Anglo African Oil & Gas PLC Multiple discoveries confirmed at Tilapia Field (3022M)

TIDMAAOG

RNS Number : 3022M

Anglo African Oil & Gas PLC

07 January 2019

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

7 January 2019

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

Wireline logging confirms multiple discoveries at Tilapia Field

Anglo African Oil & Gas plc, an independent oil and gas developer, is pleased to announce that Schlumberger wireline logging completed on the TLP-103C well ('the Well') has confirmed multiple discoveries at its Tilapia licence in the Republic of the Congo. Wireline logging validates the initial results identified during drilling the targeted R1/R2/R3 and the Mengo reservoirs and confirms oil columns amounting to an aggregate of 44 metres across the identified horizons.

-- 26 metre oil column in the Mengo identified in sandstones interbedded with claystones between 1874,8mMD and 1900,8mMD

-- An aggregate 13 metres of oil columns across the new horizons identified between the R3 and the Mengo horizons in three layers of sandstones between 1473mMD and 1685,5mMD

-- 5 metre oil column identified in the R2 reservoir between 1282,7mMD and 1287,7mMD in line with the TLP-101V well located in fine sandstones

-- Modular formation dynamics tests showed that the R2 reservoir is not depleted, confirming an onshore hydrocarbon system underlying the Tilapia licence area

   --     All three discoveries are of Early Cretaceous (Barremian) age 

-- Schlumberger wireline logging was completed in the entire 12 1/4 " section of the Well and further confirmed by a petro-physical interpretation (CPI)

The Company will now resume drilling operations at TLP-103C, targeting the deeper Djeno horizon which is known to be a prolific producer on neighbouring fields.

David Sefton, Executive Chairman of AAOG, said, "The confirmation of a combined 44 metres of oil columns across multiple horizons, including the discovery of additional reservoirs is a fantastic result for the Company and exceeds our expectations. Subject to the results of flow testing, the Well has the potential to provide AAOG with a major step-up in production and cashflow and marks an excellent start to the Tilapia field development programme. Furthermore, with the geological model proven we look forward to the resumption of drilling at TLP-103C targeting the deeper Djeno horizon, which based on the production rates achieved from this reservoir on neighbouring fields, has the potential to be truly transformational for AAOG.

With operations on-going and the resumption in production at well TLP-101, which is estimated to have the ability with water injection to produce up to 400 bopd, these are exciting times for the Company and the Board believes AAOG is on track to become the highly cash generative oil and gas company we set out to build. Finally, based on the success of this well thus far, we will, in the near future, commission work to update the Company's estimates of reserves."

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

**ENDS**

For further information please visit www.aaog.com 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: [phone] 
                                                     0500 
 Christopher Raggett, Giles Rolls, Anthony Adams 
  (Corporate Finance) 
 Camille Gochez (Corporate Broking) 
 
 St Brides Partners (Financial PR)                 Tel: [phone] 
                                                    1177 
 Frank Buhagiar, Juliet Earl 
 

Notes to Editors

Anglo African Oil & Gas plc (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.

Amélie Miyaska, Senior Geologist, Master of geology, Advisor to the Board of Anglo African Oil & Gas plc, who has over 15 years' experience in the oil & gas industry, is the qualified person that has reviewed and approved the technical content of this announcement.

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 [e-mail] or visit www.rns.com.

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January 07, 2019 02:00 ET (07:00 GMT)