Anglo African Oil & Gas says rig for TLP 103 to be further delayed
Anglo African Oil & Gas
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11:49 04/05/21
Anglo African Oil & Gas said the rig needed to drill the new TLP 103 oil well in the Republic of Congo would not be available until mid-December at the earliest.
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Yet management tried to make the best of a bad situation, telling clients that as a result the rig would in fact be upgraded in order to meet the exacting standards of an "internationally recognised operator".
The delay was the result of that "operator" having requested technical adjustments which meant the rig would not be available at Pointe-Noire, where Anglo's Tilapia oil field was located, as quickly as had originally been planned.
Meanwhile, Anglo was focusing on optimising production from its TLP 101 well, where outout was then running at roughly 48,000 barrels a day, adding that it was continuing to "prudently" manage its cash.
Furthermore, "management and the executive team's incentives remain aligned to an increase in production at Tilapia," the company said in a statement.
"The TLP 103 well has the potential to transform AAOG's production and reserves as it targets multiple potential producing horizons including the Mengo and Djeno sands, which produce prolifically in neighbouring blocks in the basin," chipped in the company's chairman, David Sefton.
"Our strategy is unchanged, and management is fully aligned with shareholders in aiming to create transformational production growth and returns with a prudent approach to managing our resources."