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Anglo African Oil & Gas aims to start TLP-103C production in April

“We are excited by this funded plan for TLP-103C and are working hard to bring the well into production as soon as possible,” said David Sefton

oil and gas operations
It is expected to initially yield 1,500 bopd

Anglo African Oil & Gas PLC (LON:AAOG) told investors it plans to start production in April from the TLP-103C well, at the Tilapia licence in the Republic of the Congo.

The company, in a statement, explained that it aims to begin production from TLP-103C’s upper reservoirs through comingling the R2 and the Mengo intervals, through a double completion in the well.

It anticipates an initial aggregated flow rate in excess of 1,500 barrels of oil per day over the first 14-18 months.

READ: AAOG surges as TLP-103C well strikes oil at Djeno reservoir

On that basis it expects to generate some US$1mln of cash flow per month, and, Anglo said that the operation will still breakeven even with an oil price down to US$20 per barrel.

The completion work will be funded from existing cash resources, Anglo noted.

“We are excited by this funded plan for TLP-103C and are working hard to bring the well into production as soon as possible,” said David Sefton, AAOG executive chairman.

“The development schedule is predicated on the availability of Schlumberger's fracking equipment which we have been informed will be available at the beginning of April.

"Bringing TLP-103C into production is the key to realising the value that we believe has been unlocked by the very successful results from the well.”

Sefton added: “With production rates of up to 1,500 bopd expected, TLP-103C will provide considerable cash flow for the company of approximately US$1 million net per month.

“The board is focused on building shareholder value and bringing TLP-103C into production is the next step in what has been a very successful programme so far."

Quick facts: Anglo African Oil & Gas PLC

Price: 0.275 GBX

Market: AIM
Market Cap: £1.34 m

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