Anglo African finds hydrocarbons at Tilapia licence

27th Dec 2018 09:58

(Sharecast News) - Independent oil and gas outfit Anglo African said it found hydrocarbons at its Tilapia licence in the Republic of the Congo while intersecting the Mengo horizon earlier in the week.The Mengo horizon, the second of three targeted by the TLP-103C well, was said to hold oil and gas shows throughout the entire 50 metres of sandstone beds encountered, with hydrocarbon pay thickness to be confirmed by wireline logging data and pressure points in the future.With Anglo African now having completed the well section, it will temporarily pause drilling at TLP-103C in order to undertake a "full suite of Schlumberger wireline logging", enabling the AIM-listed group to "fully evaluate the properties of the Mengo".Elsewhere, the AIM-listed group revealed that three new potential pay zones had been encountered between its R2 reservoir and the Mengo. The new zones unveiled a positive log response, with hydrocarbon shows to be investigated with MDT logging to test their potential.Chairman David Sefton said: "This success in the Mengo is significant. The Mengo has, depending on the exact characteristics of the reservoir following logging and eventual testing, the potential to provide material increases in production, and cash flow, to the company.""The results from the well thus far are a well-deserved reward for all the hard work by the operational team and, most importantly, our shareholders, who have supported the company and ultimately made this well possible."As of 1000 GMT, Anglo African shares had climbed 6.67% to 0.48p.