LONDON (Alliance News) - MX Oil PLC on Wednesday said it settled the balance for the acquisition of the OML 113 licence, part of the Aje field in Nigeria.
The oil & gas investing company has paid the full balance of USD550,000, of which USD137,000 had already been settled, to the government of Nigeria.
"I am delighted to announce that we have now formally completed the consent process with the federal government of Nigeria and this formalises the legal title in our Aje asset," Chief Executive Officer Stefan Olivier said.
MX Oil in February had received approval from the Ministry of Petroleum Resources for the renewal of the licence for another term of 20 years. The consent was conditional on the company completing the acquisition.
The company had acquired an indirect interest in the licence when it purchased Jacka Resources Nigeria Holdings Ltd in 2016.
MX Oil shares were trading up 0.6% at 0.29 pence each.