04.02.2019 kl 08:25 6656

MX OIL - Aje oppdatering 4 feb., kun noe - for alt følg link:

MX Oil RNS Release

Aje Investment and Corporate Update
7:00 AM 4 Feb 2019

RNS Number : 9114O
04 February 2019

4 February 2019

("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.


• 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


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."

Redigert 04.02.2019 kl 08:56

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