MX Oil widens loss as it continues development

Oil and gas investing company MX Oil announced its unaudited half-year results for the six months to 30 June on Friday - a period in which it once again made nil revenue, but continued its development programme.

The AIM-traded company did point out that Aje Field, part of OML 113, commenced production in May 2016, however, with the next phase of the Aje Field expansion being developed.

More than £7m of new funding was raised before expenses during the period, and the recent repayment of loan notes did reduce the firm’s gearing.

Its operating loss was significantly wider than the first half of last year, at £1.49m against £0.46m.

“With the Aje Field commencing production, the year to date has been an exciting period for the company,” said MX Oil CEO Stefan Olivier.

“We continue to look at opportunities in Mexico whilst, at the same time, further opportunities are now presenting themselves in other parts of the world.

“We are delivering on our objective to build a leading oil and gas investing company and I look forward to providing further updates on our progress.”