LONDON (Alliance News) - MX Oil PLC on Monday reported production from the Aje field "above initial expectations", with the company upping its production expectations.
MX Oil shares were trading up 14% at 0.080 pence each.
MX Oil, which invests in oil & gas assets, said that the previously expected peak production of 8,000 to 12,000 barrels of oil per day may increase to 20,000 bopd and 100 million standard cubic feet per day of gas on full development.
Currently, the Aje field is producing around 3,150 bopd of which 158 are net to MX Oil.
Chief Executive Officer Stefan Oliver said: "The Aje partnership has continued to make significant progress towards the realisation of a Phase 2 development of Aje. 2019 is poised to be an important year for the company and its stakeholders as we expect to see continued encouraging progress through the work undertaken by RPS Group towards an investment decision on the Phase 2 development.
"With the continued stable production from the field, the current well economics and the work to increase production rates, MXO is well positioned to see a potential significant revaluation of its investment in Aje arising from the development strategy of the Aje field."