MX Oil: 2H 2015 Likely to be Game-Changing

MX Oil’s CEO, Stefan Olivier, has stated that the second half of this year “is likely to be game-changing for MX Oil”, due to the company’s progress regarding the onshore conventional field bidding round in Mexico and the imminent production start-up of the Aje field offshore Nigeria.

The company claimed that “significant progress” was made in Mexico’s bidding round and revealed that it was granted access to the data room in June 2015, ahead of the anticipated award of concessions in December 2015. At Aje, which MX Oil holds a five percent indirect interest in, a two well program has commenced which is targeting first oil by December 2015 and peak production of 11,000 barrels of oil per day.

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

“2015 has so far been a transformational period for the company, one in which we have secured our first asset in the form of a five percent interest in the Aje field offshore Nigeria, which is expected to be producing by 4Q 2015, and also accessed the data room for the onshore concessions in Mexico. With first oil at Aje and the award of concessions in Mexico expected in December 2015, the second half of the year is likely to be game-changing for MX Oil. Depending on progress made, we could have a portfolio of company-making assets in Mexico and Nigeria. We are delivering on our objective to build a leading oil and gas investment company and I look forward to providing further updates on our progress.”

MX Oil revealed an operating loss of $1.09 million in the first half of 2015, which was largely due to the costs of the company’s increased activity in Mexico and the initial work carried out in connection with Aje. 

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