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30 Apr 2019 | 09:53

MXO welcomes resource estimate upgrade at Aje field in Nigeria

MXO said a new independent report indicated reserves at the Aje field in Nigeria were higher than previously thought.

A previous report in 2018 estimated that the Aje field, which currently had two producing wells, contained 2.96m gross barrels of proven and probable recoverable reserves as at 31 December 2017.

Aje had produced 1,074,397 gross barrels of oil over the 2018 calendar year providing an estimate of around 1.89m gross barrels of recoverable oil left.

The production rate had declined far less than was anticipated and the new updated estimate now showed recoverable 2P reserves at 4.73m gross barrels as at 31st December 2018.

'This is a 140% increase over what was anticipated after taking the produced oil into account,' MXO said

'This means that the Aje 2P recoverable reserves have actually increased by 60% compared to those in our previous CPR numbers despite the field having produced over 1m gross barrels over the course of 2018.'

'There is ongoing work being done on Aje's reserves and further updates are expected later this year.'

At 9:53am: (LON:MXO) MX Oil Plc share price was +0.05p at 0.42p

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