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2009 Highlights - 30 September 2009 Interim Results

Financial Highlights

  • Loss attributable to equity holders of the Group of US$113.9 million, compared to a profit of US$3.4 million in the 2008 comparative period. The current loss includes US$101.9 million of non-cash charges arising from the restructuring of the Group’s mezzanine credit facility with Macquarie Bank Limited (the “Credit Facility”) and the Group’s outstanding convertible bonds, including the  issue of a further 303,519,158 warrants exercisable into ordinary shares at exercise prices ranging from 4.54p to 5.67p per ordinary share.
  • Increased the borrowing base of the Credit Facility from US$50 million to US$80 million in August 2009 and deferred initial repayment of principal until January 2011.
  • Restructured the Company’s outstanding convertible bonds in May 2009, deferring the maturity date until September 2012 and allowing Max Petroleum the option to convert cash interest payments to additional principal through to September 2010.The Group’s comprehensive restructuring of both the Credit Facility and its convertible bonds were approved by its shareholders and bondholders in May 2009.
  • Revenue of US$20.6 million, down 35% from US$31.5 million in the 2008 comparative period.
  • Total sales volumes of 401,000 barrels of crude oil (“bbls”), up 8% from 372,000 bbls sold in the 2008 comparative period.
  • Average realised price of US$51.51 per bbl, down 39% from US$84.67 per bbl in the 2008 comparative period.
  • Export sales comprised 92% of total revenue, with an average realised price of US$56.11 per bbl, compared to 88% of total revenue, with an average realised price of US$94.91 per bbl in the 2008 comparative period.
  • Moved export sales point through a new pipeline and improved the Group’s export differential during the interim period by US$8.00/bbl to approximately US$11.00/bbl, inclusive of transportation costs.
  • Net cash flow from operations of US$4.0 million, compared to US$14.7 million in the 2008 comparative period.


Operational Highlights

  • Completed three planned prospect reviews in May, July, and October 2009, respectively, evaluating 5,240 km2 of fully processed 3D seismic data acquired over the Group’s two licences.
  • Matured 12 drillable post-salt prospects in Blocks A&E, ranging in estimated size from 9 to 50 million barrels of oil equivalent (“MMBOE”) with total mean resource potential of 253 MMBOE.
  • Identified 11 drillable pre-salt prospects and 5 leads ranging in size from 100 to 600 MMBOE of mean recoverable resources each. The total mean resource potential of the deep prospect portfolio is currently estimated at more than four billion barrels of oil equivalent.
  • In May 2009, the Ministry of Energy and Mineral Resources (“MEMR”) extended the Astrakhanskiy Block licence period by two years until January 2012 and approved the Group’s three-year work programme.  The work programme included drilling one well in 2009.  A request to move the drilling of this well to 2010 is being made to the relevant authorities.
  • In August 2009, executed a contract with Sun Drilling for the ZJ-30 rig to be used to drill two development wells in Zhana Makat followed by the Group’s 12 well post-salt exploration programme. 
  • Began farmout discussions regarding the Group’s deep rights in Blocks A&E and Astrakhanskiy in October 2009, based upon its fully depth processed 3D seismic data in October 2009, the MEMR extended the trial production period for the Zhana Makat Field to 31 December 2010.

 

2009 Highlights – 31 March 2009 Fiscal Year End Results


Financial Highlights 

  • Revenue of US$39.2 million, up 43% from US$27.5 million in 2008.
  • Total sales volumes of 710,000 bbls of crude oil, up 54% from 460,000 bbls sold in 2008.
  • Average realised price of US$55.21 per bbl, down 8% from US$59.72 per bbl in the prior year.
  • Export sales comprised 86% of total revenue, with an average realised price of US$61.71 per bbl, compared to 81% of total revenue, with an average realised price of US$73.70, in the prior year.
  • Net cash flow from operations of US$14.1 million, compared to US$7.1 million of net cash used in operations in 2008.

Operational Highlights

  • Drilled two development wells to complete the initial Zhana Makat development project in April 2008.
  • Received regulatory approval to include all wells drilled in Zhana Makat in the trial production project for the field, allowing five shut-in wells to be brought into production.
  • Completed facility modifications in Zhana Makat in May 2008, allowing the Group to fully process its crude production saving third party processing costs.
  • Acquired remaining 20% interest in Blocks A&E from Horizon Services N.V. in July 2008, in exchange for 37 million ordinary shares and the Group’s 80% interest in the East Alibek licence.
  • In July 2008, the Ministry of Energy and Mineral Resources (“MEMR”) extended the Blocks A&E licence exploration period by two years until March 2011.
  • In January 2009, the Group completed its 3D seismic acquisition programme, having acquired in excess of 5,240 km² of 3D seismic over its two licences during a two year period.