Announcement by MX Oil plc
Paternoster is pleased to note the announcement today by one of its investments, MX Oil plc ("MX Oil").
MX Oil today announced an update on its activities in line with the Company's strategy to explore investment opportunities in Mexico's energy industry. The update included an announcement of a potentially transformational joint venture agreement with Geo Estratos S.A. de C.V. ("Geo"), a highly reputable and established oil services business.
MX Oil further announced the issue of 66,666,666 new ordinary shares via an oversubscribed placing at 3p per share to raise £ 2 million to provide working capital ahead of upcoming licencing rounds in the re-opening Mexican energy sector.