and finally the SAGW – 7 well that will further evaluate the eastern central portion of the field north of the SAGW – 14 well. The Company expects to incorporate the results of these three remaining wells in its RSC reserve report for the fiscal year ending 31 March 2014.