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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mx Oil Plc | LSE:MXO | London | Ordinary Share | GB00BKRV5441 | ORD 0.01P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.32 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 0.31 | 0.33 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.32 | GBX |
Mx Oil (MXO) Share Charts1 Year Mx Oil Chart |
|
1 Month Mx Oil Chart |
Intraday Mx Oil Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 17/6/2019 | 09:29 | mxo | 10 |
| 10/6/2019 | 08:27 | MX OIL | 4,950 |
| 31/5/2019 | 19:38 | mxo | 11 |
| 31/5/2019 | 17:21 | dumping | 14 |
| 16/4/2019 | 10:07 | MXO | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 08/6/2019 07:32 by pwhite73 Rock StarThis is correct for two reasons. Firstly mug PIs prefer to hold squillions and squillions of shares at 0.00001p. So when the shares hit 1p they all become millionaires (Rodders). The other reason is that when a micro-cap company states that it is consolidating its shares to make them more attractive to institutions it is always lying. Institutions are not interested in the price its the market cap they look at. After consolidation the market cap remains the same. The real reason they consolidate is to issue more discounted shares until the share price is back down to under penny again and the cycle repeats itself. They consolidate again. However in the case of MXO events have mitigated against this. The directors cannot issue anymore shares so there is no further dilution to come. The appointment of a director from the Sheikh's office should maintain momentum for a while. But some PIs will certainly sell up Monday and look for other sub-penny shares that can multi-bag for them. |
Posted at 23/5/2019 16:25 by pwhite73 JSNone of these non-dividend paying micro-caps can create shareholder value and if they claim they can they are liars. For mug PIs like us shareholder value can only be created when other mug PIs buy the shares at a higher price than we paid for ours. When/if its confirmed that the Sheikh or someone high in his office is the new non-ex director the share price will soar again. But even that is only secondary to the fact that they will not be diluting existing shareholders to raise working capital. This is because the Sheikh will not have his 29.86% diluted. But because of the transformation that is going on the shares are there as back up should they be needed for voting purposes. Many people think they will announce the new non-ex director after Ramadan or after the GM. But they could be wrong. They could make such announcement anytime before just as the GM circular was published before the end of Ramadan. |
Posted at 05/5/2019 11:18 by pwhite73 quitie - "With a market cap of around £15m just now, even if he achieves a fraction of what he's after then we're well in the money."Well no. The Crown Prince would not be involved in the day to day running of this company. He has an overall plan for Dubai to invest in Africa at the commercial, environmental and humanitarian level. That's where his interest ends. Indeed I suspect its the London office contacting his private office with a request for financial support given his announced interest to invest in Africa. They managed to get funding in exchange for a non-executive board seat. At the time of the investment MXO was worth only £1.87m. Why would he take a 29.86% stake just keeping himself under the enforced takeover limit of 30%. Why not just buy the whole damn company if he wants to 'personally steer it"? Because those are the terms that were laid down by the London Office so the current CEO and board remain in control. MXO is just a tiddler AIM stock where the share price has jumped 1000% due to funding arrangements through the Dubai Royal Family. That's all. I don't see this leading to anything else. In the RNS directors have already advised in order to conserve cash they intend to issue options in lieu of wages. The share price will correct itself. |
Posted at 03/5/2019 10:16 by billthebank That is very interesting for MXO. Just a little piece of the jigsaw. Very risky even although the Sheik invested last weeks pocket money £500K into MXO @ 0.04p. I am sure that someone else will build a stake though on the back of this and if we see a TR1 nest week or so the share price could go berserk again. For those that were spiked too late to get out no. For those that bought in early doors I am sure they will have taken their profits by now as the MMs have played this. Personally I have bought in and will wait to see how this develops. A 12 month play and all should be clearer!!! |
