27 September 2019
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to publish its unaudited results for the six months ended 30 June 2019.
LETTER FROM THE CHAIR
These interim accounts cover the six-month period to 30 June 2019, during which the standout event was the successful drilling of the TLP-103C well on the Tilapia licence in the Republic of the Congo, in which the Company has a 56 per cent interest. The well encountered 56 metres of oil columns, including 26 metres in the Mengo formation and a further 12 metres in the deeper Djeno formation. TLP-103C was the first well to target the Djeno at Tilapia, which represents an opportunity to generate significant cash flow and profitability. We plan to capitalise on this opportunity: preparations for drilling a new sidetrack, the TLP-103C-ST, are now finalised and, as we announced earlier this month, well re-entry operations have started.
The drilling of TLP-103C-ST will be overseen by an experienced team, the majority of whom successfully managed operations at TLP-103 over the past twelve months. However, while the technical and operational teams remain in place, there has been a change at board level. Earlier this month, we reported David Sefton's decision to step down from his position as Executive Chairman and as a director of the Company. It goes without saying that David played a major role in getting AAOG to where it is today. In our view, one of his most important contributions has been to put in place a strong board and management structure. Led by our chief executive James Berwick, who has a proven track record in the industry, both operationally and commercially, the board and executive team comprise highly qualified professionals with the industry expertise and knowledge to take the Company into the next phase of its development.
After the positive TLP-103C well results at the beginning of the year, the remainder of the review period and subsequently has been centred on drawing up a comprehensive forward plan to monetise the discovery in the Djeno at the earliest opportunity. With an operational team in place and a funding package finalised, the team is now concentrating on signing a rig contract for the sidetrack into the Djeno. The Company will provide further updates at the appropriate time.
In the meantime, I would like to thank the Board and management team for their hard work during the period and our shareholders for their continued support and patience.
27 September 2019
For further information please visit www.aaog.com or contact:
|Anglo African Oil & Gas plc
James Berwick, Chief Executive Officer
|Tel: c/o St Brides Partners
+44 20 7236 1177
|finnCap (Nominated Adviser and Broker)||Tel: +44 20 7220 0500|
|Christopher Raggett, Giles Rolls, Teddy Whiley (Corporate Finance)|
|Camille Gochez (ECM)
|St Brides Partners (Financial PR)||Tel: +44 20 7236 1177|
|Frank Buhagiar, Juliet Earl|