Max Petroleum Plc (AIM:MXP) announces a share repurchase program. Under the program, the company will repurchase up to 609,756,097 shares, representing 13.7% of its common stock. The shares will be purchased at a price of £1.64 per share for £10 million.

The shares will be purchased in cash. Shares purchased will be cancelled or transferred into treasury for subsequent sale, transfer or cancellation. The tender offer will provide all qualifying shareholders with an opportunity to tender some or all of their respective ordinary shares and to receive their respective share of the cash which the company is seeking to return to shareholders.

The program will run for 6 months. As of November 12, 2014, the company has 2,175,305,483 shares in issue.