Extraordinary General MeetingExtraordinary General Meeting

12 May 2009

Disclaimer

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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

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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

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�Oil & gas exploration and production company

�Three onshore blocks in Kazakhstan, totalling 13,500 km2

�Extensive exploration portfolio with multi-billion barrel resource potential

�Drilled 19 of 26 successful wells to date

�Aggressive 3D seismic program ongoing. Acquisition of 5,216 km2 of 3D

Corporate Overview

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�

seismic data complete and currently in processing

�Average current production ~2,200 BOPD

Goal: Use the first exploration 3D seismic surveys acquired on our

blocks to mature prospects, then drill them to grow asset and

shareholder value

Our Team

•Directors and Managers

�Extensive experience in the E&P sector in Kazakhstan

•Operations Team

�Experienced expat and local staff with a proven track record operating all phases of exploration, development, production and marketing in Kazakhstan

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marketing in Kazakhstan

•Technical team

�Recently added Houston–based geotechnical team brings added expertise in basin analysis, salt tectonics, carbonate build-ups and sub-salt geophysical processing and interpretation.

Asset Location Map

Max Petroleum operates three exploration blocks in

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the Pre-Caspian Basin in Kazakhstan.

•Blocks A&E

•Complete evaluation of 3D seismic data

•High grade prospect portfolio

�Block E processing and technical review finished by July

�Block A processing and technical review finished by October

•Resume drilling post-salt prospects, retaining 100% working interest

•Farmout deep pre-salt prospects

Two Year Strategic Plan

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�Significant upside potential in deep prospects, but requires major or large independent partner

•Astrakhanskiy Block

•Geotechnical evaluation complete

�New data supports potentially large resource base

•Continue working to farmout or otherwise monetize license

•Recent approval from MEMR to extend license two years and

move the first well into 2009

• Sources of liquidity to fund future capital program

� Cash flow from operations

� Macquarie debt facility

� Farmout / monetization of Astrakhanskiy License

Liquidity and Capital Resources

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� Farm-out of deep rights in Blocks A&E

� Additional debt or equity capital, if available

• Additional future capital requirements impacted by success of exploration program

Astrakhanskiy Block Location Map

The AstrakhanskiyBlock contains what appears to be an extension of the super-giant Astrakhan and Imashevskoye fields located immediately to the NW on the same carbonate

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same carbonate platform.

Astrakhanskiy Prospect

•Structure map of the top of the Bashkirian Reservoir based on new 3D showing the most likely closure covering an area of 102 km2.

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Blocks A&E Location Map

Blocks A&E include a large number of fields, including Max’s Zhana Makat Field, which produce from post-salt reservoirs. Areas of new exploration 3D seismic are shaded.

The southern part of E Block is less than 60 km north of the

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super giant Tengiz Field, which is believed to hold approximately 9 billion barrels of recoverable reserves.

Mini Basin

•Post-salt Reservoirs

•Salt Dome •Salt

DomeMini Basin without

touchdown

Mini Basin

without

touchdown

Migration from Pre-Salt Source Rocks to Post-Salt Reservoirs

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•Touchdowns

Mini Basin

with

touchdown

•Pre-salt Source Rocks

Diagrammatic seismic section from Block E showing the pre-salt and post-salt sections and how oil can migrate into the post-salt section near “touchdown” mini-basins. Oil-filled reservoirs are shown in green.

•Top Salt

•2D Line E105

•Top Salt

•2D Line E105

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Salt Thickness from Gravity Model

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Precaspian Basin Post-Salt Field Size Distribution

Post –salt fields

economic mean field

size = 34 MMBO (after

truncation)

This is a statistical distribution of the size of the existing fields in the basin.

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Field Size in Millions of Barrels

2 MMBO minimum economic post-salt field size

It is used to evaluate reasonable reserve ranges for new discoveries

Portfolio Snapshot: Risk and Potential Volumes

•: Stable and Drill Ready

•: Can Mature

•: Stable and Non-drillable

•: Pre-salt

�����������

Stable and

drill ready

High

Potential

Pre-Salt

•5

Prospects

Can Mature – will move “up or out” with new 3D seismic

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•Exploration analysis supports potential of post-salt play type

•Portfolio includes 36 leads and prospects in the areas covered by 3D seismic

•All current production on Blocks A&E from post-salt reservoirs

Focus on Blocks A&E Post-Salt Exploration

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reservoirs

•New 3D data key to prospect confirmation and discoveries

•Post-salt drilling costs average approx. $2mm/well.

•Infrastructure in place for rapid development and production from new discoveries

Inherent Asset Value

• Completing the evaluation of our new 3D data on Blocks A&E is expected to result in approximately 10-15 drillable post-salt prospects by end of 2009.

• Assuming 10-15 drillable prospects in the portfolio, we believe the likelihood of one or more commercial discoveries is above 90%.

• We expect the post-salt portfolio to result in approximately 100 MMBO of 2P reserves, assuming three discoveries.

• Historic transaction metrics in Kazakhstan support value in excess of $6 per barrel for 2P reserves, making the post-salt portfolio alone highly accretive based on current Max enterprise value.

• Tremendous upside of the pre-salt is of interest to majors and large independent exploration companies. Farming out with a carried interest in this play retains significant potential upside value to Max.

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Sekir Prospect: 3D View

Block diagram showing Sekir East and West Prospects.

Sekir East has been selected for drilling due to having a higher geologic chance

Sekir West Prospect

of hydrocarbon charge and seal. Sekir West will be considered for drilling if Sekir East is successful.

Mean reserves

are estimate at

27 MMBO.

Sekir East

Prospect

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Kainar Prospect – Structure Map

Structure map of the Jurassic Formation at Kainar Prospect. This faulted anticline is an example of the most common trapping style for post-salt fields in the basin.

Kainar Prospectin the basin.

The seismic panels on the next page are indicated by the red lines.

Mean reserves

are estimated

at 21 MMBO.

Prospect

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Kainar Prospect - Seismic Cross Sections

NW SE SW NEProposed Location Proposed Location

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Asanketken Prospect: Triassic Marker Depth

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C.I. 25m

Asanketken Prospect: Seismic Section

•Salt

•Target

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•Salt

Bek Beke Area Kyzylzhar Prospect: Base Jurassic

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Bek Beke Area Kyzylzhar Prospect: Seismic Sections

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Significant Pre-Salt Upside Potential

•Seismic processing on Kuzbak Deep 3D data will be completed in May 2009.

•Several other similar structures to Kuzbak have been mapped on the existing data set.

•Geochemical evidence supports the possibility of a carbonate buildup in Block E.

•Major oil companies have expressed interest in our portfolio

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•Major oil companies have expressed interest in our portfolio of high risk / high reward leads, but want to see fully processed 3D data.

•Formal farmout process for Blocks A&E deep prospects planned in Summer 2009 after 3D has been fully interpreted.

Pre-Caspian Basin Pre-salt Field Size Distribution

Kashagan

KarachaganakTengiz

Imashevskoye

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Field Size in Millions of Barrels (including gas and condensate)

200 MMBO Minimum Economic Pre-Salt Field Size

AktoteChinarevskoye

AnsaganKTT group

Kashagan SW

Comparison Between Kuzbak Prospect and Tengiz Field

Comparison of seismic sections through the Kuzbak Deep Prospect in Block E (above), and the 9 billion barrel Tengiz Field (below) located abut 60 km to

3 km

located abut 60 km to the south. New 3D data will better delineate this prospect when it is complete late this spring. Note these images are not at the same scale.

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