Anglo African Oil & Gas PLC Rig Mobilisation for Multi-Horizon Well (2332U)
July 11 2018 - 2:00AM
UK Regulatory
TIDMAAOG
RNS Number : 2332U
Anglo African Oil & Gas PLC
11 July 2018
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
11 July 2018
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Rig Mobilisation for Multi-Horizon Well in the Lower Congo
Basin
Anglo African Oil & Gas plc, an independent oil and gas
developer, is pleased to announce the mobilisation of the SMP-102
rig which has been contracted by the Company to drill the TLP-103
well on the Tilapia field in the Republic of the Congo.
Specialist transport contractor Ocean Express, which is
responsible for delivering the rig to the site, has notified the
Company that mobilisation is underway from Port Gentil in Gabon.
The rig, SMP-102, which was last under contract with Total Gabon
S.A, has cleared Gabonese customs and is currently being loaded
onto the Kota Bakat. Once this is completed, the vessel will set
sail from Port Gentil in Gabon to Pointe Noire in the Republic of
the Congo. Loading should be complete by the end of the week,
following which the voyage is expected to take between two and
three days.
On arrival at Pointe-Noire, and after all relevant customs
checks and documentation have been completed, the rig will be
transported the 40km by road from the port to the drill site at
Tilapia. Once onsite and rigged-up, a full pre-drill inspection of
the rig will take place by both an international rig inspection
company contracted by AAOG and drilling contractor SMP Drilling.
Depending on the time taken to clear customs, this stage could take
between three and four weeks.
David Sefton, Executive Chairman of AAOG, said, "With the
SMP-102 rig now mobilised and funding in place, we are on course to
drill a potentially transformational well for the Company. TLP-103
is not wildcat exploration. It targets reservoirs that are already
producing at Tilapia as well as an historical discovery in the
deeper Mengo horizon and in doing so offers a low-risk opportunity
to increase production and move the Company into
profitability."
"At the same time, however, TLP-103 has the potential to
generate an exceptional return should the well encounter commercial
hydrocarbons in the deeper Djeno horizon. In our view, TLP-103
therefore offers a highly attractive risk/reward trade-off: low
risk by targeting production from proven sands; coupled with high
reward by also targeting a deeper horizon that is productive on
adjacent fields. We look forward to providing further updates on
our progress over the coming weeks and months."
**ENDS**
For further information please visit www.aaog.co 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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