REG - Corcel PLC - Angola Update – KON-11

CorcelAnnouncement

12/02/2024 07:00

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RNS Number : 7283C  Corcel PLC  12 February 2024

 

Corcel PLC

("Corcel" or the "Company")

Angola Update - KON-11

12 February 2024

Further to the announcement of 28 December 2023, Corcel Plc (London AIM:
CRCL) provides an update on the testing of the Tobias-14 ("TO-14") well in the
onshore Block KON-11, in Angola where it has a 20% working interest (18% net).
The Operator is Sonangol, one of the largest hydrocarbon producers in Angola.

Operations Update:

The Operator has now reported to the Company that testing of the TO-14 well
has formally begun.  Delays in testing start have been encountered over
recent weeks primarily due to longer than expected timelines for deliveries of
required testing equipment, combined with severe inclement weather at the well
location, which included heavy rains and regional flooding.

Once completed, the Operator will then move the test equipment to the TO-13
well pad, which is already being prepared for testing, and will conduct flow
testing on the TO-13 well.

With testing underway, the Company now expects to receive initial flow tests
results for TO-14 over the next several weeks and will update the markets on
the results of the test programme in due course.

About KON-11 and the Kwanza Basin:

As previously announced, KON-11 is considered a brownfield development and
includes the historically producing Tobias field, drilled, and developed by
Petrofina in the 1960s and 1970s, and inactive since the late 1990s.  The
Tobias field constituted 12 historic vertical wells, and Corcel and the
operator believe that a revised interpretation of the existing structures
along with the application of modern drilling and completion technology,
including potentially adding sidetracks or horizontal drilling to the Field
Development Plan ("FDP") will lead to a higher Original Oil in Place ("OOIP")
figure recognized in the reactivated field and subsequently more producible
field resource potential.

The traditional Tobias field reservoir is in the Binga limestone, located at a
depth of approximately 700m along the crest of the structure, with 4-14%
primary rock porosity which is enhanced by an extensive, naturally fractured
carbonate system.  Historic peak production at Tobias was 17,500 bbls/d with
29 MMbbls produced over the life of the field.

Corcel's estimated unproduced prospective oil resources are 65 MMbls with 11.7
MMbls net to CRCL.  The field will qualify for marginal field fiscal terms,
as outlined by the Angolan government, resulting in advantageous royalty, tax
and depreciation regimes.

 

For further information, please contact:

Antoine
Karam
Corcel Plc Executive Chairman

Development@Corcelplc.com (mailto:Development@Corcelplc.com)
 

James Joyce / James Bavister /Andrew de Andrade             WH
Ireland Ltd NOMAD & Broker

0207 220 1666
 
 

Patrick d'Ancona
 
Vigo Communications IR

0207 3900 230
 

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014 which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

 

 

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