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Anglo African Oil & Gas has entered into a conditional deal to sell 80% of its Congo subsidiary to Zenith Energy for £1m plus carry for 20% of a $5.5m work programme.
The Congo subsidiary has a 56% interest in the Tilapia Field.
Anglo African Oil & Gas has struggled to raise new money to undertake further exploration, hence why it has now decided to sell the bulk of the asset.
Completing the transaction would turn Anglo African Oil & Gas into a cash shell.