hippolyta
23 Jan 2015
Re: Work programme shortfall. Did anything come of this then? The SP still drifts down though the Jan update was brighter. Bottom drawer but is there any potential here anymore?
character 6
20 Jan 2015
Nur1 Could well be the case. Max were first out of the blocks with cost cutting (for other reasons pre the oil price drop). If they can renegotiate the debt, get the Kazak family on board, with all the attendant benefits of that situation. Develop the shallows more and have one more stab at NUR1. Then we may see a return.Slim chance I know. Clinging on by fingernails is the analogy.I also note that Roxi have encountered drilling problems similar to Max.It"s s=== or bust time. Make your own minds up. Good luck.
millanna
15 Jan 2015
Basement Only oil stock I have left, going to pack it in a box in the basement and hope one day I get flooded with oil from NUR-1.
griller
12 Jan 2015
Re: 09 Jan Update: the financial PR firms are cutting back like the rest of us.
Jay053
12 Jan 2015
Re: 09 Jan Update: Think MAX is in the bottom draw for many holders.
Betamax man
12 Jan 2015
09 Jan Update: It just shows how much we have all lost interest / faith in MXP, when a reserves update doesn't even get a mention by any of us on the day of release!!Cheers.
Bayou
04 Dec 2014
Re: summary It is 37 million pounds, not dollars.
forwardloop
04 Dec 2014
summary Oil and gas exploration outfit Max Petroleum (MXP) narrowed its loss for the six months ended 30th September to $2.3 million (1.47 million pounds) from more than twice that much in the comparative period of 2013. Revenues were 17% higher due to increases in production at the firm's fields in Kazakhstan. The recent drop in oil prices has had a major impact on the highly-levered firm's cash flows and its ability to service its debt will be called in to question if proceeds from AGR Energy's recent $37 million (23.6 million pound) subscription are delayed. The shares fell by 0.065p to 0.93p.
Psyclops
03 Dec 2014
Re: Work programme shortfall. Not sure any auditor would allow the publication of this without a provision made unless there was a likelihood of the deferral being accepted.Would be worth checking out if there is precedent for this happening.
Betamax man
03 Dec 2014
Re: Work programme shortfall. NQM,I had spotted exactly the same thing, with some concern. I had actually 'copied', and was going to 'paste' the very same 'Work Programme Shortfall' text.It seems to me that the company were far too bullish (stupid?) to sign up to such a punitive 'Work Programme' in the first place. My hope, and perhaps belief is that there is no real upside for the MOE to impose the fine which they would be entitled to do, by the terms of the agreement. If they do, then MXP will be bust, and can't pay anyway.What is clear from the report is that the future of MXP is on a knife edge.I am left feeling somewhat embarrassed at how much money I have personally pumped into shares in this company.Oh dear.Cheers,Betamaxman.
NoQuestionMarks
03 Dec 2014
Work programme shortfall. Hello all,It just gets better and better doesn't it. So, we are looking at a fine of of upto $21m...Work programme shortfall Under the terms of its Blocks A&E Licence, the Group is committed to certain future expenditures which include a work programme, agreed with the Ministry of Energy of the Republic of Kazakhstan (the "MOE"
that covers future exploration and production activities in Blocks A&E. Qualifying exploration, development and operating expenditure incurred by the Group are deductible from these future commitments. The Group's total commitment under the work programme for the calendar year ending 31 December 2014, as amended in October 2014, is US$99.8 million. As of 30 September 2014, the Group's actual expenditure under the work programme for the calendar year to date amounted to US$29.6 million. As discussed above, the Group has suspended its capital expenditure programme pending the completion of the Subscription or financing by alternative additional debt or equity. Although the Group will continue to incur qualifying operating expenditure between 30 September 2014 and 31 December 2014, given the suspension of its capital expenditure programme, the Group expects there will be a shortfall against its commitments under the current work programme for 2014. The MOE has the ability to impose a fine on the Group of up to 30% of this shortfall. The Group is working with the MOE to put in place the necessary regulatory approvals to defer the shortfall on the 2014 work programme to future years, and accordingly, the Group has not made any provision for potential fines in the financial statements for the six months ended 30 September 2014.
f1nants
02 Dec 2014
Sale process complete and MAX no longer under offer. Maybe we can see some money being thrown at exploration now...
Stuartyboy999
25 Nov 2014
The 1.64p.. I am now just breaking even on this, but holding for this 1.64p if the deal gets completed.. It wont take much to lift this price on small volume.. Weve got to hold and give them a chance to sort out theyre problems.. Not too long mind!! We all want to make money?
f1nants
20 Nov 2014
Re: Henderson buying more? Share price in its typically perverse way falls when henderson showing its hand is still a buyer...
griller
19 Nov 2014
Henderson buying more? I wondered who was buying those 500,000 slabs yesterday.
