Anglo African Oil & Gas PLC Update on workovers (1002L)
April 17 2018 - 2:01AM
UK Regulatory
TIDMAAOG
RNS Number : 1002L
Anglo African Oil & Gas PLC
17 April 2018
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Update on workovers of TLP-101 and TLP-102
Anglo African Oil & Gas plc, an independent oil and gas
developer, is pleased to announce the following operational update
at its 56% owned Tilapia field ('Tilapia') in the Republic of the
Congo:
1. TLP-101 Well
The flow lines (and all associated topside equipment) to TLP-101
were cleaned successfully and have been reassembled ready to
receive oil flow. As the well was required to be shut down during
the cleaning process the Company decided initially to bring the
well back on line through the annulus as a test, rather than
through the coiled tubing and flow lines which is the main
production method on this well. The Company tested production for a
period of five days via the annulus to compare flow against the
previously restricted flow lines to provide a baseline prior to
reverting back to the coiled tubing. During this test period,
TLP-101 produced between 80-90 barrels of oil per day through the
annulus, which represented an increase in production of 120 per
cent when compared to the flow-rate prior to the workover.
The well has now been temporarily closed to enable a shift back
to producing through the coiled tubing and the newly cleaned flow
lines. The Company is performing a pressure build up before opening
the choke and getting the well back into stabilised production. The
Company estimates this will take approximately five days. The
Company will make a further announcement regarding production
levels from TLP-101 once the well has been fully brought back on
line and flow tested through the production tubing.
2. TLP-102 Well
Schlumberger conducted a successful intervention focussed on the
integrity of the perforations on well TLP-102. The Company believes
that any near-wellbore formation damage has now been remedied by
the introduction of acid and that as a result contact has been
established with the reservoir. The well was produced to surface
with the aid of nitrogen lift. On the assumption that contact with
the reservoir has now been successfully established, the Company is
now investigating the best method by which to produce from this
well. This may include a further engineering solution, and the
Company has the relevant equipment available in its current
inventory if required to complete this work.
David Sefton, Executive Chairman, commented, "I am pleased that
these two interventions to TLP-101 and TLP-102 have gone well. The
initial testing of enhanced flow rates from TLP-101 was excellent
news. The team is now working to bring the well back on line while
carefully allowing pressure to increase so as to determine the new
optimal flow rate.
"Perhaps more significantly, and following the failure of last
year's workover, it was satisfying to have oil and gas recovered
from TLP-102. The team is now fully engaged in deciding how best to
bring the well into sustained production. Critically, however, a
reservoir is now proven on the opposite side of the fault from
TLP-101, and TLP-102 should now provide a further source of revenue
for the Company."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
**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
James Berwick, Chief Executive Officer
finnCap Ltd (Nominated Adviser and Broker) Tel: +44 20 7220
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, Hugo de Salis
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.
Tilapia has an excellent location, 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
UPDDDGDSSGBBGIL
(END) Dow Jones Newswires
April 17, 2018 02:01 ET (06:01 GMT)
Anglo African Oil & Gas (LSE:AAOG)
Historical Stock Chart
From May 2024 to Jun 2024
Anglo African Oil & Gas (LSE:AAOG)
Historical Stock Chart
From Jun 2023 to Jun 2024