Petroleum Africa
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Sunday, August 14, 2016
MX Oil revealed that it plans to exercise its right to take full control of its investment in Nigeria’s OML 113 through the acquisition of Jacka Resources Nigeria.
Given the progress that has been made on the asset in recent months, MX Oil says its board has decided to implement the final stage of the investment process.
In recent months OML 113 saw the start of commercial oil production from the Aje field. The field is situated in water depths ranging from 100 to 1,000 meters about 24 km from the coast. The Aje Field contains hydrocarbon resources in sandstone reservoirs in three main levels: a Turonian gas condensate reservoir, a Cenomanian oil reservoir, and an Albian gas condensate reservoir.
MX Oil’s CEO Stefan Olivier said: “Given the progress that has been achieved to date in proving the value of the Aje Field and the further potential from the next phases of development, we believe that now is the right time to complete our investment in OML 113.”
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