MX Oil on Wednesday announced that it has granted GEC Petroleum Development Company (GPDC) more time to gather finances as it planning to secure investment in the Aje field, offshore Nigeria.

According to MX Oil’s spokesman funding took longer than planned, but it is assumed that it will be ready soon.

“GPDC has informed us that they are committed to this transaction and, despite interest from a number of other parties, GPDC’s offer remains attractive. Now that the final development expenditure to first oil has been fully covered, the company is well positioned to take the time to achieve the best result for this asset,” Stefan Olivier, MX Oil’s chief executive told Energy Voice.

He added that the company is satisfied with the operational progress made in Nigeria and since first oil is about to happen, the company is comfortable with the idea of giving GPDC additional time to secure their funding.

“We appreciate that our shareholders are keen to see progress being made but they should be reassured by our belief that our investment is becoming more valuable the closer we get to commercial oil production which we expect to be achieved in the near term. Given the development of our Nigerian investment and the progress in Mexico, the company’s prospects are looking very positive. I look forward to updating shareholders in what is expected to be an exciting month of news flow,” he said.

Anita Fatunji