Kazakhstan-focused oil and gas explorer Max Petroleum's president and chief financial officer has trebled his shareholding in the company.
Michael Young bought 155,096 shares at 19.9p each, which cost just under £31,000. That took his stake to 235,274 shares.
Four other managers in the company acquired 155,096 shares each at 19.9p a share. For three of them it was the first shares in Max that they had bought. Geoffrey Stone, who is chief accounting officer, took his stake to 505,096 shares.
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On 5 January 2010, ARF Energy Ltd exercised warrants to subscribe for 10.28m shares at 4.538p a share. That is equivalent to just under 2.5% of the share capital.
In mid-December, Max published a drilling update for the ZMA-A12 development well in the Zhana Makat Field. This well is currently being tested.
Max reported a loss of $114m in the six months to September 2009. That was after $90.5m of costs restructuring the credit facility and $11.3m of convertible bond restructuring costs. Lower revenues due to a 39% fall in oil prices meant that there was an operating loss in the period. Cash costs have been reduced and Max is currently generating $3.5m in oil revenues each month.
Net debt was $118.8m at the end of September 2009.
Top Director Buys
Max Petroleum (MXP) Director name: Mr Michael B YoungAmount purchased: 155,096 @ 19.90p Value: £30,864
London & St lawrence Inv Co. (LSLI) Director name: Mr S. P. AshfieldAmount purchased: 12,500 @ 238.00p Value: £29,750
Top Director Sells
Dairy Farm International (Singapore) (DFI) Director name: Mr Ronald J FlotoAmount sold: 29,700 @ $5.99 Value: $177,939
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