Anglo African Oil & Gas PLC: operational update

• The rig has not suffered any mechanical issue, however the company has insisted that the rig company replace two parts which have been found to be worn and which will be critical in the deeper sections of the Well. As a result of this request drilling has been temporarily suspended pending the replacement parts arriving in Pointe Noire.
• This decision was taken to avoid the risk of damage to the target horizons should these parts fail and not as a result of any breakdown.
• Contrary to speculation, the drill is proceeding well and results thus far are in accordance with the geological model. No geological or formation problems have been encountered, the Well is intact and there is no damage to the Well.
• The company is on zero rate with SMP pending the new parts being installed. Once installed, drilling will commence immediately.
• The company’s CEO is scheduled to meet with SMP in Paris on Monday to discuss the rig performance and the financial consequences of this downtime.

David Sefton, Executive Chairman, commented, “The company will not risk damage to the target horizons, and so has insisted on these replacement parts. The delay is temporary and the issue is entirely related to the rig and the drilling contractor. Up until this point, the geology encountered by TLP 103C has been in line with the pre-drill geological model. There have been no problems encountered with the Well. Operations will recommence as soon as possible.”

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