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22 Oct 2018 | 09:48

MX Oil launches share issue as chairman departs

AIM-listed oil and gas group MX Oil said it had raised £1m from a share issue, was holding talks with potential project financing partners and had suddenly lost its chairman.

The financing talks were related to the company's 6.67% holding in the Aje Phase 2 development offshore Nigeria, which was targeting estimated gross production of 8,000-12,000 barrels of oil per day.

New shares in the company were issued at 0.1p each.

Chairman Nicholas had left with immediate effect 'in order to spend more time on his other business interests'. He had been replaced in the interim by current director Richard Carter.

'The board intends to continue to look to restructure in an appropriate manner to support the next phase of the company's development,' MX Oil said.

'The board is seeking to appoint a new independent non-executive chairman from outside the company and a further announcement will be made in due course.'

The Aje field was currently producing at around 3,300 barrels of oil per day, or 165 barrels net to MX Oil. At 9:48am: (LON:MXO) MX Oil Plc share price was -0.1p at 0.11p

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