mxp april 2012 presentation
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Max Petroleum Plc
Bank of America Merrill Lynch
11th Annual Oil & Gas 1-1 Investor Forum
16 April 2012
NUR-1 pre-salt well, March 2012
2222
Disclaimer
THIS DOCUMENT IS NOT A PROSPECTUS AND IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED
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COPY HEREOF MAY BE TAKEN OR RETRANSMITTED IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR REDISTRIBUTED,
DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF US, CANADIAN, AUSTRALIAN OR JAPANESE SECURITIES LAWS. Statements contained in this document,
particularly those regarding possible, projected or assumed future performance and results, including resources, reserves, recoveries, production
levels, costs, prices, earnings, returns and potential growth, are or may include forward looking statements. Such statements relate to future events
and expectations and as such involve known and unknown risks and uncertainties. Actual results, actions and developments may differ materially
from those expressed or implied by those forward looking statements depending on a variety of factors. These forward looking statements speak
only as at the date of this presentation and Max Petroleum Plc does not assume any obligation to update any forward looking statements, whether as
a result of new information, future events or otherwise. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION OR FORM PART OF
AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES, AND NEITHER THIS DOCUMENT NOR ANYTHING CONTAINED
HEREIN SHALL FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER.
Exploration and production company operating in Western Kazakhstan since 2005
100% interest in Blocks A&E licence, covering 12,455km2 onshore
US$38m invested in first broad use of onshore regional 3D seismic in the Pre-Caspian Basin
Six commercial post-salt discoveries to date fully underpinning current enterprise value
Exploration focus:
Shallow, post-salt: 6 prospects and 2 leads (7-12 mmbbl each)
Deep, pre-salt: Emba B Type II prospect expected TD June 2012 (Pmean 467 mmboe)
2012 planned drilling programme
Minimum of 12 shallow exploration, appraisal, and development wells at costs of US$1-2m each
Two deep wells with estimated total forward costs of approx. $30-35m
Increasing reserves, production and cashflow
Company Overview
3
Major Fields and Players
Source: BP Statistical Review 2011
► Under-explored region that has the 9th largest
proven reserves globally(1)– still large amount of
reserves yet to be discovered
► Pre-Caspian Basin contains the largest oil and
gas fields in Kazakhstan and some of the largest
fields in the world
► Dominated by Majors following discoveries in
Karachaganak and Kashagan – limited access
for, and sparse number of, Juniors
► Strong demand for acreage from US Majors as
well as Russian and Chinese players – high
values and favourable farm-in terms will likely be
attributed to large discoveries
► Existing and continually growing infrastructure
access
► Stable political regime and supportive of foreign
investment
► World Bank Ease of Doing Business: 47 /
183 countries (more favorable than
Turkey, Hungary and Italy)
► Positive IHS(3) sovereign risk outlook
Kazakhstan – World-Class Oil Province
4
(1). Source: BP Statistical Review 2011
(2). Risked resources, Max Petroleum estimate
(3). IHS proprietary methodology
World Proved Oil Reserves – Top 20
Zhanazhol: 1.8 Bnboe
Blocks A&E: 1.2 Bnboe (2)
Kashagan : 13 Bnboe
Source: Google Earth, Oxford Institute of Energy Studies
Karachaganak: 14 Bnboe
Tengiz : 9 Bnboe
Operational Overview
5
Total: 163 Employees
Houston:
— 6 employees (including 3
geotechnical)
London:
— 5 employees
Finance & IR
Kazakhstan:
— 152 employees
(including 7 expats)
► 100% owned Blocks A&E exploration and
production license covering 12,455 km2
