Initial Completion of an Interest in the Tilapia Oilfield
13 March 2017
Anglo African Oil & Gas plc, an independent oil and gas developer, announces that it has complied with the completion requirements to enable "Initial Completion" of the Initial Shares of Petro Kouilou S.A. ('Petro Kouilou') to occur and is waiting for confirmation of receipt of funds by Sister Holding S.A.S., this being the only item outstanding before completion occurs. In the interim, the Company and Sister Holding S.A.S. have agreed to extend the deadline for Initial Completion to close of business on 15 March 2017. An update will follow shortly.
For further information please visit www.aaog.com or contact:
|Anglo African Oil & Gas plc||Tel: c/o St Brides Partners
+44 20 7236 1177
|David Sefton, Executive Chairman
Alex MacDonald, Chief Executive
|finnCap Ltd (Nominated Adviser and Joint Broker)||Tel: +44 20 7220 0500|
|Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance)|
|Emily Morris (Corporate Broking)|
|Throgmorton Street Capital Ltd (Joint Broker)||Tel: +44 (0) 20 7070 0973|
|St Brides Partners (Financial PR)||Tel: +44 20 7236 1177|
Unless otherwise defined herein, capitalised terms in this announcement shall have the same meanings as those defined in the Admission Document which is available on the Company's website www.aaog.co. This announcement should be read in conjunction with the Admission Document.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Notes to Editors
Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company acquiring 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.
Tilapia has an excellent address being located close to multi-billion barrel fields including the ENI-operated Litchendjili field; and the 5,000 bopd Minsala Marine field. Tilapia currently produces approximately 38 bopd from two near-surface intervals; has an undeveloped discovery in the lower Mengo sands with gross contingent resources of 8.1m barrels; and a deeper exploration prospect with gross prospective resources of 58.4m barrels in the productive Djeno interval from which the adjacent Minsala field produces.