MX Oil joins in development of Aje field offshore Nigeria

MX Oil (AIM:MXO) has acquired an interest in OML 113 offshore Nigeria.

Offshore staff

LONDON – MX Oil (AIM:MXO) has acquired an interest in OML 113 offshore Nigeria. The license covers 835 sq km (322 sq mi) and includes the Aje field.

Aje is scheduled to go on production in early 2016 at 11,000 b/d of oil, rising to 19,000 b/d after Phase 2. Four wells have been drilled on Aje. Two have been production flow tested. MX said seven more prospects are identified from historic seismic data as key exploration targets in the post-rift, middle cretaceous section, with two additional prospects in the syn-rift.

Near-term plans include drilling of a new oil production well, Aje 5 and re-entry intoAje 4 which is scheduled for the end of September. The results of the interpretation of new 3D seismic data will help to determine the possible extension of the OGO discovery over the OML 113.

Phase 2 calls for drilling of two production wells, and Phase 3 should target development of a Turonian gas/condensate reservoir.

07/15/2015

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