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Thursday, February 22, 2018
MX Oil raised £500,000 before expenses via a placing of 100 million new ordinary shares at a price of 0.5 pence per share. The funds raised will enable further development of the Aje project in Nigeria on OML 113.
The Aje field within the OML 113 license area commenced production in 2016. On February 5, MX Oil announced that it would be updating its Competent Persons Report (CPR) as a result of the production data that has been generated. This report is expected to be available during March 2018.
Field production has now stabilized at around 3,300 bpd and, on the basis of this level of production, combined with a focus on reducing operational expenditure, the company has calculated that lifting costs are currently around $40 per bbl.
One of the two current production wells, Aje-5, has been producing from the Turonian Oil Rim since May 2017. Based on the data gathered from this well, the company now believes that there are significant oil volumes to recover from this interval which it believes will be confirmed by the updated CPR and the development of an integrated oil and gas development plan of the Turonian reservoir is now being discussed.
Application has been made to the LSE for the placing shares to be admitted to trading on AIM. It is expected that admission will become effective and that dealings in the placing shares on AIM will commence on or around March 6.
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