AIM listed MX Oil has taken over Jacka Resources Nigeria Limited.
This is the final stage of an investment process which involves MX Oil’s right to take sole control of Jacka Resources’ equity in Oil Mining Lease (OML) 113, which holds the Aje Field offshore Nigeria. The deal is for a nominal sum. An official change in ownership still has to be approved by the country’s Department of Petroleum Resources.
Aje field commenced crude oil production in May 2016. The Field has an FPSO installed with a storage capacity of 750,000 barrels of oil and can accommodate 40,000 barrels per day of crude production.