ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

AAOG Anglo African Oil & Gas Plc

0.30
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Anglo African Oil & Gas Plc LSE:AAOG London Ordinary Share GB00BD0Q3L08 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.30 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Anglo African Oil & Gas PLC Update on TLP 103 well on Tilapia field (0620A)

07/09/2018 7:00am

UK Regulatory


Anglo African Oil & Gas (LSE:AAOG)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Anglo African Oil & Gas Charts.

TIDMAAOG

RNS Number : 0620A

Anglo African Oil & Gas PLC

07 September 2018

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

ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')

Update on TLP 103 well on Tilapia field

Anglo African Oil & Gas plc, the independent oil and gas developer, provides the following update on the TLP 103 well and also details of a forward plan to minimise disruption to the drilling programme at the Tilapia field in the Republic of the Congo.

On 15 August 2018, the TLP 103 appraisal well was spudded using the SMP 102 drilling rig. Whilst drilling through the shallow section a number of drilling challenges were encountered, caused by localised geological conditions, which resulted in ground movement that impacted the safe operation of the rig. Initial inspections show no damage to the rig. The events occurred before the well had reached any of the target horizons. After a number of attempts to overcome this problem it was jointly decided by SMP (the drilling contractor) and AAOG to cease drilling, abandon the current location and move the rig 100 metres to the north west and re-spud the well. The process to prepare the new location, move the rig and re-spud the TLP 103 well is expected to take approximately 25 days. Following the re-spud it is expected that drilling will take 64 days to complete.

In addition to contingencies in the drilling budget and potential offsets and claims under insurance policies, the Company has available to it offers of debt finance sufficient to meet any cost overruns due to the delay and need to re-spud.

The Company remains committed to drilling TLP-103.

**ENDS**

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

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 
  James Berwick, Chief Executive Officer 
 
  finnCap Ltd (Nominated Adviser and Broker)        Tel: +44 20 7220 
                                                     0500 
 Christopher Raggett, Giles Rolls, Anthony Adams 
  (Corporate Finance) 
 Camille Gochez (Corporate Broking) 
 
 St Brides Partners (Financial PR)                 Tel: +44 20 7236 
                                                    1177 
 Frank Buhagiar, Hugo de Salis, Juliet Earl 
 

Notes to Editors

Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company that owns 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

DRLFMGGLMVVGRZZ

(END) Dow Jones Newswires

September 07, 2018 02:00 ET (06:00 GMT)

1 Year Anglo African Oil & Gas Chart

1 Year Anglo African Oil & Gas Chart

1 Month Anglo African Oil & Gas Chart

1 Month Anglo African Oil & Gas Chart

Your Recent History

Delayed Upgrade Clock