MX Oil PLC MOU with the Government of Grenada (3257S)
20 December 2016 - 6:00PM
UK Regulatory
TIDMMXO
RNS Number : 3257S
MX Oil PLC
20 December 2016
MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas
20 December 2016
MX Oil plc ("MX Oil' or the 'Company")
Signature of MOU with the Government of Grenada
MX Oil, the AIM quoted oil and gas investing company, is pleased
to announce that it has signed a non-binding memorandum of
understanding ("MOU") with the Government of Grenada with regard to
making an investment in the exploration and development of
hydrocarbons in a subterranean area adjoining the maritime boundary
with Trinidad and Tobago. The area covered by the MOU includes
underexplored prospective Grenada Tobago Basin acreage adjacent to
the Venezuelan/Trinidadian Patao - Poinsettia gas trend.
The intention of the MOU is to form the basis for the
negotiation of a more detailed Production Sharing Agreement ("PSA")
which, if signed, is likely to occur during the first half of 2017.
It is expected that the PSA will cover matters including, but not
limited to, tenure and work programme including 2D seismic and,
subject to these results proving encouraging, further exploratory
phases including 3D seismic data acquisition.
The signing of the MOU does not guarantee that the Company will
be successful in securing a PSA and the Company will update the
market in due course in the event of any significant
development.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
MX Oil's Chief Executive Officer, Stefan Olivier, said:
"We are very pleased that we have now signed an MOU with the
Government of Grenada. We believe that this agreement provides us
with the scope for an early entry in an exciting but underdeveloped
region underpinned by the strong support of the Grenadian
government."
* * ENDS * *
For further information, please visit www.mxoil.co.uk or
contact:
MX Oil PLC
Stefan Olivier, CEO +44 20 7571 0473
Cairn Financial Advisers
LLP
(Nominated Adviser)
Jo Turner/James Caithie +44 20 7213 0880
Cornhill Capital
(Broker)
Nick Bealer +44 20 7710 9612
This information is provided by RNS
The company news service from the London Stock Exchange
END
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