Member Info for GT6546

One of the other partner companies, Panoro Energy (with a revenue interest, alongside MX Oil in the same OML113 licence/Aje field) also put out some useful figures (various TOTAL gross BOE reserve measures at Aje).

If you visit the Investors>Presentations section of the panoroenergy.com website you will find a great new company presentation uploaded today (30/4/19). Information on the OML113 licence/Aje field is on pages 19-20.

Also, if you visit the Annual Statement of Reserves part of the same Investors section, and click on '2018 Document' (which is dated April 2019 on the front cover) you will find significant, recent information on the OML113/Aje field on pages 4 and 6.

This is from page 4:

"In March 2019 AGR TRACS certified (3rd party) gross total 1P Proved Reserves of 82.4 MMBOE in the Aje field. Gross 2P Proved and Probable reserves for the field amounted to 138.2 MMBOE. Gross 3P Proved, Probable and Possible reserves for the field amounted to 220.8 MMBOE."

[Note those are GROSS, barrels of oil EQUIVALENT figures, based on calculations - collectively - for oil, condensate, LPG and GAS.]

:-)

I agree that it can also be a good idea to monitor information released on the OML 113 licence and Aje field from OTHER partner(s) too.

For example, Panoro Energy (with a revenue interest, alongside MX Oil) - very clearly and openly - release easy to digest data, presentations and reports on the OML113 licence/Aje field that MX Oil (alongside others) are invested in on their website.

If you visit the Investors>Presentations section of the panoroenergy.com website you will find a great new company presentation uploaded today (30/4/19). Information on the OML113 licence/Aje field is on pages 19-20.

Also, if you visit the Annual Statement of Reserves sub-section of the same Investors section, and click on the 2018 Document (dated and released April 2019) you will find illuminating information on the OML113/Aje field on pages 4 and 6.

This is direct, verbatim quote from page 4:

"In March 2019 AGR TRACS certified (3rd party) gross total 1P
Proved Reserves of 82.4 MMBOE in the Aje field. Gross 2P
Proved and Probable reserves for the field amounted to
138.2 MMBOE. Gross 3P Proved, Probable and Possible
reserves for the field amounted to 220.8 MMBOE."

[Note clearly, those are GROSS, barrels of oil EQUIVALENT figures, based on calculations - collectively - for oil, condensate, LPG and GAS.]

A number of brokers also have email alert services, that you can program for stock prices and RNS releases. There tends to be a delay (up to around 20 minutes) for RNS releases to reach me by email with mine. So I use my broker's service as a back-up (just in case the London Stock Exchange's price and news alerts service goes down).

Lon. Sto. Exch. do make clear the service isn't guaranteed. Although, most times I receive RNS's within seconds of publication from them.

The next announcement by RNS from Bould Opportunities will probably be eagerly anticipated by many.

There is a free email news and price alert service on the London Stock Exchange website.

Visit their website, scroll down to the bottom left hand corner and click on 'Alert' (under the Prices tab) to find out more.

Today.

Out today.

Apparently 'Gneiss Energy' are retained by MXO and acts as its commercial adviser.

The biographies of the team of people at Gneiss Energy on their website seems insightful - regarding their experience, connections and expertise.

I visited a Twitter account recently attributed to Lesoza Enterprises (LE).

As we know from the 18 April 2019 RNS LE notified they own over 4% of MX Oil shares.

There's a Re-Tweet on their Twitter a/c from 13/2/19 about Superdielectrics.

As well as an April 17th comment on a Tweet about battery technology developed by a company called 'Sila Nano'.

Sila Nano have an informative website.

It's remarkable the level of interest in advanced energy technologies. Clearly, a lot of interest in the world in both oil, and advanced, clean energy alternatives.

Interesting. And according to SD's website their original project objective was to:

"develop biocompatible, electrically conducting hydrophilic polymers which had the potential to be used in Bioelectronics. These materials could offer bi-directional neural control over prosthetics for injured soldiers."

Looking forward to reading more about Superdielectrics and their supercapacitor technology.

Just beginning, but I see Elon Musk manages to get quoted in an article Wired.co.uk wrote on the company and the subject on 1 March 2018 ('A fluke breakthrough could be the missing link for an electric car age').

Quote: 'In 2011, Tesla's Elon Musk predicted that it would be supercapacitors, not batteries, that would power future vehicles. They promise faster charging times, and don't rely on expensive materials such as lithium and cobalt, says Dr Sam Cooper from the Dyson School of Design Engineering...The problem has always been a lack of energy density. The best available supercapacitors hold just five per cent of the energy per kilogram of a lithium ion battery...But that could be about to change...Superdielectrics Ltd has developed a supercapacitor material that can store "remarkable amounts of electricity, far beyond what we've seen before," according to its CEO Jim Heathcote. It's cheap to produce, uses no rare elements, and because it's mostly water, it can't catch on fire like traditional batteries". '

Title: 'Saudi Arabia is set to lead a trillion-dollar regional investment splurge'. (24/4/19)

UAE is also mentioned.

Available to read on CNBC website.

On 12 September 2017 the investment company, MX Oil plc, published a circular relating to a resolution and an upcoming General Meeting (see MX Oil website: 'Investors'>Publications>Circulars and Notices) with an introduction which said:

"Under the existing Investing Policy, the focus of the Board is to invest in the natural resources sector.
In reviewing opportunities in this sector, we are increasingly seeing interesting companies in adjacent
areas of oil services, energy, power and related technologies. Investments in these adjacent areas have
the potential to generate attractive returns on a lower risk basis than are being seen in the traditional
natural resources sector. The Company is therefore seeking shareholder approval to broaden its
investment focus and expand its Investing Policy."

