Announcement by MX Oil plc

RNS Number : 9019S
Paternoster Resources PLC
13 July 2015
 

 

Paternoster Resources plc

("Paternoster" or the "Company")

 

Announcement by MX Oil plc

Paternoster is pleased to note the announcement by MX Oil plc ("MX Oil") this morning that it has agreed to invest in an indirect, non-operated, 5% revenue interest in the OML 113 licence, offshore Nigeria, which includes the Aje Field ("Aje"), a substantial development stage project with proven, flow tested discoveries where production is expected by January 2016.  This investment is in line with MX Oil's strategy to acquire high impact near term production assets in proven oil and gas jurisdictions to build a cash generative platform.

In addition, MX Oil announced the issue of 133,333,333 new ordinary shares via a placing at 4.5p per share to raise £6 million before expenses to provide additional working capital and funding for future capital expenditure and investment.

 

For more information please contact:

 

Paternoster Resources plc:

 

Nicholas Lee, Chairman

Matt Lofgran, Non-Executive Director

+44 20 7580 7576

+1 480 993 8933

 

Nominated Advisor and Joint Broker:

 

Westhouse Securities

 

Antonio Bossi / David Coaten

+44 20 7601 6100

 

Joint Broker:

 

Peterhouse Corporate Finance

 

Lucy Williams

+44 20 7562 3351

 

 

 

           

 

                                     

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCPKNDNNBKDPOD
UK 100

Latest directors dealings