Max Petroleum has completed the initial closing of its US$90 million senior credit facility with SB Sberbank JSC (the "Sberbank Facility"), allowing the Company to draw down up to US$60 million to repay US$47 million to Macquarie Bank Limited ("Macquarie") and partially fund its ongoing shallow drilling programme.

As of 28 December 2012, the Company had paid Macquarie US$47 million in accordance with the terms of its comprehensive debt restructuring (the "Restructuring") and had cancelled the Macquarie credit facility. A further US$3 million payment is expected to be paid to Macquarie by 31 March 2013 to fully settle all remaining obligations owed to Macquarie under the terms of the Restructuring. A further US$30 million will be made available under the Sberbank Facility as soon as certain conditions precedent are met, including the registering of security and obtaining requisite government regulatory approvals, which are expected to be completed by 31 March 2013.

Tags: Max Petroleum Plc