Anglo African Oil & Gas PLC Update on New Licence for Tilapia Oil Field (5211X)
April 30 2019 - 1:01AM
UK Regulatory
TIDMAAOG
RNS Number : 5211X
Anglo African Oil & Gas PLC
30 April 2019
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
30 April 2019
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Update on New Licence for Tilapia Oil Field
Anglo African Oil & Gas plc, an independent oil and gas
developer, is pleased to announce the receipt of a letter from the
Government of the Republic of the Congo signed by the Minister of
Hydrocarbons, Monsieur Jean-Marc Thystere Tchicaya, formally
offering a new licence (the 'New Licence') to Petro Kouiliou
("PK"), the Company's wholly owned subsidiary, over the producing
Tilapia oil field ('Tilapia'). The Company and the Government will
now work together to finalise the terms of a new Production Sharing
Contract ('PSC') for the new Tilapia licence.
Importantly, the Company has been informed through the letter
that the New Licence will have a 25-year period and that PK will
retain its current 56% interest in Tilapia.
David Sefton, Executive Chairman, commented, "This is excellent
news for the Company. The confirmation that we will receive a new
licence represents a major milestone for AAOG and follows hard work
by James Berwick and the team through a period of extensive
negotiation with the Government and the completion of a due
diligence review of AAOG by the Ministry.
"We view the renewal, on extended terms, as an endorsement of
AAOG's team and the work we have carried out to date. Renewal of
the Licence has always been a critical step in enabling us to put
in place plans to maximise production, cashflow, and value from
Tilapia. Following finalisation of the PSC, we will accelerate our
development plans in order to generate significant cash flow and
value for all stakeholders.
"We have long believed in the potential of Tilapia. This
potential was demonstrated by the excellent results of the recent
TLP103C well. Notably, the well encountered oil shows in all target
horizons, including the Djeno Sands, which flows at rates of up to
5,000 bopd per well on neighbouring fields. We continue advanced
work on enhanced production and the full development of
Tilapia."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
**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
Tel: +44 20 7220
finnCap Ltd (Nominated Adviser and Broker) 0500
Christopher Raggett, Giles Rolls, Anthony Adams
(Corporate Finance)
Camille Gochez (Corporate Broking)
Tel: +44 20 7236
St Brides Partners (Financial PR) 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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