MAX PETROLEUM, a Kazakhstan-focused oil and gas explorer, said last night that it had resolved a last-minute glitch that delayed trading in the company’s shares as it made its stock market debut.

Trading was due to begin yesterday morning, with the company’s formal admission to the Alternative Investment Market. However, trading was put on hold by an “administrative delay”.

It is understood that the London Stock Exchange raised concerns with Max’s brokers over a technical oversight, which prompted the group’s decision to delay trading in its shares. It is thought the omission related to a problem with the company’s listing documentation. A spokesman for Max said trading in the shares would begin this morning.

Max, which has an interest in three blocks in Kazakhstan, is also planning a listing in Frankfurt. That will take place next week as planned.

The initial public offering has raised £26 million in fresh capital for the company, which is valued at about £90 million. The company expects the new funds to see it through the next 12 months.

Max is run by Jim Jeffs, a US fund manager, and Steve Kapelle, chief operating officer and Australia’s honorary consul to Kazakhstan. Mr Kapelle has worked for Shell and Unioil and has worked with the Kazakhstan Government.

Yesterday, Mr Jeffs said: “Whilst in the long run Max Petroleum intends to grow into an international oil and gas company, we viewed Kazakhstan as an attractive starting point from which to establish a foundation for the company to expand.”

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