{"id":42978,"title":"Anglo African O&G (AIM:AAOG) Commencement of drilling at Tilapia oil field","publisher":"Share Talk","author":"sharetalk","published":"2018-08-15T11:38:21+00:00","modified":"2018-08-15T11:53:05+00:00","canonical_url":"https://www.share-talk.com/anglo-african-og-aimaaog-commencement-of-drilling-at-tilapia-oil-field/","markdown_url":"https://www.share-talk.com/anglo-african-og-aimaaog-commencement-of-drilling-at-tilapia-oil-field.md","json_url":"https://www.share-talk.com/anglo-african-og-aimaaog-commencement-of-drilling-at-tilapia-oil-field.json","category":"Energy","categories":["Energy"],"tags":["AAOG","Anglo African O&G"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":" \n\nAnglo 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.\n\n \n\nTLP-103 will be drilled to an intended **total depth of 2,700 metres with completion expected in 64 days**.\n\n \n\nThe Well targets multiple horizons including the shallow R1/R2 sands that are already producing at Tilapia; an undeveloped discovery in the lower Mengo sands; and a deeper exploration prospect in the Djeno interval from which the adjacent Minsala field produces at a rate of 5,000 bopd.\n\n \n\nDepending on results from these three horizons, the Well may also be extended down to test the Vanji Horizon.\n\n \n\n**David Sefton, Executive Chairman, commented:** “The commencement of drilling operations ahead of the schedule expected at the time of the recent placing represents the culmination of a considerable amount of hard work by the team.\n\n \n\nIn the space of six months, we have effectively built a new operations team from scratch, commenced the well planning process, raised additional funds, negotiated all relevant contracts, completed a new Environmental Impact Assessment, successfully executed the workover of the two existing wells and have now mobilised an entire drill team and equipment.\n\n \n\nThis is a real achievement for a junior oil and gas company and I would like to take this opportunity to commend the professionalism and expertise of both AAOG’s management and the in-country team on the ground.\n\n \n\n“As has been the case since listing, TLP-103 has a highly attractive risk/reward trade-off: low risk associated with the development of proven intervals at Tilapia; and high reward in the event of success at the deeper prospect in the Djeno.\n\n \n\nWith this in mind, I look forward to providing further updates on progress at the well site over the coming weeks, as we focus on realising Tilapia’s considerable potential.”\n\n \n\n**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.\n\n "}