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Anglo African O&G (AAOG)

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Wednesday 05 September, 2018

Anglo African O&G

Temporary suspension of drilling at Tilapia Field

RNS Number : 7714Z
Anglo African Oil & Gas PLC
05 September 2018
 

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

 

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

Temporary suspension of drilling TLP-103 at Tilapia oil field

 

Anglo African Oil & Gas plc, an independent oil and gas developer, announces that the Company has been informed by its drilling contractor, SMP, that they have experienced a topside issue that has affected the rig.  As a result, the Company has taken the decision to temporarily suspend drilling TLP-103 while a specialist review of the various solutions is undertaken.  The Company is working to determine the optimum solution with a view to restricting any delay to a matter of weeks. A further announcement will be made in due course. In the meantime, the Company is putting in place contingencies which aim to recover the costs related to this and/or cover any cost overruns.

 

**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.

 


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