LONDON (Alliance News) - Anglo African Oil & Gas PLC on Monday said that wireline logging completed on its TLP-103C well at the Tilapia licence in the Republic of Congo has confirmed multiple discoveries.
The company said that the tests confirmed oil columns amounting to an aggregate of 44 metres across the identified field horizons.
"The confirmation of a combined 44 metres of oil columns across multiple horizons, including the discovery of additional reservoirs is a fantastic result for the company and exceeds our expectations," Chairman David Sefton said.
He added: "Subject to the results of flow testing, the well has the potential to provide Anglo African Oil & Gas with a major step-up in production and cashflow and marks an excellent start to the Tilapia field development programme."
The company will now resume operations at the well targeting the deeper Djeno horizon.
Anglo African shares were trading down 9.1% at 15.05 pence each.