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MX Oil, an AIM quoted oil and gas investing company focused on the re-opening Mexican energy sector, has announced interim results for the six month period ended 30 June 2014.
Highlights:
· Successfully raised £1.05 million to pursue opportunities in the natural resources sector in line with its investment policy, specifically in the vast Mexican energy sector which is being reopened to international private companies to attract greater foreign investment and expertise to develop its substantial hydrocarbon reserves
· Legislation required to reopen Mexico’s energy industry to the private sector approved post period end by the President and Congress
· Established joint venture with Geo Estratos S.A. de C.V. (“Geo”), an established oil services business in Mexico, to jointly evaluate, explore, develop, and produce hydrocarbons in Mexico to the private sector
o Joint venture company incorporated post period end and permitted to participate in the E&P bidding rounds scheduled to begin during the second week of November
· Discussions on-going with Mexican authorities and Pemex, the state-owned national oil company, with regard to making an application for a production sharing agreement in respect of three assets in Mexico, each of which have company-making potential
· Board appointments provide attractive mix of expertise in the London capital markets and the Mexican energy sector
· £2 million raised post period end via oversubscribed placing to provide working capital ahead of the upcoming Mexican licencing rounds
MX Oil’s Chief Executive Officer Stefan Olivier said, “Having partnered with a first class local operator, incorporated a JV company qualified to participate in the upcoming licensing rounds in Mexico, and commenced discussions with regards to securing production sharing agreements for three highly attractive assets, much has been achieved in a short space of time. We have successfully exposed our shareholders to the company-making opportunities offered by the reopening of the vast Mexican energy sector. We are confident we will build on the momentum we have established and look forward to providing further updates on our progress, as we focus on generating substantial value for shareholders by positioning MX Oil as the go-to vehicle for investors looking for material exposure to the Mexican oil and gas sector.”
