MX Oil taking full ownership of Nigeria project

10th Aug 2016 16:48

(ShareCast News) - Oil and gas investing company MX Oil updated the market on Nigerian oil and gas licence OML 113 on Wednesday, which it has been investing in through Jacka Resources Nigeria Holdings, which owns 100% of the licence holder PR Oil and Gas.The AIM-traded company said that, given the significant progress that has been made in recent months culminating in the commencement of commercial oil production from the Aje Field, which is part of OML 113, the board has decided to implement the final stage of the investment process by exercising its right to take full control of Jacka Resources Nigeria.It said the change in ultimate ownership of PR Oil and Gas will need to be approved by the Department of Petroleum Resources in Nigeria.The application process for this approval has already commenced, MX Oil confirmed."Given the progress that has been achieved to date in proving the value of the Aje Field and the further potential from the next phases of development, we believe that now is the right time to complete our investment in OML 113," said MX Oil CEO Stefan Olivier.