Nigeria: Dubai sheikh takes stake in MX Oil

Nigeria’s MX Oil plans to change its name to ADM Energy and consolidate its shares following the acquisition of a 30% stake by Sheikh Ahmed Bin Dalmook Al-Maktoum, a member of Dubai’s ruling family. While MX Oil’s assets are limited to a stake in OML 113, which contains the Aje field, the company also has a listing on London’s AIM. The proposed share consolidation will reduce the number of shares in issue from 4.47bn to 44.7m.