Kazakhstan-focused Max Petroleum announced Monday that it has raised $63 million from a strategic investor in order to finance its development and exploration work in the country.
Max raised the funds by way of a share subscription to AGR Energy Limited – an investment vehicle owned by the Assaubayev family, a well-known business family in Kazakhstan.
Max CEO Robert B. Holland III commented in a company statement:
"This major investment and the expertise and experience of the AGR Energy Group in Kazakhstan are both very substantial positives for Max Petroleum. This partnership will support our plans for the development of our post-salt fields and our work to resume exploration of pre-salt prospects on the Blocks A&E Licence.
"The Max platform has demonstrated its operational capability in Kazakhstan and this investment provides us with the strong financial foundation we need to support that platform."
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