By Prince Okafor

MX Oil, the Alternative Investment Market, AIM, quoted oil and gas company, has decided to take full control of its investment in Nigeria, through the acquisition of Jacka Resources Nigeria, for a nominal sum, from Jacka.

This is coming on the heels of the company’s board decision to implement the final stage of its investment process in the facility.

According to the Chief Executive Officer, MX Oil’s, Stefan Olivier, he said “considering the progress that has been achieved in proving the value of the Aje Field and potential from the next phases of development, we believe that now is the right time to complete our investment in OML 113”

The change in ultimate ownership of PR Oil and Gas Limited will need to be approved by the Department of Petroleum Resources in Nigeria. The application process for this approval has already commenced.

The Aje Field is an offshore field located in OML 113 in the western part of Nigeria in the Dahomey Basin. The field is situated in water depths ranging from 100 to 1,000 metres about 24 km from the coast. The Aje Field contains hydrocarbon resources in sandstone reservoirs in three main levels: a Turonian gas condensate reservoir, a Cenomanian oil reservoir, and an Albian gas condensate reservoir.

MX Oil is an AIM quoted resources company primarily targeting near term production assets in proven oil and gas jurisdictions such as Mexico and Nigeria.