Revenue doubles at Kazakhstan-focused oil company Max Petroleum

Max Petroleum, the AIM-listed oil and gas exploration and production company focused on Kazakhstan, has published its interim results for the six months ending September 30th.

Max Petroleum, the AIM-listed oil and gas exploration and production company focused on Kazakhstan, has published its interim results for the six months ending September 30th.

Revenue rose 102% to $49.2m during the six months compared to the corresponding period in 2011.

Total sales volume was up 58% to 664,000 barrels of crude oil in the same like-for-like period.

The average realised price of $74.07 per barrel (bbl) was up 28% from $57.93 per bbl during the six months ending September 30th 2011, due to increased export volumes relative to domestic sales.

Cash generated from operations of $31.1 m was up 291% from $7.9 m in the comparative period.

The group made a loss before tax for the period of $0.5m, compared to a loss before tax of $0.3m the year before.

The joint Executive Co-Chairmen Robert Holland and James Jeffs commented: "This half year period has been extremely challenging for the company and our shareholders. We experienced a major setback with our deep, pre-salt well at NUR-1, leading us to suspend the well in July 2012 as we sought additional capital to refinance, in whole or in part, our senior debt facility with Macquarie Bank and fund our ongoing exploration and production activities. With approximately $140m of senior and convertible debt maturing in 2013, the need to comprehensively restructure our balance sheet became a critical priority to ensure the future viability of the company.

"In November, we were pleased to announce the execution of a $90m senior debt facility with SB Sberbank JSC as part of a broader restructuring proposal that will reduce the group's overall debt burden by approximately 36% to $90m.

"The restructuring will refinance the Group's existing credit facility with Macquarie, redeem all of the company's outstanding convertible bonds for a combination of cash and shares, and provide up to $30m in additional liquidity to fund the group's post-salt exploration and development programme."

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
China owns a lot more gold than it’s letting on – and here’s why
Gold

China owns a lot more gold than it’s letting on – and here’s why

In a world awash with money-printing, a currency backed by gold would have great credibility. And China – with designs on the yuan becoming the world’…
21 Apr 2021
Why investment advice could be about to get a lot cheaper
Investment strategy

Why investment advice could be about to get a lot cheaper

Vanguard, the world’s second-biggest asset manager, is launching its own cut-price financial advice service. It’s something the industry badly needs, …
20 Apr 2021