11 Jul 2018 07:00
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas
11 July 2018
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Rig Mobilisation for Multi-Horizon Well in the Lower Congo Basin
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to announce the mobilisation of the SMP-102 rig which has been contracted by the Company to drill the TLP-103 well on the Tilapia field in the Republic of the Congo.
Specialist transport contractor Ocean Express, which is responsible for delivering the rig to the site, has notified the Company that mobilisation is underway from Port Gentil in Gabon. The rig, SMP-102, which was last under contract with Total Gabon S.A, has cleared Gabonese customs and is currently being loaded onto the Kota Bakat. Once this is completed, the vessel will set sail from Port Gentil in Gabon to Pointe Noire in the Republic of the Congo. Loading should be complete by the end of the week, following which the voyage is expected to take between two and three days.
On arrival at Pointe-Noire, and after all relevant customs checks and documentation have been completed, the rig will be transported the 40km by road from the port to the drill site at Tilapia. Once onsite and rigged-up, a full pre-drill inspection of the rig will take place by both an international rig inspection company contracted by AAOG and drilling contractor SMP Drilling. Depending on the time taken to clear customs, this stage could take between three and four weeks.
David Sefton, Executive Chairman of AAOG, said, "With the SMP-102 rig now mobilised and funding in place, we are on course to drill a potentially transformational well for the Company. TLP-103 is not wildcat exploration. It targets reservoirs that are already producing at Tilapia as well as an historical discovery in the deeper Mengo horizon and in doing so offers a low-risk opportunity to increase production and move the Company into profitability."
"At the same time, however, TLP-103 has the potential to generate an exceptional return should the well encounter commercial hydrocarbons in the deeper Djeno horizon. In our view, TLP-103 therefore offers a highly attractive risk/reward trade-off: low risk by targeting production from proven sands; coupled with high reward by also targeting a deeper horizon that is productive on adjacent fields. We look forward to providing further updates on our progress over the coming weeks and months."
**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, 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.