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MX Oil’s Frangos explains Nigeria move

Andrew Frangos, the non-executive chairman of MX Oil (LON:MXO), explains the company’s decision to invest in an offshore Nigerian oil project.

Traditionally focused on Mexico, MX has acquired an indirect 5% revenue interest in the OML 113 licence in Nigeria a prospect that includes the Aje Field.

“It provides a platform from which to fund the development of the conventional onshore concessions we are looking to secure in Mexico as part of the on-going Bid Round 1 licensing round.

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