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Losses at Anglo African Oil & Gas grew to £2.4m from £2.2m despite operational progress in the Republic of Congo, as announced in the company's half year report for the period ending 30 June 2019.
After the positive TLP-103C well results at the beginning of the year, the the company said they had focused on drawing up a comprehensive forward plan to monetise the discovery in the Djeno at the earliest opportunity.
Anglo African Oil & Gas say the company now has an operational team in place with a funding package finalised, and now hope to sign a rig contract for the sidetrack into the Djeno.
James Berwick, chief executive officer, commented:
'The company has continued to make progress during 2019, albeit not without delays and difficulties.'
'However, I share the enthusiasm of our experienced team for the Tilapia project and I look forward to delivering a result for shareholders that will reward their patience and their investment.'
At 8:38am: (LON:AAOG) Anglo African Oil Gas Plc Ord 5p share price was -0.05p at 3.1p