MX Oil Announces Aje 5 Well Spud Offshore Nigeria

MX Oil announced Monday that drilling has commenced on the Aje 5 production well, located in the Aje Field on the OML 113 license offshore Nigeria. 

Once drilling operations at Aje 5 are completed, which is expected to be in approximately 70 days according to a company press release, the Scarabeo 3 (mid-water semisub) used to drill the well will complete the Aje 4 well. These two wells represent the first of a three phase development program for Aje. Phase one is targeting first oil in December 2015 and peak gross production from these two wells is expected to reach 11,000 barrels of oil per day, as stated in the June 2015 Competent Persons Report. The CPR also states that Phase two is targeting an increase in gross production to 19,000 bopd from an additional two well development.

MX Oil Chief Executive Officer Stefan Olivier commented in a company statement: 

"This is a major milestone for MX Oil.  Having only very recently invested in the Aje field via Jacka Resources and with Aje 5 now being spudded, MX Oil is now progressing quickly towards significant near term production. This is the first of two planned wells in Phase one from which our CPR states a target peak gross production of 11,000 barrels of oil per day. These production figures are expected to increase to 19,000 barrels of oil per day gross in Phase two. We look forward to providing further updates on the drill program as we progress towards anticipated production by December 2015 and in the process build a cash generative platform from which to develop concessions we are targeting in the vast re-opening Mexican energy sector." 



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