► Exploration period until March 2013 followed
by 25 year production period
► Acquired, processed and interpreted 5,000 km2
of 3D seismic and 2,091 km of 2D seismic
► 55 exploration and appraisal wells drilled to
date, 39 were successful with six commercial
post-salt discoveries
► Significant production growth from newly
discovered fields since 2011
► Inventory of high quality prospects that will be
tested in the next 11 months
Tengiz
ZhanazholKarachaganak
Kashagan
Block A
Block E
Contours are Km subsea; interval 1 km
P3 – Base Devonian Structure map
License Overview
Max’s Local Presence
6
Production and Reserve Growth
• Cumulative production from Zhana Makat of 3mmbo+
• 4 new fields brought onto production since 31/3/2011
• Substantial 2P reserves and contingent resources from
recent discovery at Sagiz West
• Uytas reserves and contingent resources to be included
in 31/3/2012 CPR Update
*Estimated future production as of 31 March FYE from existing discoveries
based on the Company‘s internal projections
*Figures as per third party Competent Person reports
0
2000
4000
6000
8000
FYE 2007 FYE 2008 FYE 2009 FYE 2010 FYE 2011 FYE 2012* FYE 2013* FYE 2014*
BO
PD
Production Profile
0
2
4
6
8
10
12
14
FYE 2007 FYE 2008 FYE 2009 FYE 2010 FYE 2011 H1 2012
2P Reserves* Sagiz West
East Kyzylzhar I
Asanketken -Jurassic
Borkyldakty
Zhana Makat
7
Export and Domestic Sales Netbacks
Brent oil price US$/BBL
$24.85$31.95
$37.95$43.55
$49.85$55.95
0
20
40
60
80
100
120
140
$70 $80 $90 $100 $110 $120
Export Sales NetbackUS$/BBL
Discount to Brent Production Costs
Transportation Costs Minerals Extraction Tax
Export Rental Tax Export Customs Duty
After Tax Netback
US
$/B
BL
$22.34$27.21
$32.09$36.96
$41.84$46.71
0
10
20
30
40
50
60
70
$35 $40 $45 $50 $55 $60
Domestic Sales NetbackUS$/BBL
Production Costs Transportation costs
Mineral Extraction Tax After Tax Netback
US
$/B
BL
Domestic selling price US$/BBL
8
Post-Salt Discovery Well Economics (Example Case)
► Reserves: 17.6 mmbbl
► Capital Investment: US$76mm
► No. Wells: 22
► Export Oil Price: US$100/bbl
► Domestic Oil Price: US$45/bbl
► IRR: 83%
► NPV 10%: US$189mm
► NPV / bbl: US$10.73
Assumptions
Government Take from Block A&E Generic Prospect’s Success Cashflow (Nominal)
Notes:
(1). Assumes 100% domestic sales first 24 months post discovery
(2). NPV and IRR calculations based on management estimates from working models
Economics Summary(2)
(1)
(1)
Contractor‘s Take36%
Royalty/MET7%
Rental Tax29%
Export Customs Duty5%
Excess Profit Tax8%
Corporate Income Tax12%
WHT on Dividends2%
Property Tax1%
Government ‗s Take64%
2012 Drilling Programme
9
► Post-Salt Appraisal Drilling Programme
► Sagiz West 2 wells (1 drilled)
► Asanketken 2 wells (1 drilling)
► Zhana Makat 2-3 wells
► Post-Salt Exploration Drilling
► Triassic rim prospects 6 wells
► Pre-Salt Exploration Drilling
► Type II Prospect (Emba B) 1 well (drilling)
► Type I (Kuzbak) or Type II (Emba A) 1 well
Post-Salt
10
“Touchdowns”
Mini Basin
with
touchdown
Post-Salt
Reservoirs
Salt
Dome
Pre-salt Source Rocks
Salt
Dome
Mini Basin
with
touchdownMini Basin
without
touchdown
Migration from Pre-Salt Source Rocks to Post-Salt Reservoirs
Source: Max Petroleum
11
Pre-salt Reef Prospect
Salt
Source rock
Pre-salt reservoirs
Post-salt reservoirs
► Seismic line from Block E showing the pre-salt and post-salt sections; oil can migrate into the post-salt section near ―touchdown‖ mini-basins
where salt is absent
► Pre-salt accumulations are charged directly from adjacent source rock (coloured green above)
12
Post-Salt: Blocks A&E
► Blocks A&E include a
large number of fields
that produce from post-
salt reservoirs, including
Max‘s Zhana Makat Field
► Max has acquired 5,000
km2 of 3D seismic data
and 2,091 km of regional
2D seismic data on
Blocks A&E
Sagiz West
East
Kyzylzhar I
Zhana
Makat
3D
Sagiz 3D
Bek Beke 3D
Akatkol 3D
Karsak 3D
Borkyldakty
Dossor
North
West
Tolegen
WestEskine
North
Baichonas
West