Posted at 02/5/2019 17:33 by pwhite73 Tracey MooreOil shares and other shares fall for many reasons. I have placed this one on my monitor because of the stellar rise since the Sheikh bought in. I am a short term trader not a long term holder. Traders like myself are interested in volume. Shares that rise sharply and shares that fall sharply have plenty of volume. MXO is on a downward spiral and will be for the foreseeable future because of the huge disparity between the placing price 0.04p and today's price of 0.25p. I may consider buying later but for now its important for us retail investors to understand what is going on. The only people who suffer in the end is us. I don't believe its the Sheikh who's selling its all the conmen and spivs who picked up 800 million warrants hiding under his coattails as placees. "In connection with the placing, 800,000,000 warrants have been issued to placees with an exercise price of 0.04p per share for a term of 5 years." They try to prop up the share price with vacuous operational reports. When PIs buy they sell. When PIs don't buy they still sell making the price even more attractive. The warrants also facilitate other market spivs to short the stock. My useless advice to you is if you are still in - get out. |
Posted at 26/4/2019 12:39 by under the radar 4 February 2019MX OIL PLC ("MXO" or the "Company") Aje Investment and Corporate Update MXO plc, an oil and gas investing company quoted on AIM, is pleased to provide the following update. Highlights Â&Acir Â&Acir Â&Acir Â&Acir Â&Acir Â&Acir Â&Acir Â&Acir Â&Acir Aje Investment Operations Update During 2018, operations at the OML 113 licence continued to make good progress underpinned by strong performance of the Turonian and Cenomanian reservoirs which continue in line with the operating partners' expectations. Production from the two wells in the Aje field within the OML 113 licence area has continued at a very stable rate achieving a total produced volume for 2018 of approximately 1,200,000 barrels of oil. Currently the field is producing around 3,150 bopd (158 bopd net to MXO). The partnership successfully completed the 9th lifting from the Aje field in late November 2018 offtaking approximately 315,000 barrels of oil. The 10th lifting is scheduled to occur in late February 2019. Following the announcement in August 2018 that consent from the Minister of Petroleum Resources had been received for the renewal of the OML 113 licence for another term of 20 years, the Aje partners have now fully paid the $9.8m licence renewal fee. The continuous oil production of Aje-4 and Aje-5 is above initial expectations and has encouraged the operating partner group to approach RPS Group with the purpose to establishing the viability of additional development of Aje. RPS Group was appointed in late October 2018 to conduct an assessment of the potential development activity associated with the additional upside oil resources. The modelling work conducted to date has reinforced the partners' view of the potential for new oil wells in both the Turonian and Cenomanian. RPS Group's work is now expected to conclude in Q1 2019 and will form the basis for a decision on further drilling in 2019 ("Phase 2") with a view to a full development project thereafter. The operating partners continue to assess the viability that these two development phases. The operating partners consider that the initial development drilling may result in peak oil production rates of 8,000 to 12,000 barrels of oil per day and the full development drilling may increase production to 20,000 barrels of oil per day and 100 million standard cubic feet per day of gas. The partnership expects that the initial development drilling is likely to require one new development well in the Cenomanian reservoir and one horizontal side track development well in the Turonian reservoir. The full development project will be subject to the availability of project finance in the future to allow a number of new wells to be developed. Project Financing The operating partners continue to assess options to meet the funding requirements for the completion of the additional wells expected in Phase 2 and later to the full field development. The operating partners continue to be cognisant of the impracticality of funding projects the size of the Aje development by equity and the partners have commenced steps to procure debt funding for Phase 2 and, potentially, the future stages of development. In furthering these conversations at the joint venture partnership level and supported by advisers, MXO is exploring the option to secure project financing at the asset level. These exploratory discussions are expected to continue throughout H1 2019 so as to ensure the funding solutions and the technical output of the RPS modelling work are in place in order that a decision on Phase 2 development can be taken by the partnership quickly. Operating costs and business objectives review The Board has undertaken a full review of its operating costs and business objectives in order to ensure that the Company is best set up to execute its investment plan in the most cost effective and efficient manner with a core focus on preserving cash. The result of this comprehensive review has been a significant reduction in the monthly operating expenses, which are 66% lower than incurred in 2018 and, in turn, the cash burn rate of the Company. The Board considers that this operating model significantly strengthens the Company's position, ahead of the critical decision on the Phase 2 development, whilst maintaining sufficient focus on its investment in Aje. Board and Key Personnel In respect of