Anglo African Oil & Gas PLC Multiple discoveries confirmed at Tilapia Field (3022M)
January 07 2019 - 2:00AM
UK Regulatory
TIDMAAOG
RNS Number : 3022M
Anglo African Oil & Gas PLC
07 January 2019
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
7 January 2019
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Wireline logging confirms multiple discoveries at Tilapia
Field
Anglo African Oil & Gas plc, an independent oil and gas
developer, is pleased to announce that Schlumberger wireline
logging completed on the TLP-103C well ('the Well') has confirmed
multiple discoveries at its Tilapia licence in the Republic of the
Congo. Wireline logging validates the initial results identified
during drilling the targeted R1/R2/R3 and the Mengo reservoirs and
confirms oil columns amounting to an aggregate of 44 metres across
the identified horizons.
-- 26 metre oil column in the Mengo identified in sandstones
interbedded with claystones between 1874,8mMD and 1900,8mMD
-- An aggregate 13 metres of oil columns across the new horizons
identified between the R3 and the Mengo horizons in three layers of
sandstones between 1473mMD and 1685,5mMD
-- 5 metre oil column identified in the R2 reservoir between
1282,7mMD and 1287,7mMD in line with the TLP-101V well located in
fine sandstones
-- Modular formation dynamics tests showed that the R2 reservoir
is not depleted, confirming an onshore hydrocarbon system
underlying the Tilapia licence area
-- All three discoveries are of Early Cretaceous (Barremian) age
-- Schlumberger wireline logging was completed in the entire 12
1/4 " section of the Well and further confirmed by a petro-physical
interpretation (CPI)
The Company will now resume drilling operations at TLP-103C,
targeting the deeper Djeno horizon which is known to be a prolific
producer on neighbouring fields.
David Sefton, Executive Chairman of AAOG, said, "The
confirmation of a combined 44 metres of oil columns across multiple
horizons, including the discovery of additional reservoirs is a
fantastic result for the Company and exceeds our expectations.
Subject to the results of flow testing, the Well has the potential
to provide AAOG with a major step-up in production and cashflow and
marks an excellent start to the Tilapia field development
programme. Furthermore, with the geological model proven we look
forward to the resumption of drilling at TLP-103C targeting the
deeper Djeno horizon, which based on the production rates achieved
from this reservoir on neighbouring fields, has the potential to be
truly transformational for AAOG.
With operations on-going and the resumption in production at
well TLP-101, which is estimated to have the ability with water
injection to produce up to 400 bopd, these are exciting times for
the Company and the Board believes AAOG is on track to become the
highly cash generative oil and gas company we set out to build.
Finally, based on the success of this well thus far, we will, in
the near future, commission work to update the Company's estimates
of reserves."
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.
**ENDS**
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 plc (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.
Amélie Miyaska, Senior Geologist, Master of geology, Advisor to
the Board of Anglo African Oil & Gas plc, who has over 15
years' experience in the oil & gas industry, is the qualified
person that has reviewed and approved the technical content of this
announcement.
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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