Rakusha
South
Zhana Makat
Besbolek NE
Block E
Prospect
Lead on 3D
New Discovery
Existing Field
Asanketken
(Jurassic)3D acquired and
processed
Uytas
Karasai
South
Uytas North
10 km
Block A 3D
13
Exploration Target Result date Depth (M) Outcome
Borkyldakty February 2010 1,755 New discovery
North Kyzylzhar II East March 2010 1,408 Dry hole with residual oil shows
North Kyzylzhar II West April 2010 1,457 Dry hole
Kyzylzhar I June 2010 1,192 Dry hole
Zhana Makat – Triassic August 2010 1,525 Field extension into Triassic
Karsak West September 2010 1,858 Dry hole with minor shows
Uytas November 2010 827 New discovery
Sekir West December 2010 544 Dry hole with residual oil shows
Altykol West February 2011 1,947 Dry hole
Asanketken – Jurassic April 2011 1,300 Jurassic discovery
Narmundanak South June 2011 1,589 Non commercial discovery
East Kyzylzhar I August 2011 1,620 New discovery
Sagiz West September 2011 1,406 New discovery
Zhalgyz South November 2011 1,435 Dry Hole
Asanketken – Triassic December 2011 3,412 Dry Hole
► Drilled 5 commercial discoveries out of 14 exploration wells plus extended Zhana Makat Field into Triassic section
► Future drilling order focused on Triassic-aged reservoirs and four-way trapping styles
Post-Salt Exploration Programme since January 2010
14
2012 Post-Salt Exploration Drilling Portfolio
Prospect Name Location
CoS
(%)
P10
(mmbo)
Pmean
(mmbo)
P90
(mmbo) Description
Karasai South Block A 34 25 12 2 4-way closure
Uytas North Block A 38 22 11 2 4-way closure
Besbolek North East Block E 38 20 10 2 4-way closure
Dossor North West Block E 35 13 7 2 4-way closure
Baichonas West Block E 46 20 10** 3 4-way closure
Eskene North Block E 31 18 9 2 4-way closure
Sum of Mean Potential Resource - 59 MMBO
*A further 2 post-salt leads are still being evaluated
**Includes multi-zone Jurassic target and single zone Triassic target
Block E: Additional Triassic Post-Salt Prospects and Leads
15
3D Outlines
Western Block E – Top of Salt Structure
Tolegen West Lead
Eskene North Prospect
Baichonas West Prospect
Rakusha South Lead
Dossor NW Prospect► 5 new leads generated
from 2D seismic
► Proven post-salt
Triassic play type
► 3D campaign to
elevate leads to
prospects completed
in late 2011
► Three leads elevated
to prospects
► Two leads still being
evaluated
Besbolek NE
Prospect
Post-Salt: Sagiz West Discovery
16
• 27m net pay (21m oil / 6m gas) in
Triassic over 114m interval between
1,177–1,291m
• Estimated recovery pre-test of 20-
30%
• Good porosity between 18-25%
• SAGW-2 appraisal well result limited
the eastern flank of the Field
• SAGW-3 successfully drilled with
15m net oil pay
• SAGW-4 well planned for later in
2012 to further evaluate the structure
Top T4 sands
Top T5 sands
O/W contact
: Pressure measurement indicating Gas
: Pressure measurement indicating Oil
: Pressure measurement indicating Water
: Interval calculates as Gas Pay
: Interval calculates as Oil Pay
G/O contact
SAGW-1 Discovery Well Structure Top of T4 Triassic Reservoir
17
Sagiz West Discovery – Triassic Rim play type
SALT
► Initial discovery in October 2010
► Interpretation of 3D seismic data acquired in late 2011 has revealed a structure larger than previously identified
► Company estimates overall oil in place of 184 million barrels (―mmbo‖)
► 58 mmbo in conventional Cretaceous Aptian (―Aptian‖) and Jurassic reservoirs
► 126 mmbo in shallower, non-conventional Cretaceous Albian (―Albian‖) reservoirs;
► Well tests have confirmed commercial productivity from the Aptian and Jurassic sandstone reservoirs
► Phase One of an appraisal and development programme expected to include approximately 30 low-cost, shallow vertical wells;
► Expected recovery factor of 20% subject to additional drilling and testing
► Based on testing and core analysis, the Company is planning an enhanced oil recovery pilot project using steam injection to determine the commerciality of the
Albian reservoirs.
