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Anglo African Oil & Gas sees hydrocarbon in TLP-103C well

"Encountering hydrocarbons at the first target is a major and long-awaited milestone for the company,” said David Sefton
oil and gas operations
Drilling continues to the next target

Anglo African Oil & Gas PLC (LON:AAOG) told investors that the TLP-103C well over the weekend encountered hydrocarbons in three targets.

The company said that the R1, R2 and R3 horizons were intersected on Saturday, and, they were as expected and in line with its geological model.

Drilling operations continue towards the next target horizon, called Mengo, and, subsequently, the well will undergo a full suite of Schlumberger wireline logging to fully evaluate the properties of the targets.

WATCH: 'Well going well' for Anglo African Oil & Gas

"Encountering hydrocarbons at the first target is a major and long-awaited milestone for the company,” said David Sefton, AAOG executive chairman.

“The confirmation of the geological model and initial results from these targets also provide increased confidence as to the expected results from the next target horizon.”

Later today the company also holds in its shareholder general meeting, and, Sefton this morning added: “As shareholders are aware, we have not drawn down any further on the Sandabel facility. 

“We want to replace this source of capital in the near future in part to meet the costs of completing the TLP-103C well and continue to examine various potential sources of funds. 

“The company has several offers of debt capital, and will also consider the issuance of further shares, but in each case only on terms and at a price which properly reflects the position and prospects for the company."

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