Contract for Workover Mechanical Unit
20 April 2017
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to announce that it has agreed terms to contract the wireline and ancillary equipment for the workover that is intended to undertake the reperforation and acidisation of the R2 reservoir in well TLP-102. The objective of this workover is to bring this well into production at a rate of up to 100 barrels of oil per day. The equipment is anticipated to arrive at the Tilapia field and commence operations on 8 May 2017. The Company will make further announcements in due course, including as to the results of this workover and plans for the workover of TLP-101 and drilling of the new well, TLP-103.
For further information, please 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|
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 growth 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 that include the ENI-operated Litchendjili field and the 5,000bopd Minsala Marine field. Tilapia currently produces approximately 38 bopd from two near-surface intervals. It 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.