15th Aug 2018 13:01
LONDON (Alliance News) - Anglo African Oil & Gas PLC said Wednesday it has started drilling at the Tilapia oil field in the Republic of Congo.
The company said it spud the TLP-103 well on Wednesday morning. The well is expected to be drilled to a total depth of 2,700 metres and to be completed in 64 days.
The company said that the well targets multiple horizons, including a deeper exploration prospect in the Djeno interval from which the adjacent Minsala field produces at a rate of 5,000 barrels of oil per day.
Executive Chairman David Sefton said: "TLP-103 has a highly attractive risk reward trade-off: low risk associated with the development of proven intervals at Tilapia and high reward in the event of success at the deeper prospect in the Djeno."
Anglo African shares were trading 3.1% higher at 11.75 pence each.
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