MX Oilhas agreed terms on the sale of its investment in the Aje field offshore Nigeria to GEC Petroleum Development.
Under the terms of the agreement Nigerian company GEC will have the right to acquire MX Oil’s indirect investment in the Aje Field for $18.0 million.
Up to $3.5 million will be advanced to MX Oil in three stages, with the first payment of $2million expected in March.
GEC will then have the right to buy the investment, most likely when initial oil production at the project starts.
MX Oil’s chief executive Stefan Olivier said: “We are delighted that we have now been able to finalise agreement for the sale of our investment in the Aje Field with GPDC which already has substantial assets within the region.
“I look forward to updating the market as the sale progresses and the Aje Field nears production.”