Anglo African reassess Tilapia plan following success at TLP-103C

7th Jun 2019 07:57

(Sharecast News) - Oil and gas producer Anglo African revealed on Friday that production from its TLP-103C well on the Tilapia field has continued to flow oil to the surface under its own pressure with minimal water content.Anglo African told investors that it was now taking another look at its production plan for Tilapia as a result of the "welcome information" from the well and "very encouraging" findings from a new third-party analysis of the field's Djeno horizon.Specialist analysis firm Nutech was engaged by AAOG to undertake the third party appraisal of Djeno, which its report was said to have confirmed the reservoir's high-quality nature.Anglo African, which had initially commissioned a competent persons report back in April, said Nutech's study mirrored analysis prepared by Schlumberger - with findings from both set to be revealed later in June.In terms of the CPR, AAOG said consultant LR Senergy had informed the group that it required additional data to asses the prospectivity of Djeno, leading the outfit to paused its work on the project pending further data capture.Executive chairman David Sefton said: "The reports relating to the Djeno reservoir have been extremely pleasing and continue to give us great confidence that we will achieve the company's primary goal of producing hydrocarbons from the Djeno."We look forward to finalising our operational plan in this regard and working closely with our partners SNPC and the Congolese Government on developing the Tilapia licence area."As of 1010 BST, Anglo African shares had dipped 3.20% to 8.62p.