Anglo African Oil & Gas PLC (LON:AAOG)

Anglo African Oil & Gas PLC (LON:AAOG)


Share Price
9.95 p
Change
0.2 (2.05 %)
Market Cap
£23.67 m
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Anglo African Oil & Gas PLC

Anglo African Oil & Gas PLC is an AIM-listed oil and gas company with a producing asset in the Republic of the Congo.

Anglo African Oil & Gas PLC (‘AAOG’) own Petro Kouilou S.A. (‘PK’) which is incorporated in the Republic of the Congo, which has a 56% interest in the Tilapia Oil Field (located in the Republic of the Congo).

EPIC: AAOG
Market: AIM:AAOG
52-week High/Low: 16.55p / 6.26p
Sector: Oil & Gas Exploration & Production
Market Cap: £23.67 m
Website: www.aaog.com
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Big Picture – A Deep Dive Examination of Anglo African Oil & Gas PLC


Anglo African Oil & Gas PLC Snapshot

Our Strategy

AAOG aims to increase output from the existing wells in the Tilapia Field by undertaking two workovers on the existing producing well and by a drilling programme into deeper geological features, the Mengo and Djeno Sands, which Tilapia shares with surrounding fields.

The Directors intend to distribute free cash to shareholders through regular dividends, once production reaches a sustained level of 1,000 bopd and provided that oil prices are not less than USD 30/barrel.

It is AAOG's intention to conduct its activities in a professional and responsible manner for the benefit of its shareholders, its employees, and the national and local communities where it operates.

Operations

The Tilapia Field is 1.8km offshore of the Republic of the Congo, located in the Lower Republic of the Congo Basin. It is drilled from onshore and has production and storage facilities onshore. It is a 45 minute drive from Point Noire and 17km from the nearest refinery.

The Tilapia Field has been in production since 2007 and is currently producing 38/bopd of 39-41 API light sweet crude, from wells in the R1/R2 horizon. With workover and enhanced oil recovery techniques, AAOG expects to increase production from this horizon and continue production for many years. P90 reserves in R1/R2 are estimated at 7.6 million barrels.

AAOG believes that with the application of enhanced oil recovery techniques, wells TLP101 and TLP102 can substantially increase production. The first workover involves reperforation and acidisation of the R1 and R2 reservoirs in well TLP102 which will be drilled and connected to the manifold. The second workover involves the setting of a progressive cavity pump over the R2 reservoir in well TLP101.

Within the Tilapia Field, developments in seismic techniques have recently been able to interpret the presence of hydrocarbons in the Djeno Sands, which lie below the pre-salt layer. In neighbouring fields ENI, SOCO International and Oryx are already producing or in the final stages of testing prior to production from the Djeno Sands.

The seismic material indicates that the Djeno Sands have high volumes of reserves, and the presence of hydrocarbons in the AAOG block is confirmed with conventional flow rates. This was not brought into production within Tilapia when originally tested because the necessary techniques to kick-start production did not then exist.

The Djeno Sands have been shown to have reservoirs that, in neighbouring fields, have been in production since 2013, with production of 4,750-5,000 bopd per well. These other fields have enjoyed high flow rates, which are caused by the oil layer itself being naturally pressurised by lower lying high-pressure gas deposits.

 

London & Republic of Congo.

Executive
David Sefton
Chairman


David has extensive experience within the oil and gas industry, across Europe, Russia, the Middle East and North America. He has worked with many of the world's leading international and national oil companies and is Managing Partner of Linton Capital LLP, a private equity manager. He completed undergraduate and postgraduate studies at the University of Oxford and qualified as a barrister. He worked for Cleary Gottlieb, Steen & Hamilton before becoming Chief Legal Officer for the international acquisition arm of LukOil.

Executive
James Berwick
Chief Executive Officer


Between 2013 and 2018, James held the board-level position of Commercial Director of Impact, during which he oversaw a significant expansion of the company's activities, including the acquisition of six assets. Mr Berwick was also instrumental in securing farm-out agreements with operators including Exxon, Statoil, Woodside, CNOOC and Total.

At Ophir, James was Director of New Business (2006 - 2013) with responsibility for scaling up and managing the company's portfolio ahead of its successful IPO in 2011. As well as overseeing every commercial transaction completed during this period, he was also responsible for successfully de-risking Ophir's asset base within the constraints of available capex. James previously held the role of General Manager for Gabon where Ophir drilled several wells under his supervision and he managed the company's operated assets throughout Africa, including Marine IX in the Republic of the Congo. Over the course of his career, during which he was also Head of Global Security and Risk at Woodside Energy, James has built up an extensive network of contacts within Africa and the oil and gas sector, including with super-majors, governments and leading industry advisers.

Before his career in the oil and gas industry, James served for 12 years in the British Army and the French Foreign Legion.

Executive
James Cane
Finance


James is a Fellow of the Institute of Chartered Accountants in England and Wales and has been both finance director and chief executive in listed and private-equity backed businesses. He is currently finance director of KCR Residential REIT plc as well as CFO of Linton Capital LLP.

Shares Issued

As at 8 June 2018, the number of ordinary shares in issue was 162,056,024. The Company does not hold any shares in treasury

Major Shareholders

As at 14 June 2018, the Company has been notified of the following interests in 3% or more of the issued ordinary share capital of the Company:

Name of Shareholder  Number of Ordinary Shares % of
issued share capital
Miton Asset Management 24,481,677 15.11%
Jub Capital 24,000,000 14.81%
Sister Holding 16,354,015 10.09%
Toscafund Asset Management 9,326,353 5.76%
Chelverton Asset Management 5,625,000 3.47%
City Financial Investment Company 5,625,000 3.47%
Shard Capital Partners 5,250,000 3.24%
Hamilton Capital Partners 5,000,000 3.09%
 

 

Registered Company address: 27/28 Eastcastle Street, London W1W 8DH

Email: [email protected]

Contact for media enquiries: St Brides Media & Finance - St Michaels Alley, London EC3V 5DS

Registered in England: No 04140379

NOMAD and Broker
finnCap Ltd
60 New Broad Street,
London EC2M 1JJ

Solicitors to the Company
DLA Piper UK LLP
3 Noble Street,
London EC2V 7EE

Registrar
Share Registrars Limited
The Courtyard,
17 West Street, Farnham,
Surrey GU19 7DR

Solicitors (Congo)
Cabinet Fernand Carle
Pointe Noire, Congo

Auditor
Crowe Clark Whitehill LLP
10 Salisbury Square,
London EC4Y 8EH

Financial PR
St Brides Media & Finance
St Michael's Alley,
London EC3V 5DS
 

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