1st May 2018 14:01
LONDON (Alliance News) - MX Oil PLC said Tuesday that its updated competent persons report has found the level of reserves at the Aje field, part of the OML 113 licence in Nigeria, have increased "significantly".
The proven reserves at the Aje field are now 78.2 million barrels of oil equivalents, up from 11.7 mmboe in 2014. The net entitlement to MX has increased to 5.0 mmboe from 0.7 mmboe. The proven and probable reserves have increased to 127.1 mmboe from 23.4 mmboe in the 2014 report - with a net entitlement of 8.2 mmboe due to MX. The 2018 report found proven, probable and possible reserves are 215.0 mmboe whereas in 2014 there were none - MX has an entitlement to 12.7 mmboe.
MX say there has been "significant developments" in the Aje project since the 2014 report, including three new cenomanian penetrations have been drilled.
CEO Stefan Oliver said: "The revised CPR clearly demonstrates the potential of the Aje Field and the level of resources and reserves that are potentially available. I look forward to updating the market as the various studies underway progress."
Shares in MX were up 7.1% Tuesday to 0.56 pence each.
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