25 Jun 2018 07:00
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas
25 June 2018
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Update on workover of TLP-102 and rig for TLP-103
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to announce the results of further work on the TLP-102 well ('TLP-102' or 'the Well') on the Tilapia licence in the Republic of the Congo.
TLP-102
Well TLP-102 was opened on 17 June 2018 with a view to bringing the Well online. When the Well was opened, it was believed that heavy water was found to be blocking the tubing. As a result of this information, the Company decided to conduct a swabbing exercise and engaged Slick Line to carry out the work on a turnkey contract. Slick Line commenced work on 19 June.
Eight runs were made down hole and crude oil (with no associated gas) was recovered to surface. The oil samples appear to be identical to samples from TLP-101 and have been sent for testing. The Well requires two further runs in order to fully complete the work programme, which will be finished this week.
Due to the absence of gas in the Well, a pump will need to be installed. The Company intends to install this pump following completion of Slick Lines' work programme.
Based on the data obtained during the work, the Company's reservoir engineers now expect a minimum flow rate of 120 bopd from TLP-102 once the pump has been installed.
TLP-103
The Company has also received a notification from its specialist transport contractor, Ocean Transport, who are responsible for delivering the rig, SMP 102, from Port Gentil in Gabon to the Tilapia site, that the transport vessel, the Kota Bakat, on which the rig is to be loaded, is late in arriving and is now due to arrive in Port Gentil on 4 July. The Company will provide further updates in due course.
David Sefton Executive Chairman of AAOG said, "We are very pleased that the workover of TLP-102 continues to be successful, and in particular that, when brought into production, it will make a material contribution to the financial position of the Company. In respect of TLP-103, the late arrival of the Kota Bakat is frustrating, but the shipping is still imminent, and I look forward to providing a full update on the mobilisation process and schedule once the transport arrives in Port Gentil."
**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 |
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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.