providing it technical appraisal of its continued investment in Aje, the Company is very pleased to retain the services of Wim Burgers as a consultant. Wim has more than 40 years' international exploration and production experience as a geologist and geophysicist in the oil and gas industry. Wim was employed by ExxonMobil for the majority of his career before his retirement in 2014. He started to work for the Company in 2015 as a production and development geoscientist on the Aje project. This has allowed him to develop a geological model of the Aje oil and gas field such that he is also strongly involved within the partnerships subsurface technical committee. He earned his master degree in geology and geophysics at the University of Leiden, the Netherlands. In regard to its previous commitment to corporate governance and to strengthening the Board, the Company maintains its intention to do so at the appropriate time in advance of the next stage of development later this year. The Company intends to appoint a Chairman with the suitable industry, technical, commercial and operational experience to support and direct the Company as the partners develop the Aje project. As previously announced, the Company regards the appointment of a new Chairman as a key step at the appropriate time and is pleased that Richard Carter will continue in the role of Non-Executive Chairman in the interim. Stefan Oliver, the Company's CEO commented: "The Aje partnership has continued to make significant progress towards the realisation of a Phase 2 development of Aje. 2019 is poised to be an important year for the Company and its stakeholders as we expect to see continued encouraging progress through the work undertaken by RPS Group towards an investment decision on the Phase 2 development. With the continued stable production from the field, the current well economics and the work to increase production rates, MXO is well positioned to see a potential significant revaluation of its investment in Aje arising from the development strategy of the Aje field." |
Posted at 26/4/2019 10:34 by under the radar READ IT SLOWLY ....4 February 2019 MX OIL PLC ("MXO" or the "Company") Aje Investment and Corporate Update MXO plc, an oil and gas investing company quoted on AIM, is pleased to provide the following update. Highlights · Continued production from the Aje field of around 3,150 bopd (158bopd net to MXO) · Completion on 9th lifting from Aje field in late November 2018 with total offtake of c. 315,000 bbls · Joint venture anticipates that the next lifting will take place in the last week of February 2019 · Aje partnership has fully paid the $9.8m licence renewal fee thereby securing a 20 year extension of OML 113 (Aje field) licence · RPS technical work now expected to conclude in Q1 2019 to support a decision on Aje Phase 2 development; targeting estimated gross production of 8-12,000 bopd · Joint venture partners planning to undertake a flow assurance study, during Q1 2019, planned to be concluded by Schlumberger for potential modest increase in daily oil rate and meaningful reduction in operation expenditure · Encouraging interest from potential project finance providers given the very stable oil production and potential significant near-term production upside · Company has continued to maximise its cash positions through undertaking a full review of its operating cost base · Monthly burn rate reduced by 66% compared to its 2018 position Aje Investment Operations Update During 2018, operations at the OML 113 licence continued to make good progress underpinned by strong performance of the Turonian and Cenomanian reservoirs which continue in line with the operating partners' expectations. Production from the two wells in the Aje field within the OML 113 licence area has continued at a very stable rate achieving a total produced volume for 2018 of approximately 1,200,000 barrels of oil. Currently the field is producing around 3,150 bopd (158 bopd net to MXO). The partnership successfully completed the 9th lifting from the Aje field in late November 2018 offtaking approximately 315,000 barrels of oil. The 10th lifting is scheduled to occur in late February 2019. Following the announcement in August 2018 that consent from the Minister of Petroleum Resources had been received for the renewal of the OML 113 licence for another term of 20 years, the Aje partners have now fully paid the $9.8m licence renewal fee. The continuous oil production of Aje-4 and Aje-5 is above initial expectations and has encouraged the operating partner group to approach RPS Group with the purpose to establishing the viability of additional development of Aje. RPS Group was appointed in late October 2018 to conduct an assessment of the potential development activity associated with the additional upside oil resources. The modelling work conducted to date has reinforced the partners' view of the potential for new oil wells in both the Turonian and Cenomanian. RPS Group's work is now expected to conclude in Q1 2019 and will form the basis for a decision on further drilling in 2019 ("Phase 2") with a view to a full development project thereafter. The