Max Petroleum : Corporate Update

Max Petroleum Plc

(the "Company")

Corporate Update

2 April 2014

Max Petroleum Plc, an oil and gas company focused on Kazakhstan, announces further details of previously announced cost cutting initiatives along with related management changes. 

Appointment of New Chief Operating Officer

The Company is pleased to announce the appointment of Kenneth Hopkins as the Company's Chief Operating Officer. Mr. Hopkins will continue to serve as General Director of the Company's operations in Kazakhstan, a position he has held since May 2013. Richard Hook, Mr. Hopkins predecessor as Chief Operating Officer, will become a consultant to the Company.

Mr. Hopkins is a 21 year resident of Kazakhstan and has held numerous senior management and executive positions with various companies during his largely international oil and gas career, including for Oryx Energy (Chief Geologist for Kazakhstan operations and technical and operating committee member on the East Timor Sea Bayu-Undan gas condensate project), for Orient Petroleum Ltd. Kazakhstan in partnership with PetroKazakhstan (Senior Vice President), for Aral Petroleum Capital LLP (Exploration Director) and for International Petroleum Limited (Kazakhstan Country Manager). Mr. Hopkins holds a Bachelor of Science degree in Marine Sciences and a Master of Science degree in Geology from Texas A&M University and is a certified petroleum geologist with 32 years of experience in the oil and gas industry.

Other Senior Management Changes

As part of the process of streamlining of the finance function across the Company, Ms. Gulmira Suleimen has been promoted to Finance Director of Samek International LLP ("Samek"), the Company's operating subsidiary in Kazakhstan, replacing Andrew Large in that capacity, and Kevin Clark, the Company's financial controller, has replaced Geoff Stone as the Company's Chief Accounting Officer and has assumed the role of Company Secretary.  Ms. Suleimen previously served as Samek's Chief Accountant, a position she has held since October 2007, and Mr. Clark has served as the Company's financial controller since May 2009.

Other initiatives

The Company also plans to close its Houston office during 2014 and is implementing further cost savings initiatives in both London and in Kazakhstan.

Robert Holland and James Jeffs, Co-Chairmen of the Company, commented :

"Kenny is an experienced and effective leader and has done an outstanding job for Max Petroleum, especially in the areas of operating efficiencies and cost savings. His promotion reflects the transition of the Company's focus to appraisal and production. We are grateful for Richard's many contributions and that he has agreed to continue to fulfil an important role assisting us with our remaining exploration, appraisal and other activities. We also want to thank Andrew Large and Geoff Stone for their past contributions to the Company over the years and wish them well in their future endeavours."