(Alliance News) - Anglo African Oil & Gas PLC on Tuesday said it has agreed with Societe de Forage Petroliers for the provision of a rig to carry out drilling operations on well TLP-103C-ST at the Tilapia field.
Anglo African Oil & Gas holds a 56% interest in Tilapia field, located offshore the Republic of the Congo.
The oil and gas developer explained that the SFP 1 rig is the subject of contractual commitments to an undisclosed firm which will expire at the end of 2019. However, Societe de Forage Petroliers may extend those contractual commitments until, but not beyond, March 30 next year, Anglo African Oil & Gas said.
The company said it will be notified on or before the end of November as to whether its contractual commitments have been extended.
Thus, Anglo African Oil & Gas said drilling operations at TLP-103C-ST could therefore commence either in the first or the second quarters of 2020.
Turning to operations, the company said the plan is to re-enter the existing TLP-103C well and drill the new sidetrack just below the Mengo formation to test the Upper Djeno and explore the Middle Djeno formations.
The objective is to determine whether the Djeno can be brought into production from either horizon, Anglo African Oil & Gas.
"We are very pleased to have entered into the rig agreement and look forward to commencing operations at TLP-103C-ST as soon as the rig becomes available," said Chief Executive James Berwick.
Anglo African Oil & Gas shares were trading 7.6% lower on Tuesday in London at 2.91 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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