Struggling Max Petroleum wins debt, licensing lifelines

摘要

London-Kazakh independent Max Petroleum has secured a six-month “standstill” on its debt payments and is continuing operations under “severe” financial stress, it has said, with its oil production running at 3,500 b/d. Max derives its production from shallow onshore wells in western Kazakhstan, but is hampered by license terms that require it to sell crude domestically at depressed prices. It has voiced hopes for exploring deeper subsalt reservoirs.