Anglo African Oil & Gas PLC Update on TLP 103 well on Tilapia field (0620A)
September 07 2018 - 2:00AM
UK Regulatory
TIDMAAOG
RNS Number : 0620A
Anglo African Oil & Gas PLC
07 September 2018
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Update on TLP 103 well on Tilapia field
Anglo African Oil & Gas plc, the independent oil and gas
developer, provides the following update on the TLP 103 well and
also details of a forward plan to minimise disruption to the
drilling programme at the Tilapia field in the Republic of the
Congo.
On 15 August 2018, the TLP 103 appraisal well was spudded using
the SMP 102 drilling rig. Whilst drilling through the shallow
section a number of drilling challenges were encountered, caused by
localised geological conditions, which resulted in ground movement
that impacted the safe operation of the rig. Initial inspections
show no damage to the rig. The events occurred before the well had
reached any of the target horizons. After a number of attempts to
overcome this problem it was jointly decided by SMP (the drilling
contractor) and AAOG to cease drilling, abandon the current
location and move the rig 100 metres to the north west and re-spud
the well. The process to prepare the new location, move the rig and
re-spud the TLP 103 well is expected to take approximately 25 days.
Following the re-spud it is expected that drilling will take 64
days to complete.
In addition to contingencies in the drilling budget and
potential offsets and claims under insurance policies, the Company
has available to it offers of debt finance sufficient to meet any
cost overruns due to the delay and need to re-spud.
The Company remains committed to drilling TLP-103.
**ENDS**
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
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, Hugo de Salis, 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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