2nd May 2019 12:18
LONDON (Alliance News) - MX Oil PLC on Thursday said an updated report shows increased gross proved and probable reserves at the Aje oil and gas field in offshore Nigeria.
Shares in oil and gas investor MX Oil were up 6.4% at 0.29 pence shortly after midday.
The revised competent persons report on Aje field, OML 113, shows a gross proved and probable resource of 138.2 million barrels of oil equivalent.
This figure is based on an oil and condensate price of USD60 per barrel, a liquid petroleum gas price of USD39 per barrel, and a gas price of USD4 per million British thermal units.
The report updates the reserves estimate using the production history of the Aje-4 and Aje-5ST2 wells from May 2016 to December 2018. In 2018, the wells performed better than expected.
MX Oil's interest in the project, equivalent to around 6.4%, gives a proved and probable net reserve attributable to the company of around 8.9 million barrels of oil equivalent.
Gross proved reserves equate to 82.4 million barrels of oil equivalent and MX Oil's attributable proved reserves total 5.2 million barrels of oil equivalent.
On Tuesday, MX Oil had reported a new recoverable proved and probable reserve of 4.73 million gross barrels, from the previous figure of 3.0 million barrels.