Post-Salt: Uytas Discovery
UTS - 1 Logging Cretaceous Structure
18
500MC.I. 10 m
Top Aptian TVDSS
C.I. 10m
500 meters
Scale
Pre-Salt Exploration Potential
19
20
► Tengiz, Karachaganak and Kashagan are used
as analogues by Ryder Scott as these giant fields
confirm hydrocarbon occurrence and production
from Palaeozoic carbonate build-ups (reefs)
► The most productive oil reservoirs in the Pre-
Caspian Basin are all in ancient coral reefs
Coral reefs grow upward through the
shallow seas towards sunlight and often
build low relief islands called atolls
► The Tengiz field in the Pre-Caspian Basin is an
ancient atoll located adjacent to a structural high
called the Guriyev Arch
Max‘s Blocks are well-positioned for
reservoir formation and entrapment along
the crest of the Guriyev Arch
Max‘s pre-salt prospects are analogous to the giant fields that have been discovered in close proximity
Tengiz
Zhanazhol
Karachaganak
Kashagan
Block A
Block E
Contours are Km subsea; interval 1 km
P3 – Base Devonian Structure map
Regional Geology
Pre-Salt: Seismic Coverage with Prospect / Lead Inventory
Source: Max Petroleum
21
Block E
10 km
Type II leads and prospects
Concept
210km2
380km2
350km2
1610km2
Block A2060 km2
Type I leads and prospects
1Ref. Prospect/Lead
1 Emba A (Kurzhem)
2 Emba B (NUR-1) 2
3
3 Emba C
4 Emba D
4
5 Emba E
5
8
7
6
6 Akatkol A
7 Akatkol B
8 Akatkol C
9* Bek Beke A
10* Bek Beke B
11* Bek Beke C
910
11
12
13
12* Bek Beke D
13* Bek Beke E
14 Akatkol Deep
15 Kuzbak Deep
14
15
* = lead
Potential to
de-risk
prospects
Kuzbak 3D Survey Area
Prospect Name Prospect
Type
Depth
Top (m)
CoS
(%)
P10
(mmboe)
Pmean
(mmboe)
P90
(mmboe)
Kuzbak Deep Type I 5000 20 875 475 172
Akatkol Deep Type I 5000 23 349 196 75
Bek Beke A* Type I 4000 15 201 109 39
Bek Beke B* Type I 4500 13 223 123 46
Akatkol A Type II 6000 29 683 415 158
Akatkol B Type II 6200 26 439 267 98
Akatkol C Type II 6000 24 809 491 173
Emba A Type II 6000 29 1012 593 190
Emba B Type II 6000 29 817 467 170
Emba C Type II 6000 29 396 238 87
Emba D Type II 5700 29 733 426 149
Emba E Type II 6000 29 300 176 51
Bek Beke C* Type II 6200 24 324 195 65
Bek Beke D* Type II 6200 24 320 189 54
Bek Beke E* Type II 6500 15 44 26 8
Pre-Salt: Portfolio Volumetrics and Risk
22
Block E – Type II: Carbonate buildups, or atolls
Block E – Type I: Evaporite-related reservoirs
Sum of Mean Potential Resource 4.4 BBOE
* Deep Leads
NUR-1Lower Devonian Depth
5000mC.I. 50m
A
A‘
B
B‘
NUR-1 well location
Pre-Salt: Emba B (NUR-1) Prospect
23
B B‘
Pre-Salt: Emba B (NUR-1) Prospect
24
► Six commercial discoveries to date with rapidly growing reserves, production and cashflow
► Both pre-salt and post-salt portfolio de-risked through 5,000 km2 of 3D seismic, regional analysis
