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AAOG ‘extremely pleased’ with findings of new third party analysis of Tilapia field

A Competent Persons Report has been delayed as more data is needed, nonetheless, a separate and broader analysis of Tilapia’s Djeno reservoir is “very encouraging” for AAOG

oil and gas operations
The TLP-103C well continues to perform positively

Anglo African Oil & Gas PLC (LON:AAOG) has highlighted new third party analysis of the Tilapia oil field’s Djeno horizon, with a report revealing “very encouraging” findings to the company.

Nutech, which is described as a ‘specialist analysis firm’, was engaged by the company and AAOG told investors that its report supports the view that the Djeno is a high quality reservoir.

AAOG meanwhile also updated on production from the Tilapia field’s TLP-103C well which has continued to flow oil to surface under its own pressure with minimal water content. The company said it is now reconsidering its production plan for Tilapia, as a result of this ‘welcome information’ from the well.

READ: AAOG formally offered new licence for Tilapia field

The Nutech report adds to previously obtained analysis prepared by Schlumberger and comes ahead of a delayed competent persons report (CPR).

A summary of the findings from both reports is anticipated from AAOG next week.

The CPR was commissioned back in April though consultant LR Senergy has now told AAOG that it needs additional data to be able to properly reflect the prospectivity of Djeno. Work on the CPR has consequently paused pending further data capture.

"The reports relating to the Djeno reservoir have been extremely pleasing and continue to give us great confidence that we will achieve the company's primary goal of producing hydrocarbons from the Djeno,” said David Sefton, AAOG executive chairman.

“Most importantly, these reports are narrower than the broader issues considered in a CPR (such as licence terms, capital plans etc) and focus solely on the technical aspects of the discovery in the Djeno, and how it can produce in the short term.

“We look forward to finalising our operational plan in this regard and working closely with our partners SNPC and the Congolese Government on developing the Tilapia licence area."

AAOG also noted in Friday’s statement that it recently, on 17 May, was paid US$716,000 in respect of certain receivables (reimbursement for its share of the costs of TLP-103C) and it expects it will continue to receive monthly repayments and that the size of the payments is expected to increase.

The incoming cash is being used to pay down creditors and for general working capital purposes.

Additionally, AAOG noted that it has had meetings this week with the Government of Congo to finalise production sharing terms for an already announced new licence award covering Tilapia.

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