Anglo African Oil & Gas PLC has received a new licence that covers the Tilapia oil field in the Lower Congo basin
The shares of the London-listed company were up 20 per cent after the oil field licence.
As reported in Alliance News, Anglo African has a share of 56 per cent in the 50 sq km licence in DR Congo.
Anglo African commented that the company aims to drill a new multi-horizon well, focusing on two mmbbl of proven reserves in the R1/R2 producing reservoirs. This is an 8.1 mmbbl gross contingent resource discovery in the Mengo interval, and a deeper prospect, which has been assigned 58.4 mmbbl of potential resources in the Djeno Sands, said Alliance News.
In addition to the award, Anglo African has signed an agreement with Societe de Maintenance Petroliere, French drilling company, to supply a rig to drill the well, reported the source.
According to the same source, the company is expecting to start drilling by 15 June 2018, and the process is set to be completed in about 64 days.
