Max Petroleum reports that it is releasing the Saipem National 1625 DE onshore deep drilling rig drilling the NUR-1 well at the Emba B Prospect in Block E given the need to obtain additional capital to complete the well.

The Company will continue discussions with the relevant Kazakh Government authorities to seek regulatory approval to allow completion of the drilling of NUR-1 beyond the existing deadline of 4 March 2013, and is considering options to separately finance the completion of the NUR-1 pre-salt well.

Negotiations are also currently ongoing with debt and equity providers to provide financing to complete the Company’s post-salt exploration programme and underpin future appraisal and development drilling. When there is further progress with these negotiations the Company will update the market.

Tags: Max Petroleum Plc