MX Oil Implements Leadership Changes

MX Oil announced Monday that it has made three new appointments to its board and management team, which are “in line with the company's strategy to build a leading oil and gas investment company”, according to an MX Oil statement. 

Nicholas Lee, who is currently a non-executive director of MX Oil, has been appointed as the company’s non-executive chairman with immediate effect and Nigel McKim, who has previously worked as the chief operating officer for Nobel Upstream, has been appointed as MX’s executive chief operating officer. Wilhelmus Burgers has also joined the company's executive committee as a technical director and will be formally appointed to the board subject to completion of due diligence and contract.

Commenting on the company’s new appointments, MX Oil's chief executive officer Stefan Olivier said in a company statement: 

"The appointment of a COO and technical director reflects the rapid progress MX Oil has made. In a short space of time, we have secured, through our joint venture, four concessions located in a prolific basin in Mexico, all of which have historically produced, and we have also invested in the soon to be producing Aje field, which is expected to commence production this quarter. Whilst we have no control over the oil price, we can control the assets that we invest in and we feel that the projects that we have secured will deliver value. MX Oil is entering a new phase in its development, one which requires a management team with first class technical experience and expertise to oversee our investments. We believe that we have a fantastic team and, in Nigel and Wim, we have added two oil and gas professionals who will be instrumental in delivering on our objective to build a leading oil and gas investing company.

"I would like to take this opportunity to thank Andrew [Frangos] for the invaluable contribution he has made to MX Oil as chairman. He not only played a key role in relaunching the company with a new strategy and focus but also his unwavering commitment has been vital in pursuing and securing assets which have company-making potential. He remains a shareholder and a big supporter of MX Oil and we wish him all the best in his future endeavours. This is an exciting period for the company and I look forward to providing further updates on our progress in due course."



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