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.
“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.