Initially25 Apr 2019 13:10
Continued production from the Aje field of around 3,150 bopd (158bopd net to MXO)
· Completion on 9th lifting from Aje field in late November 2018 with total offtake of c. 315,000 bbls
· Joint venture anticipates that the next lifting will take place in the last week of February 2019
· Aje partnership has fully paid the $9.8m licence renewal fee thereby securing a 20 year extension of OML 113 (Aje field) licence
· RPS technical work now expected to conclude in Q1 2019 to support a decision on Aje Phase 2 development; targeting estimated gross production of 8-12,000 bopd
· Joint venture partners planning to undertake a flow assurance study, during Q1 2019, planned to be concluded by Schlumberger for potential modest increase in daily oil rate and meaningful reduction in operation expenditure
· Encouraging interest from potential project finance providers given the very stable oil production and potential significant near-term production upside
· Company has continued to maximise its cash positions through undertaking a full review of its operating cost base
· Monthly burn rate reduced by 66% compared to its 2018 position