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MX Oil to raise £4mln to invest in OML 113 offshore Nigeria

Mexico and Africa-focused MX Oil has confirmed speculation that it is to raise up to £4mln to fund investment in Nigeria, Proactive Investors reports.

MX said it is structuring secured, convertible loan notes to generate the cash via a series of fund-raising rounds to be drawn down in tranches in the next year.

The company intends to use the funds raised to meet cash calls linked to its investment in an indirect, non-operated, 5% revenue interest in the OML 113 offshore licence near Porto Novo and Lagos.

The licence includes the Aje field, a substantial development stage project with proven, flow-tested discoveries where production is expected next month.

Source : energymixreport.com
Posted On: 12/18/2015 12:00:00 AM

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