25 May 2012

Maximising potential

04/02/2011 Ben Jaglom

Kazakhstan-focused oil and gas explorer Max Petroleum (MXP) has announced it has raised $85 million (£52.7 million) in a placing with shareholders.

The London-headquartered concern raised the amount through its joint brokers Macquarie Capital and J.P. Morgan Cazenove via the issue of 310 million shares at a price of 17p, a 10.5 per cent discount to Wednesday's closing price, with the shares sold to a variety of institutional investors.

President and CFO Michael Young enthused that he was 'very pleased' with the response received from both 'existing shareholders and new investors' adding that the proceeds will be used to 'provide the capital to test our exciting deep pre-salt portfolio as well as to continue with our shallow post-salt programme.'

It has certainly been an interesting period of late for Max Petroleum, which has seen a furious level of activity in its shares with numerous private investors taking an active interest. Following the announcement the shares have risen 0.75p to 18.75p. We view the latest news as an encouraging sign for its plans in the Central Asian nation and would advise existing shareholders to hold on for the time being.

Tags: J.P. Morgan Cazenove, Kazakhstan, Michael Young, Oil & Gas

Sector: Oil & Gas Producers

Companies: Max Petroleum

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