LONDON (Alliance News) - Anglo African Oil & Gas PLC on Friday reported a delay in the publication of a competent persons report related to its Tilapia oil-field in the Republic of Congo.
The company has been working on the CPR with LR Senergy ,who however requires additional information to be able to complete it.
Accordingly, Anglo African has paused the work pending the accumulation of such further data.
Anglo African shares were trading 5.1% lower at 8.45 pence each on Friday around midday.
However, the company had also engaged a specialist technical analysis firm, Nutech, to produce its own CPI analysis and report. Nutech has completed the analysis and the company said it was "very encouraged by the results it has seen to date".
"The reports relating to the Djeno reservoir have been extremely pleasing and continue to give us great confidence that we will achieve the Company's primary goal of producing hydrocarbons from the Djeno," Chair David Sefton said.
"We look forward to finalising our operational plan in this regard and working closely with our partners SNPC and the Congolese Government on developing the Tilapia licence area," he added.