StockMarketWire.com - Anglo African Oil & Gas said Thursday it had struck oil at its Tilapia licence in the Republic of Congo.

The Tilapia licence in the Republic of the Congo intersected the Mengo horizon during the late afternoon of 24 December 2018 and encountered hydrocarbons. The Mengo was the second of three horizons targeted by the well.

Oil and gas shows throughout the entire 50m of sandstone beds encountered, with hydrocarbon pay thickness to be confirmed by wireline logging data and pressure points, the company confirmed.

Three new potential pay zones, formed by sandstones, had been encountered and showed a positive log response and hydrocarbon shows.

The company said it would complete the current well section and then pause drilling in order to undertake a full suite of Schlumberger wireline logging.

Following wireline logging, drilling towards the deeper Djeno horizon, known to be a prolific producer in neighbouring fields, would get underway.

'A genuine surprise, albeit a very welcome one, has been to encounter potential pay zones above the Mengo, in layers where this was thought unlikely due to previous well data. These results indicate a well-developed on-shore/offshore hydrocarbon system underlying Tilapia and validate our confidence in this asset,' said executive chairman David Sefton.


At 10:12am: [LON:AAOG] Anglo African Oil Gas Plc Ord 5p share price was +1.03p at 9.93p



Story provided by StockMarketWire.com