operating partners continue to assess the viability that these two development phases. The operating partners consider that the initial development drilling may result in peak oil production rates of 8,000 to 12,000 barrels of oil per day and the full development drilling may increase production to 20,000 barrels of oil per day and 100 million standard cubic feet per day of gas. The partnership expects that the initial development drilling is likely to require one new development well in the Cenomanian reservoir and one horizontal side track development well in the Turonian reservoir. The full development project will be subject to the availability of project finance in the future to allow a number of new wells to be developed. Project Financing The operating partners continue to assess options to meet the funding requirements for the completion of the additional wells expected in Phase 2 and later to the full field development. The operating partners continue to be cognisant of the impracticality of funding projects the size of the Aje development by equity and the partners have commenced steps to procure debt funding for Phase 2 and, potentially, the future stages of development. In furthering these conversations at the joint venture partnership level and supported by advisers, MXO is exploring the option to secure project financing at the asset level. These exploratory discussions are expected to continue throughout H1 2019 so as to ensure the funding solutions and the technical output of the RPS modelling work are in place in order that a decision on Phase 2 development can be taken by the partnership quickly. Operating costs and business objectives review The Board has undertaken a full review of its operating costs and business objectives in order to ensure that the Company is best set up to execute its investment plan in the most cost effective and efficient manner with a core focus on preserving cash. The result of this comprehensive review has been a significant reduction in the monthly operating expenses, which are 66% lower than incurred in 2018 and, in turn, the cash burn rate of the Company. The Board considers that this operating model significantly strengthens the Company's position, ahead of the critical decision on the Phase 2 development, whilst maintaining sufficient focus on its investment in Aje. Board and Key Personnel In respect of providing it technical appraisal of its continued investment in Aje, the Company is very pleased to retain the services of Wim Burgers as a consultant. Wim has more than 40 years' international exploration and production experience as a geologist and geophysicist in the oil and gas industry. Wim was employed by ExxonMobil for the majority of his career before his retirement in 2014. He started to work for the Company in 2015 as a production and development geoscientist on the Aje project. This has allowed him to develop a geological model of the Aje oil and gas field such that he is also strongly involved within the partnerships subsurface technical committee. He earned his master degree in geology and geophysics at the University of Leiden, the Netherlands. In regard to its previous commitment to corporate governance and to strengthening the Board, the Company maintains its intention to do so at the appropriate time in advance of the next stage of development later this year. The Company intends to appoint a Chairman with the suitable industry, technical, commercial and operational experience to support and direct the Company as the partners develop the Aje project. As previously announced, the Company regards the appointment of a new Chairman as a key step at the appropriate time and is pleased that Richard Carter will continue in the role of Non-Executive Chairman in the interim. Stefan Oliver, the Company's CEO commented: "The Aje partnership has continued to make significant progress towards the realisation of a Phase 2 development of Aje. 2019 is poised to be an important year for the Company and its stakeholders as we expect to see continued encouraging progress through the work undertaken by RPS Group towards an investment decision on the Phase 2 development. With the continued stable production from the field, the current well economics and the work to increase production rates, MXO is well positioned to see a potential significant revaluation of its investment in Aje arising from the development strategy of the Aje field." |
Posted at 25/4/2019 07:45 by under the radar Evey day that passes is another day closer to finding out what the Sheiks intentions are.The share price could go up 100s of % quite easily on a good investment so I’d much rather be in than out because I would hate to miss out on such a large gain. With all his contacts I’m expecting a transformational blockbuster deal that will send this share price into space. GLA |
