AIM-listed MX Oil Plc has agreed to invest in an indirect, non-operated, 5% revenue interest in theOML 113 licence, offshore Nigeria, which includes the Aje field, a substantial development stage project with proven, flow tested discoveries where production is expected by January 2016.
This investment is in line with the Companys strategy to acquire high impact near term production assets in proven oil and gas jurisdictions to build a cash generative platform.
In addition, the Company announces the issue of 133,333,333 new ordinary shares via a placing at 4.5p per share to raise £6 million before expenses to provide additional working capital and funding for future capital expenditure and investment.
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