Trading in the shares has been suspended since 2 March pending a debt restructuring and refinancing of the company.
The company said on Friday morning that positive discussions have continued with Sberbank in respect of a proposed restructuring, while it has also remained in negotiation with AGR energy about an equity investment in Max Petroleum.
The company added that even if it successfully finalises the above proposals, it will need bridge financing to tide it over until the debt restructuring and equity investment complete.
Meanwhile, the company continues to pump out oil, producing around 2,900 barrels of oil per day.
"The directors of Max Petroleum currently continue to believe that there remains a reasonable prospect that ongoing discussions could result in a sufficient refinancing of the company, including bridge finance, being agreed with Sberbank and AGR Energy in the very near future and, on that basis, have not yet put the company into administration."