MXO says further research commissioned to assess Nigerian field's potential
Source - SMW
MXO said partners involved in Nigeria's Aje oil field, in which it has an investment, had decided to commission research into its further resource potential.
The field, within licence area OML 113, commenced production in 2016.
The partners decided to commission a competent person's report, or CPR, to take into account new field data.
MXO said it expected the CPR to be completed in March.
'We now have a very significant amount of data as a result of the recent production history of the Aje field,' chief executive Stefan Oliver said.
'Now is therefore the right time for the CPR to be updated to provide a more accurate and meaningful view of the field's potential.'
'I very much look forward to providing an update to the market once this report has been completed.'
At 2:06pm: (LON:MXO) Mx Oil Plc Ord 1p share price was +0.08p at 0.7p