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(Image courtesy of Max Petroleum)

Max Petroleum said on Tuesday it is reviewing strategic options, including a possible sale, as the Kazakhstan-focused company continues to struggle.

In the past few months, the company has cut its full year production target, implemented cost cuts, and had large shareholder, including UBS and Henderson Global Investors, greatly reduce their equity stakes.

London-listed Max said it had appointed Blackstone Group International Partners as the exclusive financial adviser to manage the formal sale process.

The company said  it would also consider a merger or a subscription of its securities by a third party.

Max has a market value of about 30 million pounds (US$51 million).