Zenith Energy has forayed into the offshore Tilapia oilfield in the Republic of the Congo by wrapping up its previously announced acquisition of a fully-owned subsidiary of Anglo African Oil & Gas (AAOG) in the Central African country.
Through the deal, the Canadian oil and gas company acquired 100% of Anglo African Oil & Gas Congo (AAOG Congo), which holds a 56% majority interest in the Tilapia oilfield, besides being its operator. The other stakeholder in the onshore oilfield is Société Nationales des Pétroles Congolais (SNPC), the national oil company of the Republic of the Congo.
Brief details of the Tilapia oilfield
The Tilapia oilfield, which is located nearly 1.8km offshore the Republic of the Congo has been in production since 2007. The oilfield is drilled from onshore where it also has production and storage facilities.
With the acquisition completed, Zenith Energy said that it is now working to wrap up the required regulatory process in the country to approve the transfer of ownership, apart from finalising negotiations for a new 25-year licence for the oilfield.
The Canadian oil and gas company confirmed that it has now assumed control of AAOG Congo and will soon implement various cost-cutting steps and management changes to maximise efficiency in the prevailing low oil price environment.
Zenith Energy CEO Andrea Cattaneo said: “I am delighted to have now fully completed the acquisition of Tilapia, especially under the recently renegotiated highly favourable terms.
“We have obtained exceptional value for Zenith shareholders, and I am excited about our potentially transformational development opportunities in the Republic of the Congo at Tilapia.
“The Republic of the Congo is an enormously prospective hydrocarbon province which has proven itself to be a very supportive jurisdiction for junior, independent oil companies with ambitious development objectives such as Zenith. ”
Andrea Cattaneo further said that the company’s technical team is making all the required operational preparations to launch planned drilling activities in well TLP-103C at the Tilapia oilfield.
