Independent oil and gas developer Anglo African Oil & Gas (AAOG) has encountered hydrocarbons in the TLP-103C well at its Tilapia field offshore the Republic of the Congo.
AAOG said on Monday that it intersected the R1, R2, and R3 horizons on Saturday, December 15.
According to the company, hydrocarbons are encountered in these horizons as expected and in line with the AAOG’s geological model.
The R1 was intersected at 1273.3mMD and formed of claystone and siltstone. The R2 was intersected at 1283mMD and was formed of sandstone, and the R3 was intersected at 1303mMD and was formed of claystone, dolomite, and siltstone.
AAOG added that it would continue drilling towards the next target horizon, the Mengo. Once the Mengo horizon has been drilled through, the company will complete a full suite of Schlumberger wireline logging to fully evaluate the properties of both targets.
AAOG executive chairman, David Sefton, said: “Encountering hydrocarbons at the first target is a major and long-awaited milestone for the company. 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.
“I would like in particular to thank our operational team who, under pressure to deliver results quickly, have worked tirelessly to repair and overhaul the SMP rig that has disappointed to date. In many cases, they have stepped in to solve problems that should have been addressed by SMP’s personnel. The need to do this has led to slower progress than originally scheduled […].
“We also look forward to the General Meeting later this morning. 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.”
It is worth reminding that the drilling of the well, spud on October 8 by the SMP-102 drilling rig, was suspended in early November to allow SMP to remove and repair the parts of the break systems following an unscheduled rig inspection by AAOG. Drilling restarted later in the month.