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04 Feb 2019 | 09:46

MXO and partners seek financing for Nigeria oil play

MXO said it and partners were assessing options for the funding of additional wells at the Aje prospect in Nigeria.

The company said it was aware that it would be impractical to rely completely on equity financing for a project as big as Aje.

The partners had therefore commenced steps to procure debt funding for the second phase of the field's development, and, potentially, for future development stages

'In furthering these conversations at the joint venture partnership level and supported by advisers, MXO is exploring the option to secure project financing at the asset level,' the company said.

Discussions were expected to continue through the first half of 2019.]

MXO also announced that production from an existing two wells in the Aje field within the OML 113 licence area had continued at a 'very stable' rate.

Production volumes in 2018 amounted to around 1.2m barrels oil, with the field currently producing at around 3,150 barrels of oil per day.

At 9:46am: (LON:MXO) MX Oil Plc share price was 0p at 0.07p

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