Anglo African Oil & Gas PLC Spud of well TLP-103C (3513D)
October 09 2018 - 1:00AM
UK Regulatory
TIDMAAOG
RNS Number : 3513D
Anglo African Oil & Gas PLC
09 October 2018
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Spud of well TLP-103C
Anglo African Oil & Gas plc, an independent oil and gas
developer, is pleased to announce that spudding of well TLP-103C
('TLP-103C' or 'the Well') at the Tilapia field in the Republic of
the Congo took place yesterday at 7:18 pm (BST).
TLP-103C will be drilled to a total depth of 2,700 metres and is
expected to take 64 days to complete, including testing. The Well
targets three horizons: the current producing horizon of R1/R2; an
appraisal of the Mengo horizon and a deeper exploration prospect in
the Djeno horizon from which the adjacent Minsala field produces at
a rate of 5,000 bopd. If the Well performs in accordance with the
Company's geological model, TLP-103C can be extended to target the
Vandji horizon.
The Well is being drilled from a newly constructed pad at the
Tilapia site and will deviate to these offshore targets. In line
with the recommendations of internal and external engineering
experts, the Company has put in place engineering enhancements to
mitigate risks caused by shallow unstable formations.
The Company expects the Well to intersect its first reservoir
target, R1/R2, in approximately 25 days.
David Sefton, Executive Chairman of AAOG, said, "I am immensely
proud of the work by the entire team which has enabled TLP-103C to
be spudded within only five weeks of the suspension of drilling at
TLP-103. Further, in parallel with the work of the team to
construct a new pad, which is 500 square metres in size, and safely
reposition and inspect the rig, the engineering team has amended
and enhanced the engineering plan for the Well. This has also
required the sourcing of critical equipment on very short
notice.
"We are grateful to shareholders for their support during this
period and look forward to completing the well prior to the end of
the year."
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.com 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, 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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