The company will issue ordinary shares to Oriental with a maximum value of $61.5 million, subject to a restriction which limits the share issue to a minimum of 27 million and a maximum of 37 million ordinary shares.

Mark Johnson, CEO of Max Petroleum, said: This transaction will provide multiple strategic benefits to the company. We will have a 100% interest in both of our principal assets, Blocks A&E and Astrakhanskiy, simplifying the company’s ongoing farmout efforts, while retaining our local partner as Max’s largest equity shareholder.