Share Talk spoke with David Sefton, Executive Chairman about the TLP-103 well (SMP-102 rig) which he says "is not wildcat exploration. It targets reservoirs that are already producing at Tilapia as well as a historical discovery in the deeper Mengo horizon.
Here are the six questions we asked David Sefton, Executive Chairman.Tilapia oil field in the Republic of the Congo.
The TLP-103 well spudded today – congratulations – there has been a lot of hard work to get to this point, can you tell us a bit more about what the team have been working on?
The Tilapia field has an excellent address – can you give us a bit more information about the region?
TLP-103 has been described as a multi-horizon well can you explain what this means and also give us an overview of what the well is targeting?
You’ve stated that TLP-103 has a highly attractive risk/reward tradeoff, can you explain a bit more about this?
The well is expected to take 64 days to drill, when can we expect some more news flow?
And finally, in the event of success, what are AAOG’s plans for further development of the Tilapia field?
Anglo African O&G (AIM:AAOG) Commencement of drilling at Tilapia oil field
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to confirm that the TLP-103 well (‘TLP-103’ or ‘the Well’) on the Tilapia oil field (‘Tilapia’) spudded at approximately 12 p.m. on 15 August 2018. AAOG holds a 56% working interest in the producing Tilapia field, which is located in the prolific Lower Congo Basin in the Republic of the Congo.
TLP-103 will be drilled to an intended total depth of 2,700 metres with completion expected in 64 days.
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.