Page 7 - AfrOil Week 23

AfrOil invEstMEnt AfrOil
2017 with the Giza and Fayoum elds starting in February.
In addition to WND, which should reach 39.6 mcm per day of gas this year, BP is also involved in the Atoll and Zohr gas elds.
In September 2018, SDX Energy was said to be in talks with BP for the acquisition of the
GUPCO package. At the time, BP was reported to be o ering a US$300 million loan to the buyer, demonstrating its interest in o oading the unit and in line with various other innovative nanc- ing deals, such as its agreement with Serica Energy in the UK North Sea. e SDX plan failed to materialise.™
AAOG presses on
PERfoRManCE
Congo BRazzavillE
ANGLO African Oil & Gas (AAOG) must pro- vide more information on the TLP-103C well in Congo Brazzaville to Senergy, in order to update its Competent Persons Report (CPR). In the meantime, though, AAOG has engaged another company, Nutech, to assess the deeper Djeno horizon, the London-listed minnow said on June 7.
AAOG said it was “very encouraged” by the results it has seen from Nutech, which supported its view that this horizon was of high quality. In January, the oil company had said it had found a 12 metre oil column in the Djeno, bringing the total in the well to 56 metres.
AAOG’s executive chairman, David Se on, described the reports as “extremely pleasing and [they] continue to give us great con dence that we will achieve the company’s primary goal of producing hydrocarbons from the Djeno”. e Nutech report focuses “solely on the technical aspects of the discovery in the Djeno, and how it can produce in the short term”.
e company’s relationship with Brazzaville appears strong, with talks progressing on the licence terms – with a new concession under
discussion to run for 25 years. AAOG has said its current 56% stake in the licence will not be reduced. AAOG, in late April, said its local sub- sidiary had received a formal o er from Con- golese Minister of Hydrocarbons Jean-Marc ystere Tchicaya on the Tiliapia eld.
In addition, the state-backed oil com- pany, Société Nationale des Pétroles du Congo (SNPC), is in the process of paying down its debts to AAOG.
SNPC owes cash to the London-listed min- now for its share of the work on TLP-103C. It paid US$716,000 in mid-May and has said these payments will continue – and increase.
AAOG had expressed the hope that SNPC would opt to reduce its interest in the Tilapia licence in order to pay its bills. at the Congo- lese company has opted to stick with it is a vote of con dence in the project – but also reduces what may have been greater reward for AAOG.
Drilling of the well was more complicated than rst thought, with the drilling contractor agreeing to pay compensation, in November 2018, following problems with the rig’s brake system. ™
tunisia:
aaoG’s chairman has also set up another company, anglo Tunisian oil & Gas. a number of executives from alpha blue ocean, an “agnostic alternative investment rm”, are listed as directors.
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