MX Oil plc has been advised by its partners that the Aje-5 well in the proven Aje Field on licence OML 113 offshore Nigeria, has reached targeted depth of 3,255 metres (measured depth) and has intersected hydrocarbon bearing intervals in line with the pre-drill geological model.
The Well is now being completed as a subsea oil production well. Aje-5 is the first of a two well Phase 1 drilling programme, targeting first oil in December 2015. Peak gross production from these two wells is estimated at 11,000 bopd, as stated in the June 2015 Competent Persons Report.
The CPR also states that Phase 2 is targeting gross production of 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.