by world class technical team and learnings from 55 wells drilled
► Excellent in-country reputation and local operational and technical team
Max Petroleum – A derisked high-reward investment opportunity
Strong Platform
Post-Salt
Programme
Exciting Investment
Opportunity
► Two exploration wells being drilled in sequence in the pre-salt targeting 1.1 bboe
► Result from first deep well at Emba B in June 2012
► Potential to de-risk entire trend of similar Type II prospects
► High level of activity over the next 11 months that will generate significant news flow
► Existing discoveries more than underpin current valuation
► Accretive low cost and low risk post-salt exploration programme
► Deep drilling provides major, near term upside potential for investors
► Strong independent E&P with track record of success in Kazakhstan
25
Pre-Salt
Programme
► 8 exploration leads and prospects, focused on a Triassic Rim play type
► Expectation to improve on historic 36% success rate in exploration programme
► Appraisal and development wells to significantly increase production and cash flow
Appendix
26
27
Triassic Rim Prospects: Eskene North
28
Triassic Rim Prospects: Dossor North West
29
Triassic Rim Prospects: Baichonas West
30
Top Mid Jurassic Pay
Base Mid Jurassic Pay
: Sample at 1287m recovering
14L of 35o API oil
: FMT pressure points indicating oil
gradients and a 72m oil column
24m net oil pay thickness
Excellent porosity rock ranging from 17 – 33%
ASK – 1 Type Log
Post-Salt: Asanketken Jurassic Discovery
Encountered 24m net oil pay in Jurassic between 1,230–1,302m
Initial production rate from a single Jurassic Reservoir 672 BOPD
ASK-2 well confirmed the Jurassic discovery
Pre-Salt: Emba Type II Prospects on Guriyev Arch
31
Block E - 3D pre-stack depth migrated seismic line
53 sq km400 m maxclosure
110 sq km450 m maxclosure
96 sq km450 m maxclosure
A
A’
10 KM
Emba A
Emba B
Emba C
Emba D
Emba E
Pre-Salt: Emba Type II Prospects on Guriyev Arch
32
Base Salt
Lower Carb
Devonian
A A’
► Multiple type II structural/stratigraphic prospects for subsalt Devonian to Carboniferous objectives (Tengiz –age
equivalent); note thinning/drape over deep build-ups. These builds are believed to be ancient coral atolls
Block E - 3D pre-stack depth migrated seismic line
Michael B. Young – President and CFOMr. Young has served as Max Petroleum‘s President since February 2009 and
as CFO since September 2006. He has over 20 years experience in various
financial roles in the oil and gas industry. He served as Chief Financial Officer
of Whittier Energy Corporation from 2003 to 2006 and as Vice President and
Chief Financial Officer of Chaparral Resources from 1998 to 2002. Mr. Young
also serves as Chairman of Alpha Houston, a non-profit organization.