Posted at 24/4/2019 12:14 by under the radar Why I’m here ...4 February 2019 MX OIL PLC ("MXO" or the "Company") Aje Investment and Corporate Update MXO plc, an oil and gas investing company quoted on AIM, is pleased to provide the following update. Highlights · Continued production from the Aje field of around 3,150 bopd (158bopd net to MXO) · Completion on 9th lifting from Aje field in late November 2018 with total offtake of c. 315,000 bbls · Joint venture anticipates that the next lifting will take place in the last week of February 2019 · Aje partnership has fully paid the $9.8m licence renewal fee thereby securing a 20 year extension of OML 113 (Aje field) licence · RPS technical work now expected to conclude in Q1 2019 to support a decision on Aje Phase 2 development; targeting estimated gross production of 8-12,000 bopd · Joint venture partners planning to undertake a flow assurance study, during Q1 2019, planned to be concluded by Schlumberger for potential modest increase in daily oil rate and meaningful reduction in operation expenditure · Encouraging interest from potential project finance providers given the very stable oil production and potential significant near-term production upside · Company has continued to maximise its cash positions through undertaking a full review of its operating cost base · Monthly burn rate reduced by 66% compared to its 2018 position Aje Investment Operations Update During 2018, operations at the OML 113 licence continued to make good progress underpinned by strong performance of the Turonian and Cenomanian reservoirs which continue in line with the operating partners' expectations. Production from the two wells in the Aje field within the OML 113 licence area has continued at a very stable rate achieving a total produced volume for 2018 of approximately 1,200,000 barrels of oil. Currently the field is producing around 3,150 bopd (158 bopd net to MXO). The partnership successfully completed the 9th lifting from the Aje field in late November 2018 offtaking approximately 315,000 barrels of oil. The 10th lifting is scheduled to occur in late February 2019. Following the announcement in August 2018 that consent from the Minister of Petroleum Resources had been received for the renewal of the OML 113 licence for another term of 20 years, the Aje partners have now fully paid the $9.8m licence renewal fee. The continuous oil production of Aje-4 and Aje-5 is above initial expectations and has encouraged the operating partner group to approach RPS Group with the purpose to establishing the viability of additional development of Aje. RPS Group was appointed in late October 2018 to conduct an assessment of the potential development activity associated with the additional upside oil resources. The modelling work conducted to date has reinforced the partners' view of the potential for new oil wells in both the Turonian and Cenomanian. RPS Group's work is now expected to conclude in Q1 2019 and will form the basis for a decision on further drilling in 2019 ("Phase 2") with a view to a full development project thereafter. The operating partners continue to assess the viability that these two development phases. The operating partners consider that the initial development drilling may result in peak oil production rates of 8,000 to 12,000 barrels of oil per day and the full development drilling may increase production to 20,000 barrels of oil per day and 100 million standard cubic feet per day of gas. The partnership expects that the initial development drilling is likely to require one new development well in the Cenomanian reservoir and one horizontal side track development well in the Turonian reservoir. The full development project will be subject to the availability of project finance in the future to allow a number of new wells to be developed. Project Financing The operating partners continue to assess options to meet the funding requirements for the completion of the additional wells expected in Phase 2 and later to the full field development. The operating partners continue to be cognisant of the impracticality of funding projects the size of the Aje development by equity and the partners have commenced steps to procure debt funding for Phase 2 and, potentially, the future stages of development. In furthering these conversations at the joint venture partnership level and supported by advisers, MXO is exploring the option to secure project financing at the asset level. These exploratory discussions are expected to continue throughout H1 2019 so as to ensure the funding solutions and the technical output of the RPS modelling work are in place in order that a decision on Phase 2 development can be taken by the partnership quickly. Operating costs and business objectives review The Board has undertaken a full review of its operating costs and business objectives in order to ensure that the Company is best set up to execute its investment plan in the most cost effective and efficient manner with a core focus on preserving cash. The result of this comprehensive review has been a significant reduction in the monthly operating expenses, which are 66% lower than incurred in 2018 and, in turn, the cash burn rate of the Company. The Board considers that this operating model significantly strengthens the Company's position, ahead of the critical decision on the Phase 2 development, whilst maintaining sufficient focus on its investment in Aje. Board