Anglo African Oil & Gas (LSE:AAOG)
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RNS Number : 2599G

Anglo African Oil & Gas PLC

26 May 2017

Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas

ANGLO AFRICAN OIL & GAS PLC

('AAOG' or the 'Company')

Update on first workover at Tilapia oil field

Anglo African Oil & Gas plc, an independent oil and gas developer, announces that testing of the R2 reservoir in well TLP-102 has confirmed the presence of hydrocarbons and pressure within the reservoir. The Company has reperforated the well albeit without achieving flow. Accordingly, AAOG will evaluate the data accumulated during the perforation to determine the best solution and identify further stimulation techniques with the intention of bringing this well into production.

As previously disclosed, the next stage of the fully-funded work programme is for the Company to drill a new multi horizon well at TLP-103 in the R1 Mengo sands which will also test the deeper Djeno sands.

In the meantime, initial steps to optimise production from TLP-101ST have increased the flow rate of this well by 40 per cent. from approximately 32 bopd to approximately 45 bopd. AAOG will shortly be seeking to further optimise the flow rate of TLP-101ST by the application of more advanced stimulation techniques.

**ENDS**

For further information please visit www.aaog.co or contact:

 
 Anglo African Oil & Gas plc          Tel: c/o St Brides 
                                       Partners +44 
                                       20 7236 1177 
 David Sefton, Executive Chairman 
 Alex MacDonald, Chief Executive 
 
 finnCap Ltd (Nominated Adviser and   Tel: +44 20 7220 
  Broker)                              0500 
 Christopher Raggett, Giles Rolls, 
  Anthony Adams (Corporate Finance) 
 Emily Morris (Corporate Broking) 
 
 St Brides Partners (Financial PR)    Tel: +44 20 7236 
                                       1177 
 Frank Buhagiar 
  Elisabeth Cowell 
 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Notes to Editors

Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company acquiring a 56% stake in the producing Tilapia oil field in the Republic of the Congo. The Company boasts a low-cost production story in a prolific hydrocarbon region with significant exploration upside, differentiating it substantially from its E&P peers. Additionally, management's remuneration is tied to hitting production milestones, reflecting their strong focus on cost control.

Tilapia has an excellent address, being located close to multi-billion barrel fields that include the ENI-operated Litchendjili field and the 5,000bopd Minsala Marine field. Tilapia currently produces approximately 38 bopd from two near-surface intervals. It has an undeveloped discovery in the lower Mengo sands with gross contingent resources of 8.1m barrels and a deeper exploration prospect, with gross prospective resources of 58.4m barrels, in the productive Djeno interval from which the adjacent Minsala field produces.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

May 26, 2017 02:00 ET (06:00 GMT)