Anglo African Oil & Gas PLC Commencement of drilling at Tilapia oil field (9109X)
August 15 2018 - 6:33AM
UK Regulatory
TIDMAAOG
RNS Number : 9109X
Anglo African Oil & Gas PLC
15 August 2018
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
15 August 2018
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Commencement of drilling at Tilapia oil field
Anglo African Oil & Gas plc, an independent oil and gas
developer, is pleased to confirm that the TLP-103 well ('TLP-103'
or 'the Well') on the Tilapia oil field ('Tilapia') spudded at
approximately 12 p.m. on 15 August 2018. AAOG holds a 56% working
interest in the producing Tilapia field, which is located in the
prolific Lower Congo Basin in the Republic of the Congo.
TLP-103 will be drilled to an intended total depth of 2,700
metres with completion expected in 64 days. The Well targets
multiple horizons including the shallow R1/R2 sands that are
already producing at Tilapia; an undeveloped discovery in the lower
Mengo sands; and a deeper exploration prospect in the Djeno
interval from which the adjacent Minsala field produces at a rate
of 5,000 bopd. Depending on results from these three horizons, the
Well may also be extended down to test the Vanji Horizon.
David Sefton, Executive Chairman, commented: "The commencement
of drilling operations ahead of the schedule expected at the time
of the recent placing represents the culmination of a considerable
amount of hard work by the team. In the space of six months, we
have effectively built a new operations team from scratch,
commenced the well planning process, raised additional funds,
negotiated all relevant contracts, completed a new Environmental
Impact Assessment, successfully executed the workover of the two
existing wells and have now mobilised an entire drill team and
equipment. This is a real achievement for a junior oil and gas
company and I would like to take this opportunity to commend the
professionalism and expertise of both AAOG's management and the
in-country team on the ground.
"As has been the case since listing, TLP-103 has a highly
attractive risk / reward trade-off: low risk associated with the
development of proven intervals at Tilapia; and high reward in the
event of success at the deeper prospect in the Djeno. With this in
mind, I look forward to providing further updates on progress at
the well site over the coming weeks, as we focus on realising
Tilapia's considerable potential."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
**ENDS**
For further information please visit www.aaog.co or contact:
Anglo African Oil & Gas plc Tel: c/o St Brides
Partners +44 20
7236 1177
David Sefton, Executive Chairman
James Berwick, Chief Executive Officer
finnCap Ltd (Nominated Adviser and Broker) Tel: +44 20 7220
0500
Christopher Raggett, Giles Rolls, Anthony Adams
(Corporate Finance)
Camille Gochez (Corporate Broking)
St Brides Partners (Financial PR) Tel: +44 20 7236
1177
Frank Buhagiar, Hugo de Salis, Juliet Earl
Notes to Editors
Anglo African Oil & Gas (AAOG) is an AIM-listed independent
oil and gas company that owns a 56% stake in the producing Tilapia
oil field in the Republic of the Congo. The Company boasts a
low-cost production story in a prolific hydrocarbon region with
significant exploration upside, differentiating it substantially
from its E&P peers. Additionally, management's remuneration is
tied to hitting production milestones, reflecting their strong
focus on cost control.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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