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Max Petroleum sees “reasonable prospect” of securing a refinancing; shares jump 40%

Max Petroleum sees “reasonable prospect” of securing a refinancing; shares jump 40%

Max Petroleum (LON:MXP) has said it believes there is a “reasonable prospect” that ongoing talks with its creditor and an investor could result in a refinancing.

As the group’s shares jumped more than 40% the company said discussions were continuing with Sberbank over the restructuring of its debt, and it was also still talking to AGR Energy about a potential equity investment.

The company did, however, caution over upcoming creditor payments.

The material portion is to the Kazakhstan tax authorities and becomes due on Wednesday February 25 (and payable in early March).

In a stock market statement the company said: “there is only a short period remaining to achieve such a refinancing and if current efforts are unsuccessful then the consequences will be negative for all stakeholders in the company.”

Max Petroleum told investors it has still not put the company into administration because it believes there is a reasonable prospect that a refinancing can be agreed.

On AIM, Max Petroleum shares gained 0.06p or 46.15% to trade at 0.19p per share.

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