UPDATE 1-Max Petroleum seeks more funds, reviewing options
* Needs further funds to implement strategic plans
* In talks with Macquarie Bank to extend credit facility
* Reviewing strategic alternatives
* Swings to H1 profit
* Shares close down 15 percent (Adds details)
Dec 23 (Reuters) - Max Petroleum Plc (MXP.L: Quote, Profile, Research) said on Tuesday that it needed additional capital funding to execute its strategic plans and was in talks with Macquarie Bank (MQG.AX: Quote, Profile, Research) to extend its existing mezzanine credit facility, knocking its shares by as much as 27 percent.
The Kazakhstan-focused oil and gas explorer said it was reviewing its strategic options due to falling oil prices, collapse in global financial markets and difficult credit environment.
Max Petroleum said it was considering various funding options, including farming out or selling its interests in one or both of its existing oil and gas licences in Western Kazakhstan and seeking additional third-party financing.
"In light of the current market environment and liquidity concerns, Max Petroleum has restricted its future capital spending programme for the 2009 calendar year," it said. Continued...
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