MX Oil to sell stake in Aje Field, offshore Nigeria, for US$18 million (Scandinavian Oil-Gas Magazine)

MX Oil to sell stake in Aje Field, offshore Nigeria, for US$18 million

Published Feb 3, 2016

MX Oil has received a proposal last month for its Nigerian investment in the proven Aje Field offshore Nigeria.

The Directors believe a sale of its Nigerian investment is an attractive option for the Company and they have today signed a term sheet with the proposed purchaser who is part of an established international oil and gas group.

Under the terms of the proposal, the Company will receive US$18 million for the sale of its investment upon meeting certain conditions as set out below. Initially up to US$3.5 million will be advanced to the Company in two stages after the signing of binding legal documentation.

Tags: MX Oil plc

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