Anglo African Oil & Gas makes oil discoveries in Congo

Anglo African Oil & Gas has revealed its oil exploration in Kuilou, Congo Republic, has been successful.
The exploration is taking place at Tilapia oil field, located north of Congo’s Pointe-Noire.
Multiple oil discoveries have been made discoveries in the Tilapia wells, the Africa oil and power news website reported.
The UK-based company, which owns Petro Kouilou SA (PK), has found 44 metres of oil deposits through the exploration. PK has a 56% stake in the Tilapia oil field.
SEE ALSO:
-
Forbes awards the Aiteo Group’s Founder with Africa’s Oil and Gas Leader of the Year 2018
-
Read the latest issue of Business Chief, Africa edition, here
“Subject to the results of the flow tests, the well could potentially give it a major breakthrough in terms of production and cash flow and would be an excellent start to the Tilapia field development program,” stated David Sefton, Managing Director of Anglo African Oil & Gas, according to Africa News.
The firm expects that around 400 barrels of oil could be produced from TLP-101 per day.
Anglo African Oil & Gas will relaunch drilling at TLP-103C, which the firm raised £6mn (US$7.66mn) for.
“The money raised in this placing enables us to complete the TLP-103C well, the results from which so far have hopefully repaid shareholders’ confidence in the company,” Sefton commented, MorningStar reported.
Featured Articles
SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology
Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software
To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI