Max Petroleum gets financing deal for well campaign
Max Petroleum, an oil and gas company focused on Kazakhstan, has agreed an equity for services agreement with Zhanros Drilling.
Max Petroleum, an oil and gas company focused on Kazakhstan, has agreed an equity for services agreement with Zhanros Drilling.
Under the terms of the agreement, Zhanros will drill up to four wells in exchange for up to 90,322,581 ordinary shares at a price of 5p per share.
Michael Young, President and Chief Financial Officer of Max Petroleum commented: "It has been our top priority to get financing in place to enable us to drill the remaining shallow exploration prospects in our portfolio.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We believe they are some of the best shallow prospects we have generated and it is crucial for Max Petroleum and our shareholders that we test them before the exploration period of our licence expires in March next year.
The agreement with Zhanros allows us to continue with our post-salt exploration programme at a critical time as we work towards a broader financial solution."
Max Petroleum's share price has tanked this year, falling 60% since January although today's news has lifted the stock 11% in early trading.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Company directors face new ID checks – how to avoid paying hundreds on verification
Company directors could end up paying hundreds of pounds to comply with new identity checks but it is possible to comply without paying a penny
-
Will petrol prices rise this year?
Petrol has been relatively cheap in the UK so far in 2025, hitting a four-year low in May. But with conflict in the Middle East making the price of oil more volatile, will petrol become more expensive?