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05 Jun 2019 | 08:07

MX Oil expects to pay down Aje project debt by end of 2019

MX Oil said it still expected to repay project debt on the Aje field in Nigeria after a 12th lifting, expected at the end of the fourth quarter of 2019.

MX Oil had also previously advised that the Aje investment was anticipated to generate material free cash flow -- assuming continued stable production and no change to capital or operational expenditure at project level -- in the first quarter of 2019.

'The costs of the assignment had been included in the company's estimate and accordingly there is no change to the company's expectations for the timing of either event as a result of the conclusion of the assignment,' the company said.

'Shareholders are reminded that should the price of oil or the production rate from Aje decrease materially or should there be unanticipated costs, or interruptions in operations, then it may take longer than anticipated to repay the project level debt and, in turn, take longer for the investment to produce positive cash flow for the company and hence move to profitability.'

At 8:07am: (LON:MXO) MX Oil Plc share price was +0.01p at 0.3p

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