Max Petroleum Plc has completed the closing of the final US$30 million tranche of its senior credit facility with SB Sberbank JSC (the "Sberbank Facility"), allowing the Company to draw down the entire US$90 million in funds available under the Sberbank Facility.

Using proceeds from the second tranche of the Sberbank Facility, the Company has paid US$3 million to Macquarie Bank Limited (Macquarie) to fully settle all remaining obligations owed to Macquarie under the terms of the debt restructuring announced on 27 November 2012 (the "Restructuring") and approximately US$3.4 million to certain bondholders of the Company's US$85.6 million 6.75% convertible bonds who tendered their bonds for cash under the terms of the Restructuring.

The remaining funds available under the terms of the Sberbank Facility will be used to partially fund the Company's ongoing shallow drilling programme and related expenses.

Tags: Max Petroleum Plc