Max Petroleum, the AIM-listed oil and gas exploration and production company focused on Kazakhstan, has published its interim results for the six months ending September 30th.

Revenue rose 102% to $49.2m during the six months compared to the corresponding period in 2011.

Total sales volume was up 58% to 664,000 barrels of crude oil in the same like-for-like period.

The average realised price of $74.07 per barrel (bbl) was up 28% from $57.93 per bbl during the six months ending September 30th 2011, due to increased export volumes relative to domestic sales.

Cash generated from operations of $31.1 m was up 291% from $7.9 m in the comparative period.

The group made a loss before tax for the period of $0.5m, compared to a loss before tax of $0.3m the year before.

The joint Executive Co-Chairmen Robert Holland and James Jeffs commented: "This half year period has been extremely challenging for the company and our shareholders. We experienced a major setback with our deep, pre-salt well at NUR-1, leading us to suspend the well in July 2012 as we sought additional capital to refinance, in whole or in part, our senior debt facility with Macquarie Bank and fund our ongoing exploration and production activities. With approximately $140m of senior and convertible debt maturing in 2013, the need to comprehensively restructure our balance sheet became a critical priority to ensure the future viability of the company.

"In November, we were pleased to announce the execution of a $90m senior debt facility with SB Sberbank JSC as part of a broader restructuring proposal that will reduce the group's overall debt burden by approximately 36% to $90m.

"The restructuring will refinance the Group's existing credit facility with Macquarie, redeem all of the company's outstanding convertible bonds for a combination of cash and shares, and provide up to $30m in additional liquidity to fund the group's post-salt exploration and development programme."



AIM-listed exploration company Ortac Resources reported a loss on ordinary activities of 785,000 pounds for the six months ending September 30th, according to the group's interim results published on Tuesday morning.

The company, which is currently engaged in the advancement of the Sturec precious metal deposit in Slovakia, stated that the retained loss for the financial period was £785,000 compared to £1.12m in the corresponding period of 2011.

The loss per share came in at £0.003 compared to a loss of £0.005 for the same period of 2011.

That was set against a backdrop of strong development in the group's Slovakian mining areas.

The group's Scoping Study on the Sturec Deposit, finalised in January 2012, demonstrated economic fundamentals including a post tax Net Present Value with an 8% discount rate, of $153m, a cash cost of less than $500 per ounce and a $1.5bn life of mine revenue.

Anthony Balme, Chairman of Ortac Resources, commented: "2013 is set to be another highly active year for Ortac, as we co-design the investments around the Šturec Deposit and move the associated projects up the development curve in conjunction with the local community.

"The work we have completed to date has confirmed that the Šturec Deposit is a highly attractive and technically sound asset, and the Ortac team is committed to adopting the optimum route for development to reap the rewards of this valuable resource for all stakeholders."

"The board continues to assess other complementary projects to enhance shareholder value however we are yet to find an asset which fits the stringent Ortac investment criteria. This evaluation process is on-going and we remain proactive in appraising different assets which would build and strengthen our portfolio," he added.

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