MX Oil secures funds for deepwater Aje production drilling
MX Oil has successfully raised around £5 million ($6.2 million) via a new shares placement.
LONDON – MX Oil has successfully raised around £5 million ($6.2 million) via a new shares placement.
The company plans to use this sum to finance its share of drilling activities at thedeepwater Aje oil field in block OML 113 offshore Nigeria, which started production last year.
Output from the field has been impacted by the performance of the Aje-5 well, with subsurface intervention needed to rectify a mechanical problem.
The operation has started, and a further well, Aje 6, will likely be drilled soon to step up Aje’s production.