Funding dries up at Max Petroleum

Shares in Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, plunged after the firm admitted it needs extra capital in order to complete the NUR-1 well at the Emba B Prospect in Block E.

As a result of the funding shortage the company is releasing the Saipem National 1625 DE onshore deep drilling rig which has been operating on the well.

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In a statement the firm said negotiations are also currently ongoing with debt and equity providers to provide financing to complete the company's post-salt exploration programme and underpin future appraisal and development drilling.

The share price fell 9.52% to 2.85p by 08:30.

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