MX Oil is considering changing its focus from the drilling of additional wells to gas production at the Aje Field in Nigeria.
In a statement released to the stock exchange, the company said that the Aje-4 well, which was the first well to go in to production had continued to produce since the date of first production.
It added that the Aje-5 well had been more limited, with subsurface intervention currently in progress.
MX Oil chief executive officer said: “Given the potential scale of the gas opportunity versus the risk and reward of drilling additional oil wells, it makes sense for the partners to consider and reflect on what the next stage of the development should be. This discussion is currently ongoing and I look forward to updating the market in due course as the thinking develops.”
The company has held discussions with their partners in the field, and work on a further well – Aje 6 – has been deferred until they have agreed on the most appropriate next steps.
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