Anglo African Oil & Gas: CPR update and cost reimbursements

CPR

Following confirmation that oil from the TLP-103C well (‘TLP-103C’ or ‘the Well’), which had moved to surface under its own pressure, has an API of 43 and originated from the Djeno reservoir, the Company requested that this new information be included in the CPR being produced by Lloyd’s Register. To reflect these positive developments, the publication of the CPR is now scheduled for the second half of May.

SNPC

In line with the payment schedule agreed with SNPC for costs relating to the drilling of the Well and the development of the Licence, the Company has received a cash payment of US$600 000, following the initial payment in March of US$663 000. SNPC has a remaining debt to AAOG of approximately US$8.7 million.

Negotiations to exchange a portion of SNPC’s equity interest in the Tilapia field in exchange for the forgiveness of the remainder of the debt outstanding remain ongoing.

David Sefton, Executive Chairman of AAOG, said: “While we are keen to receive the CPR based on the results of the very successful TLP-103C well, the fact that oil has come to surface from the Djeno is very significant so we consider that a short delay to allow the inclusion of this data is worthwhile. We look forward to releasing the CPR as soon as we can.

“We are also pleased that SNPC continues to make payments to the Company and we look forward to providing an update on the licence negotiations in the near future.”

Market abuse regulation (MAR) disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Read the article online at: https://www.oilfieldtechnology.com/special-reports/26042019/anglo-african-oil-gas-cpr-update-and-cost-reimbursements/