MX Oil on track to becoming a multi-asset company

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 AIM-listed oil and gas investment group said 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.

It said all key equipment related to the Aje oilfield development has now been delivered to Lagos. In addition, 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."

At 1228 BST, MX shares were down 2% at 2.30p.