James A. Jeffs – Executive Co-ChairmanMr. Jeffs is a senior executive with extensive experience in investment
management, investment banking and as an executive and director of public oil
and gas companies. Since 1994, Mr. Jeffs has been Managing Director and
Chief Investment Officer of the Whittier Trust Company. Mr. Jeffs was formerly
Chairman of Whittier Energy Corporation, Chairman & Chief Executive Officer
of Chaparral Resources and on the Board of the Los Angeles County Employee
Retirement Association. He currently serves on the Boards of NYSE-listed
Strategic Hotels and Resorts and South Oil Co., a private, Russian-based, oil &
gas company.Robert B. Holland III – Executive Co-ChairmanMr. Holland was a member of the Bush Administration until April 2006, serving
as United States Executive Director of the World Bank. From 1993 to 1999, he
served in various positions, including General Counsel and Chief Executive
Officer, with Triton Energy Ltd, a NYSE-listed international exploration company
that was sold to Amerada Hess. He is a former director of Affiliated Computer
Systems, Massey Energy (elected in late 2010 and serving until its sale), and
Pier 1 Imports and currently a member of the board Ivanhoe Mines (as a
nominee of Rio Tinto), all NYSE-listed companies. He is also a Director of the
non-profit International Psoriasis Council.
Lee O. Kraus – Non-Executive DirectorMr. Kraus is the Founder and President of Composite Capital, LLC, a financial
advisory firm focused on clients in the oil and gas, mining, and chemicals
sectors. He previously served as a Managing Director of Dresdner Kleinwort,
heading up its natural resources group from 2005 to 2007. Between 2000 and
2004, Lee was a Director and Executive Vice President of Jnana Technologies
Corporation, an enterprise software company. From 1991 to 2000, Mr. Kraus
was employed by Lazard Freres & Co., LLC, where he was a Managing
Director concentrating on natural resources and served on the board of Lazard
Moscow. He has also served as a Vice President in the Investment Banking
group at Morgan Stanley, focusing on the oil and gas, mining, and chemical
industries, and as an engineer at Schlumberger Ltd.
David R. Belding – Non-Executive DirectorMr. Belding was previously a senior executive and co-founder of Mandalay
Resort Group, which was acquired by MGM Resorts, Inc for US$7.8 billion in
June 2005. Mr. Belding also co-founded Gold Strike Resorts, a hotel and casino
operator, which he developed from 1977-1995, when it merged with Circus
Circus Enterprises. He was a founder and director of First Independent Bank of
Nevada and served on the Board from 1995-2004. He is a partner and sits on
the board of Valor Equity Partners, an equity capital firm based in Chicago. Mr
Belding serves as a board member of various community and civic
organizations, including UNLV, where he has sat on the Board of Trustees
since 1992. He also served as a director of the Whittier Trust Company from
1998-2008.
Maksut S. Narikbayev – Non-Executive DirectorMr. Narikbayev served as Chairman of the Highest Judicial Board of
Kazakhstan from 2003 to 2006, Chairman of the Supreme Court of Kazakhstan
from 1996 to 2000, and as Prosecutor General of Kazakhstan from 1995 to
1996.
33
Board of Directors
Mustafa Arpaci - Production & Engineering Manager
Mr. Arpaci joined Max Petroleum in June 2009 as Production and Engineering Manager.
Mr. Arpaci has more than 20 years experience in the international oil and gas industry. He
has been working in Kazakhstan since 1994, including 2 years with Karachaganak
Petroleum Operating BV. Mr. Arpaci‘s Kazakhstan experience includes working in Senior
Petroleum Engineering and Management positions for various projects in Aktobe, Atyrau,
Aktau and Uralsk Oblasts. Mr. Arpaci has a Masters of Science Degree in Petroleum
Engineering from the Middle East Technical University in Ankara, Turkey.
Sam Barrows - Marketing Director
Mr. Barrows has served as Director of Marketing for Max Petroleum since January 2009.
He has over 27 years of energy industry experience and has worked in the Caspian
Region since 1998. From October 2006 to December 2008, he served in senior advisory
roles at Karachaganak and AES Kazakhstan. From January 2003 to July 2006, he was
Director of Supply and Logistics at PetroKazakhstan. Prior to this, he worked at Texaco
for 19 years in various positions at trading and transportation subsidiaries, established the
initial export routes for the North Buzachi field in Kazakhstan, and served as a Director of
a crude oil transportation joint venture in Azerbaijan and Georgia. He has a BS in
Business Administration from Colorado State University and an MBA from the University
of Phoenix.
