MX Oil plc has commenced drilling of the Aje 5 production well located in the proven Aje Field on the OML 113 licence offshore Nigeria.

Once Aje 5 has been drilled and completed, which is expected to take approximately 70 days, the rig will proceed to re-enter and complete the Aje 4 well.

These two wells represent the first of a three phase development programme of Aje. Phase 1 is targeting first oil in December 2015 and peak gross production of 41 API oil from these two wells is expected to reach 11,000 bopd, as stated in the June 2015 Competent Persons Report ('CPR').

The CPR also states that Phase 2 is targeting an increase in gross production to 19,000 bopd from an additional two well development. As announced on 13 July 2015, MX Oil has agreed to invest in a 5% revenue interest in OML 113 via Jacka Resources.

Tags: MX Oil plc