and Key Personnel In respect of providing it technical appraisal of its continued investment in Aje, the Company is very pleased to retain the services of Wim Burgers as a consultant. Wim has more than 40 years' international exploration and production experience as a geologist and geophysicist in the oil and gas industry. Wim was employed by ExxonMobil for the majority of his career before his retirement in 2014. He started to work for the Company in 2015 as a production and development geoscientist on the Aje project. This has allowed him to develop a geological model of the Aje oil and gas field such that he is also strongly involved within the partnerships subsurface technical committee. He earned his master degree in geology and geophysics at the University of Leiden, the Netherlands. In regard to its previous commitment to corporate governance and to strengthening the Board, the Company maintains its intention to do so at the appropriate time in advance of the next stage of development later this year. The Company intends to appoint a Chairman with the suitable industry, technical, commercial and operational experience to support and direct the Company as the partners develop the Aje project. As previously announced, the Company regards the appointment of a new Chairman as a key step at the appropriate time and is pleased that Richard Carter will continue in the role of Non-Executive Chairman in the interim. Stefan Oliver, the Company's CEO commented: "The Aje partnership has continued to make significant progress towards the realisation of a Phase 2 development of Aje. 2019 is poised to be an important year for the Company and its stakeholders as we expect to see continued encouraging progress through the work undertaken by RPS Group towards an investment decision on the Phase 2 development. With the continued stable production from the field, the current well economics and the work to increase production rates, MXO is well positioned to see a potential significant revaluation of its investment in Aje arising from the development strategy of the Aje field." This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 and the person who arranged for release of this announcement on behalf of the Company was Stefan Olivier, Chief Executive Officer of the Company. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. |
Posted at 23/4/2019 18:21 by under the radar This is why the Sheikh bought in (20,000 barrels per day)Mon, 4th Feb 2019 07:00 RNS Number : 9114O MX Oil PLC 04 February 2019 4 February 2019 MX OIL PLC ("MXO" or the "Company") Aje Investment and Corporate Update MXO plc, an oil and gas investing company quoted on AIM, is pleased to provide the following update. Highlights · Continued production from the Aje field of around 3,150 bopd (158bopd net to MXO) · Completion on 9th lifting from Aje field in late November 2018 with total offtake of c. 315,000 bbls · Joint venture anticipates that the next lifting will take place in the last week of February 2019 · Aje partnership has fully paid the $9.8m licence renewal fee thereby securing a 20 year extension of OML 113 (Aje field) licence · RPS technical work now expected to conclude in Q1 2019 to support a decision on Aje Phase 2 development; targeting estimated gross production of 8-12,000 bopd · Joint venture partners planning to undertake a flow assurance study, during Q1 2019, planned to be concluded by Schlumberger for potential modest increase in daily oil rate and meaningful reduction in operation expenditure · Encouraging interest from potential project finance providers given the very stable oil production and potential significant near-term production upside · Company has continued to maximise its cash positions through undertaking a full review of its operating cost base · Monthly burn rate reduced by 66% compared to its 2018 position Aje Investment Operations Update During 2018, operations at the OML 113 licence continued to make good progress underpinned by strong performance of the Turonian and Cenomanian reservoirs which continue in line with the operating partners' expectations. Production from the two wells in the Aje field within the OML 113 licence area has continued at a very stable rate achieving a total produced volume for 2018 of approximately 1,200,000 barrels of oil. Currently the field is producing around 3,150 bopd (158 bopd net to MXO). The partnership successfully completed the 9th lifting from the Aje field in late November 2018 offtaking approximately 315,000 barrels of oil. The 10th lifting is scheduled to occur in late February 2019. Following the announcement in August 2018 that consent from the Minister of Petroleum Resources had been received for the renewal of the OML 113 licence for another term of 20 years, the Aje partners have now fully paid the $9.8m licence renewal fee. The continuous oil production of Aje-4 and Aje-5 is above initial expectations and has encouraged the operating partner group to approach RPS Group with the purpose to establishing the viability of additional development of Aje. RPS Group was appointed in late October 2018 to conduct an assessment of the potential development