34
Senior Management
Ruslan Murzagaliyev - Deputy General Director – Exploration Kazakhstan
Mr Murzagaliyev has worked for Max Petroleum since 2006 and was appointed as
Exploration Director in June 2010. He has over 17 years of experience in various technical
and managerial roles in the oil and gas upstream sector, including serving as Chief
Geologist at Karazhanbasmunai JSC (Nations Energy LTD) from 1997 to 2006 prior to
joining Max Petroleum‘s exploration team. He has a PhD in Geology awarded by the
accredited Gubkin Oil and Gas University in Moscow, Russia.
Andrew Large - Country Director and Country CFO – Kazakhstan
Mr Large joined Max Petroleum as Country CFO in April 2007 and was appointed Country
Manager in June 2008 and Country Director in August 2011. He has over 20 years of
finance and commercial experience in the oil and gas sector, including various
assignments in Kazakhstan, Turkmenistan, UAE and Russia for both public and private
limited companies. Prior to his employment with Max Petroleum, he served as Finance
Director, Downstream for PetroKazakhstan for five years through its acquisition by CNPC,
and held senior finance positions with Dragon Oil and Nimir Energy, having begun his
energy career with Chevron International based in London.
Murray White - Deputy General Director – Operations Kazakhstan
Mr White joined Max Petroleum in August 2010.He has over 41 years of experience in
various operational roles in the oil and gas industry. He was Drilling Director for
PetroKazakhstan, an internationally listed oil and gas exploration and production
company, from 2000 to August 2006. He also served as: Technical Director of PermTex, a
subsidiary of Soco International in Perm Russia; as First Deputy General Director of
KomiQuest in Usinsk Russia; as Drilling Coordinator in KomiArctic Oil in Usinsk Russia;
and spent 24 years in various positions with Gulf Canada finishing as Western Canada
Drilling Manager.
Geoffrey Stone - Chief Accounting Officer
Mr Stone joined Max Petroleum as Vice President of Finance in August of 2008 and was
appointed Chief Accounting Officer in February of 2009. He has over 19 years of
experience in accounting and finance, including seven years in the oil & gas sector. Prior
to joining Max Petroleum, he served as Chief Financial Officer of Sterling Energy, Inc., a
wholly owned subsidiary of Sterling Energy Plc. Prior to that he served as Vice President
of Finance and Chief Accounting Officer of Whittier Energy Corporation. Prior to joining
Whittier, he held various corporate tax positions, including in public accounting at Price
Waterhouse and KPMG. Mr Stone holds a Master of Professional Accounting degree from
the University of Texas at Austin and is a Certified Public Accountant.
Tom Randell - Director of Investor Relations
Before joining Max Petroleum in April 2011 Mr Randell worked in investor relations and
communications for over 10 years at the Brunswick and Merlin consultancies in London.
Prior to that he was a UK qualified solicitor at Linklaters working in their London and New
York offices specialising in securities and capital markets law. He has had experience
working with a range of natural resources businesses and managing communications with
retail and institutional investors as well as governments and media.
Richard Hook - Chief Operating Officer
Prior to joining Max in April 2008, Mr. Hook spent 27 years with Anadarko Petroleum in
various positions of increasing authority as an Exploration Geologist and Manager. As
Geological Supervisor for Anadarko Algeria in the early 1990‘s, Richard was part of a
team that made a series of major discoveries, including the giant, billion barrel Ourhoud
field in Algeria. He later held positions as a Senior Manager of Southern US Exploration,
North Africa and Middle East Exploration, and finally International Onshore Exploration
world-wide for Anadarko. He also served as Vice President of International Business
Development in the Middle East and Russia for Anadarko International Energy Company,
based in London. Mr. Hook holds a Bachelor of Science in Geology from the University of
Oregon, and a Master of Science in Geology from Oregon State University.
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