MX Oil said it noted yesterday's announcement by Panoro Energy, a Company in which it holds an investment, whereby Panoro stated it was making satisfactory progress towards the resolution of its outstanding legal issues with certain partners.
Panoro is one of the partners in the Aje Field within block OML 113, offshore Nigeria.
The Company added:
"The Aje-4 and Aje-5 wells continue to produce and another lifting of oil is expected shortly. As referred to by Panoro, the partnership has already managed to reduce operating costs and continues to focus on improving margins against the background of an increasing oil price."
At 1:26pm: (LON:MXO) Mx Oil Plc Ord 1p share price was +0.05p at 0.6p