Spud of well TLP-103C
09 October 2018
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to announce that spudding of well TLP-103C ('TLP-103C' or 'the Well') at the Tilapia field in the Republic of the Congo took place yesterday at 7:18 pm (BST).
TLP-103C will be drilled to a total depth of 2,700 metres and is expected to take 64 days to complete, including testing. The Well targets three horizons: the current producing horizon of R1/R2; an appraisal of the Mengo horizon and a deeper exploration prospect in the Djeno horizon from which the adjacent Minsala field produces at a rate of 5,000 bopd. If the Well performs in accordance with the Company's geological model, TLP-103C can be extended to target the Vandji horizon.
The Well is being drilled from a newly constructed pad at the Tilapia site and will deviate to these offshore targets. In line with the recommendations of internal and external engineering experts, the Company has put in place engineering enhancements to mitigate risks caused by shallow unstable formations.
The Company expects the Well to intersect its first reservoir target, R1/R2, in approximately 25 days.
David Sefton, Executive Chairman of AAOG, said, "I am immensely proud of the work by the entire team which has enabled TLP-103C to be spudded within only five weeks of the suspension of drilling at TLP-103. Further, in parallel with the work of the team to construct a new pad, which is 500 square metres in size, and safely reposition and inspect the rig, the engineering team has amended and enhanced the engineering plan for the Well. This has also required the sourcing of critical equipment on very short notice.
"We are grateful to shareholders for their support during this period and look forward to completing the well prior to the end of the year."
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.
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
James Berwick, Chief Executive Officer
|finnCap Ltd (Nominated Adviser and Broker)||Tel: +44 20 7220 0500|
|Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance)
Camille Gochez (Corporate Broking)
|St Brides Partners (Financial PR)||Tel: +44 20 7236 1177|
|Frank Buhagiar, Juliet Earl|
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.