Max Petroleum Plc reported consolidated earnings and production results for the six months ended September 30, 2013. For the six months, the group reported revenue of $46.3 million against $49.2 million a year ago. Operating loss was $700,000 compared to operating profit of $2,354,000 for the same period a year ago. Loss before taxation was $3,377,000 compared to $490,000 a year ago. Loss for the period was $4,979,000 or 0.3 cents loss per basic and diluted share compared to a loss of $3,617,000 or 0.4 cents loss per basic and diluted share a year ago. Net cash generated from operating activities was $9,635,000 against $31,030,000 a year ago. Purchases of property, plant and equipment was $3,885,000 compared to $1,009,000 for the same period a year ago. Payments for exploration and appraisal expenditure and oil and gas assets were $16,078,000 compared to $27,815,000 in the same period last year. Adjusted EBITDA was $13.8 million against $17.9 million a year ago.

During the six months ended September 30, 2013, the group produced 664,000 bbls, or 3,630 bopd, a decrease of 4% from total production of 690,000 bbls, or 3,770 bopd, in the prior period, but 24% higher than the 2,920 bopd produced during the six months ended 31 March 2013.

The company expects production for the fiscal year ended 31 March 2014 is now expected to average approximately 4,000 bopd, a revision downward from previous guidance of 4,500 to 5,500 bopd, due to regulatory delays in turning several wells onto test production and lack of forecast production from several unsuccessful wells drilled during the year to date.