Adm Energy Regulatory News (ADME)

23 September 2016

MX OIL PLC

("MX Oil" or the "Company")

Results for the half year to 31 June 2016

MX Oil plc, the AIM quoted oil and gas investing company, is pleased to announce its unaudited half-year results for the six-month period to 30 June 2016.

Key points

· Aje Field, part of OML 113, commenced production in May 2016

· Next phase of the Aje Field expansion being developed

· Over £7 million of new funding raised before expenses

· Repayment of loan notes to reduce gearing to a negligible level

· Strengthening of the management team

MX Oil's Chief Executive Officer Stefan Olivier said:

"With the Aje Field commencing production, the year to date has been an exciting period for the Company. We continue to look at opportunities in Mexico whilst, at the same time, further opportunities are now presenting themselves in other parts of the world. We are delivering on our objective to build a leading oil and gas investing company and I look forward to providing further updates on our progress."

Chairman's statement

During 2016, MX Oil's indirect investment in the OML 113 licence in Nigeria achieved an important milestone with the start of production from the Aje Field. Consequently, MX Oil now has an investment in a producing oil and gas asset and we are very much looking forward to receiving revenue from this investment in the short term. As previously announced, the Company agreed to acquire the company that indirectly holds the interest in OML 113 and has begun the notification and change of control process with the relevant authorities.

At the start of this year, we were pleased to have been awarded four licences in the bid rounds for certain Mexican onshore licences. It was disappointing, for the various reasons previously outlined, that we were not ultimately able to secure a licence or sell our interests. We have, however, gained invaluable experience from this exercise and maintain our belief that Mexico will provide some interesting opportunities in the future and we continue to monitor developments closely.

More generally, we are pleased to report that we are seeing an increasing number of interesting investment opportunities and hope to be able to update the market on these if and when they come to fruition.

In the first half of the year, we raised over £7 million through the issue of both new equity and debt, principally to invest in OML 113 as it progressed towards production. The loan notes which were raised earlier in the year have now either been repaid or converted, reducing the Company's gearing to a negligible level. As part of our fund raising activities, we are pleased to welcome a number of new investors as shareholders in the Company.

We are also pleased that we have been able to strengthen the board with both technical and strategic skills which will stand us in good stead going forward.

During the first six months of 2016, the Company made a total comprehensive loss of £1,831,000 (2015: £718,000). This increase in the level of losses compared to the previous year is principally due to the increased level of activity at the Company during this period compared to the same period last year. The most significant areas of cost included our activities in Mexico and the costs of fund raising, along with associated professional fees, given the Company's requirement to raise significant new funds for investment. Employee and related costs have also increased as the board has been strengthened and the Company's infrastructure has been further developed to support these increased levels of activity.

As 2016 progresses, we are looking forward to further developments at the Aje Field and to getting involved in other exciting investment opportunities as they arise.

Nicholas Lee

Chairman

23 September 2016

* * ENDS * *

For further information please visit www.mxoil.co.uk or contact:

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2016

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2016

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2016

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2016

NOTES TO THE HALF-YEARLY REPORT

1. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2015, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2015. The interim financial statements have not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.

The financial statements have been prepared on a going concern basis under the historical cost convention. The Directors believe that the going concern basis is appropriate for the preparation of the financial statements as the Company is in a position to meet all its liabilities as they fall due.

2. Other gains and losses

3. The basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of shares in issue.

4. No interim dividend will be paid.

5. Copies of the interim report can be obtained from: The Company Secretary, MX Oil plc, 17th Floor, 110 Bishopsgate, London, EC2N 4AY and are available to view and download from the Company's website: www.mxoil.com.