Max Petroleum, an oil and gas exploration and development company focused in Kazakhstan, today updates the market regarding its ongoing efforts to farmout a portion of its equity interests in the Company’s Astrakhanskiy and Blocks A&E licence areas in western Kazakhstan. While the Company has been involved in ongoing farmout discussions during the last several months, the Company has been unable to complete a satisfactory commercial transaction and cannot predict whether or when such a transaction could be concluded.
The Company continues to pursue a farmout of one or both of its licences. In conjunction, the Board is undertaking a review of its strategic alternatives.