We look back at the IPO interview recorded on 6th March 2017, along with a studio recording from the 18th August 2017, were Alex and David answer questions submitted from shareholders in a far-reaching interview as they give investors some insight into operations at the 3 wells and what the future held.
We are looking to have David Sefton, Executive Chairman & newly appointed James Berwick, Chief Executive Officer in the Share Talk studio. The team are currently on site and we will be asking for shareholder questions once the guys return to the UK.
Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to provide the following operational update on its 56% owned Tilapia field (‘Tilapia’) in the Republic of the Congo
6th March 2017
Share talk spoke to Alex McDonald Chief Executive Officer and David Sefton Executive Chairman of Anglo African Oil and Gas. We talk about today’s Initial Public Offering listing on the AIM Market
17th August 2017
Alex McDonald (CEO) and David Sefton (Executive Chairman) covered a wide range of questions
Last RNS Update News:
Following the successful work to disconnect, clean through and reconnect the flowlines to TLP-101, and testing of flow through the annulus, the well was then re-directed to production through the coiled tubing. Having done so, pressure stabilised on Friday, 27 April at which time the well was re-opened. It was successfully brought back on line and the flow rate immediately surpassed the previous rate of 35 bopd. The Company is now allowing the flow rate to increase gradually until it achieves the maximum level of sustainable flow. The Company advises that it is likely to take up to two weeks before the maximum flow rate is achieved and will update the market once that flow rate has been established.
As announced on 17 April, Schlumberger conducted a successful intervention focussed on the integrity of the perforations on well TLP-102. Following the intervention, oil and gas samples were taken at the surface and were sent to Total’s laboratory in Pointe Noire for testing. The gas test result has now been received and has confirmed the Company’s evaluation that TLP-102 is now in contact with the reservoir. The pressure in the well has continued to increase steadily, and further than initially expected by the Company. As a result, the Company will over the next week open the annular to test whether oil will flow unassisted. However, the Company still expects that to achieve optimum flow rates from TLP-102 will, as originally planned, require mechanical assistance. The Company has on site a downhole pump that was procured for this purpose. Its insertion requires the use of equipment readily available in Pointe-Noir and does not need a drilling rig on site.
Drilling operations have commenced ahead of mobilisation of the rig:
· The team has completed construction of the wellhead cellar and a 30″ Conductor case has been hammered in situ in preparation for drilling.
· Due to the size of the rig an additional access road to the site has been constructed.
· The majority of long lead items have now cleared customs and are in country.
· The Company has procured two wellheads from FMC that have been prepared and tested and they are on site at FMC’s facility in Pointe-Noire.
· The well design has been completed and is undergoing final verification testing with a third party contractor using specialised software.
· HSE planning and procedures have been completed and documented following site visits by specialist consultants.
· The environmental impact assessment is nearing completion ahead of submission to the Minister of the Environment.
· Security procedures and site protection are underway with the construction of fencing to secure the drill site.
· All draft contracts from suppliers have been received and have either been signed or are in the final stages of negotiation.
· Logistics, such as personnel and catering, have all been identified or contracted.
Finally, the rig itself is awaiting a pre-embarkation inspection by a third party rig inspection team. A further inspection will take place following rigging up at Tilapia.
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.
Tilapia has an excellent address, being located close to multi-billion-barrel fields that include the ENI-operated Litchendjili field and the 5,000bopd Minsala Marine field. Tilapia currently produces approximately 38 bopd from two near-surface intervals. It has an undeveloped discovery in the lower Mengo sands with gross contingent resources of 8.1m barrels and a deeper exploration prospect, with gross prospective resources of 58.4m barrels, in the productive Djeno interval from which the adjacent Minsala field produces.
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