TSX.V: MXM | FRANKFURT: M5HA | OTCBB: MXMSF

President's Letter

We would like to thank you for your interest in Maxim Resources Inc., (“Maxim”), a junior venture oil and gas exploration and production dual listed issuer on the TSX Venture Exchange in Canada. The Company is also quoted on the Frankfurt Exchange as well as the Over-the-Counter Bulletin Board in the United States.

We strive to build a portfolio that will grow into mid-tier production with strong revenue and growth potentials. We are actively seeking new projects on an ongoing basis that gall within our known geographic territories of Africa and the Middle East. Currently, our focus has been our Moroccan asset, and progressing our agreement to acquire an interest in an onshore exploration project in the United Arab Emirates.

In June 2014, we signed a Reconnaissance Contract on the Hassi Berkane Block in the north east of the Kingdom of Morocco to be the operator and have exclusive exploration rights of the licence. The Hassi Berkane Block is located onshore and encompasses 5,116 km2 , with extensive 2-D seismic data. Key attributes of the Hassi Berkane Block are:

  • Similar reservoir and source rocks to the Tselfat area in central Morocco, which has large proven oil and gas reserves.
  • The seismic data reveals several alluring structural anomalies with a similar profile to the numerous oil & gas fields in the Tselfat area.
  • At least one of the anomalies is extremely large and appears to be structurally closed.
  • There is a known oil seep at the periphery of the Hassi Berkane Basin.
  • Drilling depth to target horizons is less than 3,000 meters.

The property is close to the Maghreb Europe Gas Pipeline, which transports gas from the super giant Maghreb gas field in adjacent Algeria. The pipeline has ample excess capacity.

In May 2015, we entered into the Quest Acquisition Agreement with Dubai based Quest Investments LLC and its wholly owned subsidiary Quest Oil & Gas Ventures Inc for Quest to become a significant shareholder of the Company and Maxim to acquire 25% indirect equity ownership interest in the onshore oil and gas and production concession covering an area of 747 km2 , within the Emirate of Umm Al-Quwain, in the United Arab Emirates. Other parties involved in the concession are Arawak Energy International, a wholly owned subsidiary of the Vitol Group, and PTTEP, an upstream company from Thailand.  This milestone offers access to investing in the UAE with 2 major industry partners that are extensive participants in the hydrocarbon market.

Key attributes are that:

  • UAQ Concession comprises 747km2  the entire area of the Emirate of Umm Al-Quwain is 750 km
  • Area is underexplored with the last well drilled in 1986 with no existing production within the concession.
  • Area is highly prospective but no major discovery to date due to poor quality of exploration.
  • 3 plays identified – 2 with prospects mapped:
    • Sajaa Field (7 Tcf & 450 MMbbl) 5 km
    • Hamidiyah Field (est. 50 bcf) is 10 km
  • March 2014 – Arawak Energy farmed-in to opportunity.
  • August 2014 – 150km2  3-D data acquired.

In order to stay in touch with the progress we make, please ensure that you have visited the Contact Us page in order to join our mailing list and be updated with our progress.

We thank you for your continued support and should you have any questions please feel free to contact us at any time.

Thank you.
Andrew Male
Chief Executive Officer