25 September 2017
Anglo African Oil & Gas plc, an independent oil and gas developer, announces that Oleg Schkoda has stepped down from the board of the Company and resigned from his position as Director of Operations.
The Company remains committed to unlocking the value in Tilapia via the upcoming drilling of TLP103 and is in advanced negotiations to appoint an experienced drilling manager to oversee this vital part of the Company's journey.
David Sefton, Executive Chairman of AAOG, said: "We would like to thank Oleg for his contribution to the Company. We are moving forward with our plans to drill the potentially transformational TLP103 well. Following an internal review of the structure of operations, including consultations with the Directeur General of Petro Kouilou, it was decided that there was a clear need to bolster the operational team by appointing an experienced drilling manager."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.aaog.com or contact:
|Anglo African Oil & Gas plc||Tel: c/o St Brides Partners
+44 20 7236 1177
|David Sefton, Executive Chairman|
|Alex MacDonald, Chief Executive|
|finnCap Ltd (Nominated Adviser and Broker)||Tel: +44 20 7220 0500|
|Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance)|
|Emily Morris (Corporate Broking)|
|St Brides Partners (Financial PR)||Tel: +44 20 7236 1177|
|Frank Buhagiar, Olivia Vita|
Notes to Editors
Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company acquiring a 56% stake in the producing Tilapia oil field in the Republic of the Congo. The Company boasts a low-cost production story in a prolific hydrocarbon region with significant exploration upside, differentiating it substantially from its E&P peers. Additionally, management's remuneration is tied to hitting production milestones, reflecting their strong focus on cost control.
Tilapia has an excellent address, being located close to multi-billion-barrel fields that include the ENI-operated Litchendjili field and the 5,000bopd Minsala Marine field. Tilapia currently produces approximately 48 bopd from two near-surface intervals. It has an undeveloped discovery in the lower Mengo sands with gross contingent resources of 8.1m barrels and a deeper exploration prospect, with gross prospective resources of 58.4m barrels, in the productive Djeno interval from which the adjacent Minsala field produces.