These are difficult times for the oil industry but ADM Energy is working on expansion at its Aje field, offshore Nigeria. At the same time, the company is also on the hunt for new opportunities, backed by an agreement with Trafigura.
ADM Energy has set out plans to secure deals in Nigeria and Africa, matching under-developed assets with new sources of financing, including oil traders.
MX Oil said it was pursuing an investment strategy to beat the industry downturn.
The firm is focussing on Nigeria and Mexico as areas to plough its cash into. In the past year, it has managed to raise £11million.
MX Oil said it has issued notices for the early redemption of the outstanding balance of secured convertible loan notes issued last year and in February.
MX Oil has raised £3.4million in a share placing of 341.2 million shares at a price of 1 pence each, ensuring it has enough cash to retain its investment in its Nigerian operation.
MX Oil said it has allowed GEC Petroleum Development Company (GPDC) additional time to put financing in place as it looks to acquire investment in the Aje field, offshore Nigeria.
While more than 180,000 onshore wells are producing oil in Texas, only 8,250 have been drilled by Petroleos Mexicanos across the border in Mexico. Welcome to the land of opportunity.
MX Oil won four of the five onshore concessions it bid for in Mexico's first onshore licensing round since re-opening its energy frontier to the global market.
MX Oil said successful peforation of the reservoior on its Aje 5 well offshore Nigeria took it closer to its goal of becoming a multi-asset investment company.
UK oil and gas investment company MX Oil is looking ahead to a "game changing" end of year with progress made in Mexico and imminent production expected from its Nigerian assets.