Max Petroleum’s strategy is substantially to increase reserves, production and cash flow from its existing and future shallow, post-salt discoveries in its Blocks A&E licence area, while continuing to pursue the higher impact exploration potential of its pre-salt portfolio. The Group’s Licence is located in the Pre-Caspian Basin in Western Kazakhstan, offering a unique combination of high quality exploration opportunities in both the post and pre-salt with significant existing transportation and production infrastructure. The Group has approximately 40% of its acreage covered with regional 3D seismic data, which was used to develop its prospect inventory.
As part of the Refinancing announced on 27 November 2012 and approved by shareholders and bondholders at the Extraordinary General Meeting held on 20 December 2012, the Group secured additional funds to invest in its post-salt operations and restructure the Group’s balance sheet so that the overall debt burden fell from approximately US$140m to approximately US$90m. The details of Refinancing’s key terms can be found in the Company’s press release announced on 27 November 2012 http://www.maxpetroleum.com/news.aspx