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.
The 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.
Depending on results from these three horizons, the Well may also be extended down to test the Vanji Horizon.
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.
In 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.
This 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.
“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.
With 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.”
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.
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