Anglo African Oil & Gas PLC (LON:AAOG) confirmed it is “examining financing” options, including the sale of a controlling interest in Anglo African Oil & Gas Congo SAU, as it responded to speculation around its plans.
It is examining its alternatives following “continued non-payment” by Société Nationale des Pétroles du Congo (SNPC), the national oil company of the Republic of Congo.
Anglo African Oil & Gas Congo SAU is the local subsidiary that holds the AIM-listed firm’s 56% stake in the producing Tilapia field.
AAOG said it had received “a number of expressions of interest” in the asset, including from Zenith Energy, adding that it is “currently in negotiations”.
“However, there can be no guarantee that any transaction will be concluded or on what terms. Further announcements will be made in due course,” AAOG added.
In the meantime, Anglo said it has enough cash continue as a going concern at least until the start of February.
“The company is therefore in negotiations with providers of structured equity finance with a view to providing further working capital for the group. Again, there can be no guarantee that such financing will be available or on what terms,” it added.