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MX Oil on the way to becoming a house-hold name in Nigeria

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Jude Chukwuemeka

MX Oil said its Aje-5 well offshore Nigeria has been successfully completed and the reservoir has been perforated in the upper and lower oil bearing zones, meaning it’s on track to becoming a multi-asset company in the very near term.
The oil and gas investment group also made it known that the subsea tree has been installed and the well has been suspended ready for connection to the oil production facilities prior to commencement of production.

As it stands, all key equipment related to the Aje oilfield development has now been delivered to Lagos. In addition to that, the ongoing refurbishment of the Front Puffin FPSO is on schedule and it is anticipated that the vessel will sail from Singapore approximately six weeks prior to its installation date.

Chief executive officer Stefan Olivier said: “We are very pleased with the progress of our investment in the proven Aje field.

“With first class teams in place both in Nigeria and Mexico, MX Oil is on course to become a multi-asset oil and gas investment company in the very near term, and I look forward to providing further updates in due course.”

Just a few months ago, MX shares were down 2% and the UK oil and gas investment company MX Oil looked ahead to a “game changing” end of year with progress made in Mexico and imminent production expected from its Nigerian assets.

Now, it seems the time has come.

The company said significant progress has been made regarding the onshore conventional field bidding round in Mexico and it had been granted access to the data room in June 2015 ahead of the anticipated award of concessions in December 2015.

The terms of a joint venture with local partner Geo in Mexico have been amended, increasing MX Oil’s interest to 55% in any concessions awarded.

This multi-phase development project, which is now ready to start pumping oil by December 2015 and peak production of 11,000 bopd is expected.

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