Pragmatism and conservatism continue to be key tenets for Anglo African Oil & Gas plc’s (LON:AAOG) drill programme at the Tilapia field in the Republic of the Congo, where progress has paused in order to avoid risking damage to target horizons.
The company told investors it has insisted upon the replacement of two rig parts – which were found to be worn – as they will be critical for the deeper sections of the TLP-103C well.
It emphasised, however, that the rig had not “suffered any mechanical issue”.
“Contrary to speculation, the drill is proceeding well and results thus far are in accordance with the geological model. No geological or formation problems have been encountered, the Well is intact and there is no damage to the Well,” AAOG said in a stock market statement.
AAOG’s management is due to meet with representatives of contractor SMP in Paris on Monday to discuss the rig performance and the financial consequences of the present downtime.
Dave Sefton, AAOG executive chairman, said: “The company will not risk damage to the target horizons, and so has insisted on these replacement parts.
“The delay is temporary and the issue is entirely related to the rig and the drilling contractor.
“Up until this point, the geology encountered by TLP 103C has been in line with the pre-drill geological model. There have been no problems encountered with the Well. Operations will recommence as soon as possible."