Updates and Ideas

Max Petroleum - Large fundraising well supported

January 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The bad news with shares in Max Petroleum (MXP; 120p) is that they have already risen three-fold almost vertically since being admitted to AIM last August. But this company, operating in Kazakhstan, could be on the cusp of some explosive growth in production. As a result, the company had little problem raising £37m at 100p in the traditionally quiet Christmas lull to supplement the £25m it raised at 35p when it listed four months earlier. Clearly those investors believe the share price is heading higher, with Max also hinting that an acquisition is on the way. The core acreage at the company is its 80% interest in three large blocks known as A&E and East Alibek in Kazakhstan. As a recent broker note by WH Ireland ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Max Petroleum - Large fundraising well supported

January 2006

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