MX Oil Receives Offer for Nigerian Investment

MX Oil announced Monday that it has received a formal offer from “a credible third party” for the whole of its Nigerian investment. 

The value of the offer represents several multiples of the company's current market capitalisation, according to an MX Oil statement, and the firm’s directors believe that selling its investment on these terms, if completed, would be more attractive to shareholders than raising equity to fund its investment to first oil at the current share price. As a result, the directors intend to progress discussions in order to conclude a sale in the short term.

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

“Our Nigerian investment is now close to oil production and even in the current oil price environment, it has a significantly greater value than that implied by our current share price and valuation. We are committed to delivering the best funding option or asset transaction possible in the time available and expect to make further announcements to the market in due course.”



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  MEO Australia Seeks Shareholder Approv... (Sep 28)
 -  Karoon Buys PEPC's 35% Stake in 4 Sant... (Sep 28)
 -  Farstad Shipping Sells AHTS Lady Sandr... (Sep 27)
 -  Real Energy Prepares for Tamarama-1 We... (Sep 27)
 -  Trelleborg Appoints Unique Group as it... (Sep 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager I
Expertise: Corrosion Engineering|Pipe Inspection / NDT|Project Management
Location: San Diego, CA
 
Regional Director, Construction and Line Operations (Amarillo, TX) Job
Expertise: Construction Manager|Operations Management|Risk Management
Location: Amarillo, TX
 
Regional Director, Construction and Line Operations (Denver, CO) Job
Expertise: Construction Manager|Operations Management|Risk Management
Location: Henderson, CO
 
search for more jobs

Brent Crude Oil : $45.97/BBL 2.91%
Light Crude Oil : $44.67/BBL 2.74%
Natural Gas : $3/MMBtu 0.33%
Updated in last 24 hours