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Half-yearly Results
MX Oil, the AIM quoted oil and gas investing company focused on the re-opening Mexican energy sector, has announced its unaudited half-yearly results for the six month period ended 30 June 2015.
Highlights for H1 2015
· Significant progress made regarding the onshore conventional field bidding round in Mexico
· Access granted to the data room in June 2015 – analysis and due diligence on-going, ahead of the anticipated award of concessions in December 2015
· Terms of joint venture with local partner in Mexico, Geo Estratos amended, increasing MX Oil’s interest in any concessions awarded to 55% and removing obligation to fund Geo’s share of costs post contract award in return for limiting Geo’s exclusivity to a minimum of two concessions
· Commencement of due diligence on investment in 5% interest in the Aje Field offshore Nigeria
Post-Period Highlights
· Invested in a 5% indirect, non-operating interest in Aje – a substantial late stage development project offshore Nigeria with proven, flow tested discoveries and exploration potential
· Commencement of multi-phase development project underway at Aje, part of the OML 113 licence – initial two well programme underway targeting first oil by December 2015 and peak production of 11,000 bopd
· Aje expected to provide short term cash flow
· Multiple exploration prospects identified on Nigerian licence which lies adjacent to the 774mmboe (P50 gross recoverable resources) Ogo structure on block OPL 310
MX Oil’s Chief Executive Officer Stefan Olivier said,
“2015 has so far been a transformational period for the Company, one in which we have secured our first asset in the form of a 5% interest in the Aje field offshore Nigeria, which is expected to be producing by Q4 2015, and also accessed the data room for the onshore concessions in Mexico. With first oil at Aje and the award of concessions in Mexico expected in December 2015, the second half of the year is likely to be game-changing for MX Oil. Depending on progress made, we could have a portfolio of company-making assets in Mexico and Nigeria. We are delivering on our objective to build a leading oil and gas investment company and I look forward to providing further updates on our progress.”
