MX Oil has more than doubled its H1 pretax loss to £1.83m, from a year-earlier loss of £0.7m. “With the Aje Field commencing production, the year to date has been an exciting period for the company,” said CEO Stefan Olivier.
“We continue to look at opportunities in Mexico whilst, at the same time, further opportunities are now presenting themselves in other parts of the world.
“We are delivering on our objective to build a leading oil and gas investing company and I look forward to providing further updates on our progress.”
– Aje Field, part of OML 113, commenced production in May 2016
– Next phase of the Aje Field expansion being developed
– Over £7 million of new funding raised before expenses
– Repayment of loan notes to reduce gearing to a negligible level
– Strengthening of the management team.
Story provided by StockMarketWire.com