5th Sep 2018 10:02
LONDON (Alliance News) - Shares in Anglo African Oil & Gas PLC plunged by a quarter on Wednesday after the company said it temporarily suspended drilling at its Tilapia oil field in Congo.
The stock was trading 25% lower at 8.80 pence per share after the news.
Anglo African said that its drilling contractor, SMP, experienced a topside issue that affected the rig at the field. Consequently, the company decided to temporarily suspend drilling at the TLP-103 well while it reviews the "various solutions".
"The company is working to determine the optimum solution with a view to restricting any delay to a matter of weeks," Anglo African added.
"In the meantime, the company is putting in place contingencies which aim to recover the costs related to this and or cover any cost overruns."
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