Anglo African Oil & Gas updates on well TLP-102
(ShareCast News) - Anglo African Oil & Gas said the workover and wireline equipment for the reperforation and acidisation of the R2 reservoir in well TLP-102 was mobilised to site on 15 May.
"The workover of TLP-102 represents the commencement of a fully funded work programme targeting a major increase in production at the Tilapia oil field in the Republic of Congo," the company said.
It would issue the results in due course.
"In accordance with the plan set out at the time of admission, following the workover of TLP-102 the Company intends to workover the TLP-101ST well to further increase production.
"By end-August 2017, the company intends to drill a new well at TLP-103 to stimulate the Mengo sands and test the deeper Djeno sands," said Anglo African Oil & Gas (AOG) said.
In the meantime, the company continued to work towards Secondary Completion, which it expected would occur in the near future.
"Over the weekend, the SNPC agreed that it would not exercise any right of pre-emption over the shares to be acquired by AAOG pursuant to Secondary Completion."
The only condition remaining to Secondary Completion was the approval by the Minister of Hydrocarbons in the Republic of Congo.
"In the meantime, the Company enjoys full economic rights over the Tilapia field by virtue of Initial Completion having occurred as further outlined in the Admission Document.
At 14:17 BST, shares in Aim-listed Anglo African Oil & Gas were up 5.56% to 28.5p each.