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Anglo African Oil & Gas PLC (LON: AAOG) received US $ 660,000 from SNPC, the Congolese state-owned oil company, for part of the costs of the recently-operated well in Tilapia. It is also proposed to repay the $ 9.5 million due to Anglo African through a short-term payment plan. Anglo's executive chairman David Sefton tells Proactive London how the SNPC holds 44% of the capital and Anglo African 56%. Following the success of the TLP-103C well, Anglo wants to start production from 1,500 barrels of oil through the top of the Tiilapia tanks. The funds already received from the SNPC and any future payments will fund this program, explains Sefton. He added that the company had offered the SNPC the opportunity to reduce its participation in the field instead of the amounts due, but the Congolese company had chosen to pay in cash.
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