Publication of Independent Report for Tilapia Field
14 June 2019
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to announce the publication of a report (the "Report") commissioned from Havoc Partners LLP ("Havoc"), a team of geoscientists in Australia, to evaluate the results of the TLP-103C well in the Tilapia field in the Republic of the Congo.
In drafting the Report, Havoc reviewed the interpretations by Schlumberger and Nutech of the wireline logs taken from the TLP-103C well. The Report states that "both reports have concluded that reservoir quality is between good and excellent, which supports a commercial decision to implement a plan to seek to produce from the Djeno." The Report is available to view on the Company's website at www.aaog.com under 'Other News'.
AAOG is therefore developing a plan to produce from the Djeno via a re-entry of the TLP-103C well. Further announcements will be made in this regard in due course.
David Sefton, Executive Chairman, commented, "This Report supports our view that we can achieve the Company's original and primary goal of producing oil from the Djeno. The team is finalising the operational logistics to achieve this and we intend rapidly to implement the production plan."
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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.