15 Aug 2018 12:32
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas
15 August 2018
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Commencement of drilling at Tilapia oil field
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to confirm that the TLP-103 well ('TLP-103' or 'the Well') on the Tilapia oil field ('Tilapia') spudded at approximately 12 p.m. on 15 August 2018. AAOG holds a 56% working interest in the producing Tilapia field, which is located in the prolific Lower Congo Basin in the Republic of the Congo.
TLP-103 will be drilled to an intended total depth of 2,700 metres with completion expected in 64 days. The Well targets multiple horizons including the shallow R1/R2 sands that are already producing at Tilapia; an undeveloped discovery in the lower Mengo sands; and a deeper exploration prospect in the Djeno interval from which the adjacent Minsala field produces at a rate of 5,000 bopd. Depending on results from these three horizons, the Well may also be extended down to test the Vanji Horizon.
David Sefton, Executive Chairman, commented: "The commencement of drilling operations ahead of the schedule expected at the time of the recent placing represents the culmination of a considerable amount of hard work by the team. In the space of six months, we have effectively built a new operations team from scratch, commenced the well planning process, raised additional funds, negotiated all relevant contracts, completed a new Environmental Impact Assessment, successfully executed the workover of the two existing wells and have now mobilised an entire drill team and equipment. This is a real achievement for a junior oil and gas company and I would like to take this opportunity to commend the professionalism and expertise of both AAOG's management and the in-country team on the ground.
"As has been the case since listing, TLP-103 has a highly attractive risk / reward trade-off: low risk associated with the development of proven intervals at Tilapia; and high reward in the event of success at the deeper prospect in the Djeno. With this in mind, I look forward to providing further updates on progress at the well site over the coming weeks, as we focus on realising Tilapia's considerable potential."
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.co 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 |
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finnCap Ltd (Nominated Adviser and Broker) |
Tel: +44 20 7220 0500 |
Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance) |
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Camille Gochez (Corporate Broking) |
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St Brides Partners (Financial PR) | Tel: +44 20 7236 1177 |
Frank Buhagiar, Hugo de Salis, Juliet Earl |
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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.