In an RNS (Number 2731S) dated 29 September 2017 they announced:

"...the resolution to adopt the revised investing policy was duly passed."

Quote: "The company [i.e. MX Oil] has also been actively reviewing other interesting investment opportunities which include energy related technology outside upstream oil and gas that could create additional value for shareholders." [1]

Source: [1] Updated 'Align Research Report' ['Align'] dated 26 October 2018, page 5, paragraph 4; URL link provided to Align's research on MX Oil within MX Oil RNS Number: 6464T, dated 5 July 2018.

Quote: "Aje holds in the order of 500 Bcf of gas recoverable. Today, the gas project is approximately
2 years away from commencement and will require a new facility to handle production of an
expected 80-120 million standard cubic feet of gas per day (mmscf/d). The Aje field in OML
113 lies within close proximity to the West Africa Gas Pipeline and there is strong local
demand for gas as Nigeria represents the largest economy in Africa. Nigerian gas production
is currently around 600 mmscf/d, although demand is estimated to be 2,700 mmscf/d." [1]

Source: [1] Updated, Align Research Report, October 2018, URL link provided to Align research on MX Oil via MX Oil RNS Number: 6464T, 5 July 2018.

RNS Number : 9114O
MX Oil PLC
04 February 2019

"The continuous oil production of Aje-4 and Aje-5 is above initial expectations and has encouraged the operating partner group to approach RPS Group with the purpose to establishing the viability of additional development of Aje. RPS Group was appointed in late October 2018 to conduct an assessment of the potential development activity associated with the additional upside oil resources. The modelling work conducted to date has reinforced the partners' view of the potential for new oil wells in both the Turonian and Cenomanian. RPS Group's work is now expected to conclude in Q1 2019 and will form the basis for a decision on further drilling in 2019 ("Phase 2") with a view to a full development project thereafter.

The operating partners continue to assess the viability that these two development phases. The operating partners consider that the initial development drilling may result in peak oil production rates of 8,000 to 12,000 barrels of oil per day and the full development drilling may increase production to 20,000 barrels of oil per day and 100 million standard cubic feet per day of gas."

Quote: "The investment by this entity, which is the wholly owned private office of His Highness Shaikh Ahmed Bin Dalmook Al Maktoum, is a strategic investment for the Company. The Strategic Investor has a portfolio of privately held investments that focus on energy projects, LNG terminal development, commodity and oil trading as well as other industries. The Strategic Investors' investment has occurred as it considers that it may be able to add considerable value through the use of its knowledge, network, experience and access to capital." [1]

Source:

[1] 15 April 2019, RNS Number : 1276W

Good to see the prospect of port and infrastructure improvement and development in Nigeria, given MX Oil's co-shared asset is also situated in Nigeria, as development could have a wider, general benefit.

Quotes: "[The Ondo State Governor, Rotimi]...Akeredolu signed a Memorandum of Understanding, MoU, with the private office of a member of the Dubai’s ruling family, His Highness Sheikh Dalmook Al Maktoum, in the area of sea ports and infrastructural development in the state [i.e. Ondo, Nigeria]."

"The governor was seeking the collaboration of the United Arab Emirates’ Dubai in developing Ondo State and widening its investment horizon."

"Consequent upon the successful meetings, Akeredolu sealed a deal for the development of the proposed Deep Sea Port in the state and other infrastructure development."

"Other objectives of the MoU include: exploring the potential to develop Oil Blocks and Strategic Storage Terminals...and any other projects of mutual interest."

Source: 'Ondo: What Gov. Akeredolu did with member of Dubai’s ruling family', Nigerian Daily Post, April 2019.

Quotes: "MX Oil is currently at an exciting period in its growth story as there are a series of highly
positive developments on the horizon which could add substantial value for shareholders." [1]

"Aje partnership has fully paid the $9.8m licence renewal fee thereby securing a 20 year extension of OML 113 (Aje field) licence." [2]

"Discussions underway with potential project financing partners in connection with MXO's 6.67% of the Aje Phase 2 development, targeting estimated gross production of 8-12,000 bopd." [3]

"In August 2018, the Company announced that it had received consent from the Minister of Petroleum Resources for the renewal of the OML 113 licence for another term of 20 years. The renewal is subject to the satisfaction of certain conditions, including a commitment to develop the gas potential of the licence." [4]

Sources:
[1] Page 15 of an updated 26th October 2018 Align Research (AR) report (link provided to AR on MX Oil, by MX Oil, in MXO 5 July 2018 RNS).

[2] 4 February 2019 RNS.

[3] 22 October 2018 RNS

[4] Half-yearly report for the six months to 30 June 2018 (RNS 27 September 2018).

Quote: "MX Oil has a 5.0006% revenue interest in the OML 113 licence offshore Lagos in Nigeria
which contains the Aje development project, along with a number of exploration prospects.
There is a farm-in element here and once YFP [Yinka Folawiyo Petroleum] has received US$30 million of revenue from the project, then the company’s revenue interest will increase to 6.675%. Further drilling is
probably necessary for YFP to receive this revenue and on current plans this is likely to
happen in the first half of 2019."

[Source, page 23 of an updated 26th October 2018 Align Research (AR) report (link provided to AR on MX Oil, by MX Oil, in MXO 5 July 2018 RNS).]