MX Oil is one step closer to securing first oil from its Nigerian prospect.
The company said that once Aje 5 has been drilled and completed, which is expected to take approximately 70 days, the drilling rig will proceed to re-enter and complete the nearby Aje 4 well.
First oil is scheduled for December this year and is expected to reach 11,000 barrels of oil per day increasing to 19,000 bopd from an additional two-well development.
Once drilling operations are completed, the wells will be tied back to a Floating Production Storage and Offloading vessel (FPSO), the Front Puffin, which is currently being refurbished in Singapore ahead of installation and commissioning.
Chief executive Stefan Olivier said: “MX Oil is now progressing quickly towards significant near term production.”
He added MX Oil would also look to target opportunities in the re-opening Mexican energy sector.