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Anglo African Oil & Gas gets cash boost as SNPC pays US$660,000 for recent drilling

Anglo African Oil & Gas PLC (LON:AAOG) has received US$660,000 from SNPC, the Congolese state petroleum company, for a share of costs of the recent successful well at Tilapia. There is also a proposal to repay the outstanding US$9.5mln owed to Anglo African through a short-tem payment plan. Anglo's Executive Chairman David Sefton tells Proactive London how SNPC owns a 44% stake in the field and Anglo African 56%. Following the success of the TLP-103C well Anglo wants to start production in April from the upper reservoirs at Tiilapia at up to 1,500 barrels of oil per day. The money it has already received from SNPC and any future payments will fund that programme says Sefton. He said it had offered SNPC the opportunity to reduce its stake in the field in lieu of the money owing, but the Congolese company chose to pay cash instead.

Quick facts: Anglo African Oil & Gas PLC

Price: 0.275 GBX

Market: AIM
Market Cap: £1.34 m

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