Petroleum Africa
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Monday, November 21, 2016
MX Oil updated its Nigerian investment. As previously reported on October 19 PR Oil & Gas, holder of its investment Nigeria’s OML 113, received $1.2 million for its share of the proceeds from the sale of the first production of oil from OML 113’s Aje field.
Production from the Aje field continues to be limited by the performance of the Aje-5 well whichrequires subsurface intervention to remedy a mechanical problem. In addition, the availability of gas lift on the FPSO to optimize production rates has been restricted which will affect production in Q4, however, this system is planned to be operational again in the near future. Meanwhile, the Aje-4well has been producing in line with expectations.
Preparations for the Aje-5 intervention program have started with procurement of long lead items and rig contracting. The intervention is scheduled to be undertaken at the end of 2016 to remedy mechanical issues with the completion of the well.
As regardsthe exploration potential in OML 113 in general, a prospective resource review has almost been completed with the competent person’s report by AGR TRACS International and the company expects to be able to provide a summary of this report in due course.
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