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Anglo African Reschedules Tilapia Well Report Over New Oil Findings

LONDON (Alliance News) - Anglo African Oil & Gas PLC said on Thursday it has requested new ...

Alliance News 25 April, 2019 | 3:02PM
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LONDON (Alliance News) - Anglo African Oil & Gas PLC said on Thursday it has requested new information to be included in the TLP-103C well's competent persons report, following the confirmation of new oil moving to the surface.

The oil and gas company confirmed that oil in the well within the Tilapia licence, offshore in the Republic of the Congo, moved to surface under its own pressure, with an API gravity of 43.

As a result of this development, the competent persons report is expected to be published in the second half of May.

In addition, Anglo African has received a cash payment of USD600,000 in line with the payment schedule agreed with Congolese national oil company, Societee Nationale des Petroles du Congo.

The payments are for costs related to the drilling of the TLP-103C well and the development of the licence.

SNPC has a remaining debt of USD8.7 million to pay. Both companies are still in discussions over exchanging a portion of SNPC's interest in the Tilapia field for the forgiveness of the outstanding debt.

"While we are keen to receive the CPR based on the results of the very successful TLP-103C well, the fact that oil has come to surface from the Djeno is very significant so we consider that a short delay to allow the inclusion of this data is worthwhile. We look forward to releasing the CPR as soon as we can," said Executive Chair David Sefton.

"We are also pleased that SNPC continues to make payments to the company and we look forward to providing an update on the licence negotiations in the near future," Sefton added.

Shares in Anglo African Oil & Gas were down 5.6% at 10.33 pence on Thursday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Anglo African Oil & Gas PLC 3.17 GBX 11.05 -

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