Anglo African Oil & Gas plc, an unbiased oil and gasoline developer based mostly in London, has entered right into a rig possibility settlement with Société de Forage Pétroliers (SFP) for the supply of a rig to hold out drilling operations on nicely TLP-103C-ST on the Tilapia area, during which the Company has a 56 per cent curiosity.
The Rig Agreement offers AAOG the proper to contract the rig for TLP-103C-ST and an extra 4 wells at our name.
The SFP #1 Rig is the topic of contractual commitments to a super-major which can expire on 30 December 2019. SFP might lengthen such contractual commitments till (however not past) 30 March 2020 and can notify AAOG on or earlier than 30 November 2019 as as to if its contractual commitments have been prolonged.
Drilling operations at TLP-103C-ST might subsequently begin both in Q1 or Q2/2020, depending on the Rig’s present commitments. AAOG will replace the market as soon as there may be extra certainty on timing.
The operational plan is to re-enter the prevailing TLP-103C nicely and drill the brand new sidetrack slightly below the Mengo formation to check the Upper Djeno and discover the Middle Djeno formations. The goal is to find out whether or not the Djeno will be introduced into manufacturing from both horizon.
Drilling exercise is rarely with out threat. However, the Directors consider that the sidetrack operations have a pretty threat/reward profile. TLP-103C has already confirmed the geological mannequin and confirmed the presence of the Djeno at Tilapia. The fallback plan is to provide TLP-103C from the Mengo formation.
James Berwick, CEO stated “We are more than happy to have entered into the Rig Agreement and stay up for commencing operations at TLP-103C-ST as quickly because the Rig turns into out there. The Rig is probably the most appropriate rig out there in nation and can come to TLP-103C-ST immediately from drilling operations for a super-major. The Board of AAOG admire that drilling operations will begin later than we had hoped however, following the issues encountered in drilling TLP-103C, it was necessary that we discovered the proper rig for this drilling marketing campaign to keep away from any related points.”
(Source AAOG – Image SMP rig at Tilapia area, Republic of Congo/Thomas Brunet)
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