Anglo African Oil & Gas Offered New Licence By Congolese Government

LONDON (Alliance News) - Anglo African Oil & Gas PLC on Tuesday said the government of the ...

Alliance News 30 April, 2019 | 2:30PM
Email Form

LONDON (Alliance News) - Anglo African Oil & Gas PLC on Tuesday said the government of the Republic of the Congo has offered a new licence at the Tilapia field.

The government sent a letter, signed by Minister of Hydrocarbons Jean-Marc Thystere Tchicaya, to AAOG, with the two parties now set to finalise a production sharing agreement for Tilapia.

The new licence will last 25 years, with the company keeping its 56% stake.

AAOG Executive Chair David Sefton said: "This is excellent news for the company. The confirmation we will receive a new licence represents a major milestone for AAOG and follows hard work by [Chief Executive Officer] James Berwick and the team through a period of extensive negotiation with the government and the completion of a due diligence review of AAOG by the ministry.

"We have long believed in the potential of Tilapia. This potential was demonstrated by the excellent results of the recent TLP103C well."

"Notably, the well-encountered oil shows in all target horizons, including the Djeno Sands, which flows at rates of up to 5,000 barrels of oil a day per well on neighbouring fields. We continue advanced work on enhanced production and the full development of Tilapia," he added.

Shares were 0.4% higher on Tuesday afternoon in London at 10.04 pence each.

By George Collard;

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Anglo African Oil & Gas PLC 0.38 GBX -6.25 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Member User Agreement        Cookies