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Tuesday, July 22, 2014

Max Petroleum says reviewing strategic options, (NYSE: BX)

Oil and gas company Max Petroleum Plc said it was reviewing strategic options, including a sale. The London-listed firm, which has majority of its operations in Kazakhstan, said it had appointed Blackstone Group International Partners LLP as the exclusive financial adviser to conduct the formal sale process.The strategic review follows a tumultuous few months where it has slashed its full-year production target, implemented cost cuts and has seen large shareholders - UBS Investment Bank and Henderson Global Investors - drastically reduce their stake in the company.The company said on Tuesday it would also consider a merger, an acquisition or a subscription of its securities by a third party.Max, which has a market value of about 30 million pounds ($51 million), said it was also looking at disposal of assets or farm down.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.03% or $-0.01/share to $35.61. In the past year, the shares have traded as low as $21.30 and as high as $35.78. On average, 5149160 shares of BX exchange hands on a given day and today's volume is recorded at 3755117.