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MX Oil receives offer for Nigerian interests

Energy Voice

MX Oil is considering an offer for Nigerian investment, it confirmed today.

The firm as looking to pool £2million to fund its Nigeria asset through to production.

The OML 113 prospect covers an area of 835 sq km offshore Nigeria and contains the Aje field.

The Aje field, which was discovered in1977, is thought to have a similar composition to Ghana’s Jubilee field.

Chief executive Stefan Olivier said: “Our Nigerian investment is now close to oil production and even in the current oil price environment, it has a significantly greater value than that implied by our current share price and valuation. We are committed to delivering the best funding option or asset transaction possible in the time available and expect to make further announcements to the market in due course.”

The Nigerian government approved the field development plan in 2014.

Production at 11,000 bopd was originally targeted for January this year.

A company spokesperson added: “The directors believe that the offer and expressions of interest received so far support their view that the company’s current share price does not reflect the value of its assets. In the event that neither the offer received nor the other indications of interest result in a sale in the short term, the company needs to keep all financing options open and therefore the directors intend to proceed with the convening of a general meeting to seek shareholder consent for a capital reorganisation which, if passed, would enable the company to raise equity at a price below the company’s current nominal value of 1.0p per if required.”

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