activity associated with the additional upside oil resources. The modelling work conducted to date has reinforced the partners' view of the potential for new oil wells in both the Turonian and Cenomanian. RPS Group's work is now expected to conclude in Q1 2019 and will form the basis for a decision on further drilling in 2019 ("Phase 2") with a view to a full development project thereafter. The operating partners continue to assess the viability that these two development phases. The operating partners consider that the initial development drilling may result in peak oil production rates of 8,000 to 12,000 barrels of oil per day and the full development drilling may increase production to 20,000 barrels of oil per day and 100 million standard cubic feet per day of gas. The partnership expects that the initial development drilling is likely to require one new development well in the Cenomanian reservoir and one horizontal side track development well in the Turonian reservoir. The full development project will be subject to the availability of project finance in the future to allow a number of new wells to be developed. Project Financing The operating partners continue to assess options to meet the funding requirements for the completion of the additional wells expected in Phase 2 and later to the full field development. The operating partners continue to be cognisant of the impracticality of funding projects the size of the Aje development by equity and the partners have commenced steps to procure debt funding for Phase 2 and, potentially, the future stages of development. In furthering these conversations at the joint venture partnership level and supported by advisers, MXO is exploring the option to secure project financing at the asset level. These exploratory discussions are expected to continue throughout H1 2019 so as to ensure the funding solutions and the technical output of the RPS modelling work are in place in order that a decision on Phase 2 development can be taken by the partnership quickly. Operating costs and business objectives review The Board has undertaken a full review of its operating costs and business objectives in order to ensure that the Company is best set up to execute its investment plan in the most cost effective and efficient manner with a core focus on preserving cash. The result of this comprehensive review has been a significant reduction in the monthly operating expenses, which are 66% lower than incurred in 2018 and, in turn, the cash burn rate of the Company. The Board considers that this operating model significantly strengthens the Company's position, ahead of the critical decision on the Phase 2 development, whilst maintaining sufficient focus on its investment in Aje. Board and Key Personnel In respect of providing it technical appraisal of its continued investment in Aje, the Company is very pleased to retain the services of Wim Burgers as a consultant. Wim has more than 40 years' international exploration and production experience as a geologist and geophysicist in the oil and gas industry. Wim was employed by ExxonMobil for the majority of his career before his retirement in 2014. He started to work for the Company in 2015 as a production and development geoscientist on the Aje project. This has allowed him to develop a geological model of the Aje oil and gas field such that he is also strongly involved within the partnerships subsurface technical committee. He earned his master degree in geology and geophysics at the University of Leiden, the Netherlands. In regard to its previous commitment to corporate governance and to strengthening the Board, the Company maintains its intention to do so at the appropriate time in advance of the next stage of development later this year. The Company intends to appoint a Chairman with the suitable industry, technical, commercial and operational experience to support and direct the Company as the partners develop the Aje project. As previously announced, the Company regards the appointment of a new Chairman as a key step at the appropriate time and is pleased that Richard Carter will continue in the role of Non-Executive Chairman in the interim. Stefan Oliver, the Company's CEO commented: "The Aje partnership has continued to make significant progress towards the realisation of a Phase 2 development of Aje. 2019 is poised to be an important year for the Company and its stakeholders as we expect to see continued encouraging progress through the work undertaken by RPS Group towards an investment decision on the Phase 2 development. With the continued stable production from the field, the current well economics and the work to increase production rates, MXO is well positioned to see a potential significant revaluation of its investment in Aje arising from the development strategy of the Aje field." This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 and the person who arranged for release of this announcement on behalf of the Company was Stefan Olivier, Chief Executive Officer of the Company. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. |
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