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Northcote boss Connally pleased with MX Oil’s US$18mln asset sale

As well as having a right to buy MX Oil shares, Northcote also has the option to partner MX Oil in future projects in Mexico.

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“The long term opportunities in Mexico are fantastic," Connally said.

MX Oil’s (LON:MXO) US$18mln asset sale is “an excellent outcome”, says Randall Connally, chief executive of peer and partner Northcote Energy (LON:NCT).

Northcote hold 38mln share warrants in MX Oil, which earlier today announced the deal to sell the Aje Field offshore Nigeria for US$18mln and that it would in the interim raise £560,000 of new capital.

The deal price represents a significant premium to MX Oil’s market value of US$5mln, prior to the announcement, and can potentially provide support to the company’s plans to build a Mexican oil business.

As well as having a right to buy MX Oil shares, Northcote also has the option to partner MX Oil in future projects in Mexico.

Connally, in a statement, said: “The long term opportunities in Mexico are fantastic and with a strong balance sheet MX Oil is now well positioned to exploit current and future opportunities in what I continue to believe is the best upstream opportunity in the world for the next decade."

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