Max Petroleum Plc, an independent oil and gas exploration and production company, is engaged in the exploration, development, and production of oil and gas assets in the Republic of Kazakhstan. The company holds a 100% interest in the blocks A&E License area covering approximately 12,455 square kilometers in the Pre-Caspian Basin in western Kazakhstan. As of September 30, 2013, its estimated proved and probable reserves included 8.6 millions of barrels of oil equivalent. The company was incorporated in 2005 and is headquartered in London, the United Kingdom.
Dean Bradley Street
London, SW1P 2AL
Founded in 2005
Max Petroleum Plc Reports Unaudited Consolidated Earnings and Production Results for the Six Months Ended September 30, 2014
Dec 3 14
Max Petroleum Plc reported unaudited consolidated earnings and production results for the six months ended September 30, 2014. For the six months, the group reported revenue of $54,113,000 against $46,280,000 a year ago. Operating profit was $4,810,000 compared to operating loss of $700,000 for the same period a year ago. Loss before taxation was $764,000 compared to $3,377,000 a year ago. Loss for the period was $2,339,000 or 0.1 cents loss per basic and diluted share compared to a loss of $4,979,000 or 0.3 cents loss per basic and diluted share a year ago. Net cash generated from operating activities was $27,487,000 against $9,635,000 a year ago. Purchases of property, plant and equipment was $2,326,000 compared to $3,885,000 for the same period a year ago. Payments for exploration and appraisal expenditure and oil and gas assets were $12,294,000 compared to $16,076,000 in the same period last year. Adjusted EBITDA was $23.1 million against $13.8 million a year ago. Capital expenditure of $10.8 million during the six months ended September 30, 2014, down 68% compared to $33.4 million during the six months ended September 30, 2013.
During the six months ended September 30, 2014, average daily production was 4,239 barrels of oil per day (bopd), up 17% compared to 3,630 bopd during the six months ended September 30, 2013 and up 2% compared to 4,170 bopd for the six months ended March 31, 2014.
Max Petroleum plc Announces Operating Results for the Six Month Period Ended September 30, 2014
Oct 27 14
Max Petroleum Plc announced operating results for the six months period ended September 30, 2014. For the period, the company reported that it's production averaged 4,239 bopd, up 17% on 3,630 bopd in the six month period to September 30,2013. Since then, total production has averaged over 4,000 bopd comprising production from fields on continuous production of approximately 3,300 bopd. The Sagiz West and East Kyzylzhar I fields are expected to commence continuous production under a Trial Production Project in mid-2015.
Max Petroleum Plc Announces Board Changes
Sep 30 14
Max Petroleum Plc announced that at the annual general meeting of the company held on 30 September 2014, resolutions 2, 3, 6, 7 and 8 were not approved by shareholders. As a result of these votes Robert B. Holland III and David Belding have ceased to be directors of the company with immediate effect. The appointment of Iain Patrick as a director announced on 5 September 2014, which was expected to become effective after the 2014 AGM, has been postponed until further notice at his request.