MX Oil said it was pursuing an investment strategy to beat the industry downturn. The firm is focussing on Nigeria and Mexico as areas to plough its cash into. In the past year, it has managed to raise £11million.
Seven contractors have been released after they were kidnapped by gunmen in Nigeria four days ago.
Nigeria has agreed a one-month ceasefire with militants including the Niger Delta Avengers in the oil-producing southern region, a petroleum ministry official said on Tuesday.
Following months of oversupply, the oil market has now found an unlikely “friend” in the form of militant activity. Last month saw unplanned outages reaching a record high as attacks from Niger Delta Avengers hit major global oil suppliers and Canada saw an estimated 1.2 million barrels a day knocked offline due to forest fires in Alberta.
A group of former Nigerian militants has called on the Niger Delta Avengers to join in discussions with the country's government.
A Nigerian official has confirmed an attack by a militant group on an Eni pipeline.
The Niger Delta avengers have claimed responsibility for a major attack on an Eni pipeline in Nigeria.
A Nigerian Senate committee has asked Chevron Nigeria Ltd. to explain why a gas-to-liquids joint venture with the state-run petroleum company cost about three times more to complete than initially estimated.
Nigeria said it will start a dialogue with the Niger Delta Avengers militant group which has claimed responsibility for a string of attacks.
Amnesty International has said oil giant Shell must not be allowed to “palm off its responsibility” for past spills in the Niger Delta region of Nigeria.
Shell's Nigerian country chair said recent attacks by terrorists in the country had contributed to a "significant decline" in production levels.
The Niger Delta Avengers (NDA) have attacked a Chevron oil facility, the Nigerian militant group said on Twitter on Wednesday.
MX Oil has raised £3.4million in a share placing of 341.2 million shares at a price of 1 pence each, ensuring it has enough cash to retain its investment in its Nigerian operation.
Militants in Nigeria have continue their campaign against oil majors, blowing up gas and crude pipelines belonging to Shell and Agip on Saturday.
Oil major Chevron's onshore activities in Niger Delta have been shut down by a militant attack, according to reports.
A crude pipeline in Nigeria operated by a local subsidiary of Eni has been attacked by militants.
Oil majors Shell and Exxon are the international oil companies most exposed to the explosion of violence in the Niger River delta that has cut Nigeria’s output and fueled a rally in global crude prices, according to Rystad Energy.
A general strike called in Nigeria to protest against higher fuel prices drew only partial compliance after the main unions failed to take a common stand following talks with the government and an injunction imposed by an industrial court.
Oil prices jumped more than 2% on Monday to their highest since November 2015 as Goldman Sachs said the market had ended almost two years of oversupply and was in deficit.
San Leon Energy is aiming to raise at least $200million through a share placing priced at a significant premium in order to fund the acquisition of an indirect interest in a producing oilfield in Nigeria.
Nigeria’s oil production has dropped again as a third major crude-export facility was disrupted, this time by accidental damage rather than militant attacks.
An explosion has rocked a Chevron oil pipeline in Nigeria's Delta region.
Radical militant group the Niger Delta Avengers has warned it will step up attacks unless oil firms left the region within two weeks.
Oil advanced to its highest intraday level in six months as supply reductions around the world, from the US and Canada to Nigeria, helped whittle away the global surplus.
MX Oil has suffered a setback after it revealed its flagship assets in Mexico are not worth progressing.