Oil and gas investing company MX Oil announced that PR Oil and Gas Limited, the holder of its investment in OML 113, has received $1.2m from the sale of the first production of oil from the Nigerian Aje Field, Rigzone reported.
The Aje field started production in May. MX revealed in July that it expected output from the field to be maintained at a restricted rate of approximately 7,000 to 8,000b/d of oil. Plans for phase 2 of the field’s development are underway, and aim to increase Cenomanian oil production, according to Ecofin Agency. While, phase 3 is expected to target the development of the Turonian gas condensate reservoir.
OML 113 encompasses an area of 835 sq.km offshore Nigeria, close to the Benin border. It holds the Aje field and several other exploration prospects. The Aje field was discovered in 1997 and has multiple oil and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones comparable to the Jubilee field, offshore Ghana. Five wells have so far been drilled on Aje.