Mexico and Africa-focused MX Oil are to jointly raise up to £4 million to boost their investment in Nigeria.
The purpose of this fund is to meet cash calls linked to its investment in an indirect, non-operated, 5% revenue interest in the OML 113 offshore licence near Porto Novo and Lagos.
According to MX’s Chief Executive Stefan Olivier: “We believe the reserves in these blocks are potentially far larger than initially assumed.
“We believe these concessions will be transformational for MX Oil and we look forward to releasing further information regarding these assets in due course.”