REG - Corcel PLC - Angola Update

CorcelAnnouncement

27/03/2024 16:15

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RNS Number : 5723I  Corcel PLC  27 March 2024

 

Corcel PLC

("Corcel" or the "Company")

Angola Update

27 March 2024

Further to the announcement of 12 February 2024, Corcel Plc (London AIM:
CRCL) provides an update on the testing of the 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:

Testing of the TO-14 well continues following significant weather and
equipment related delays earlier in the year. Reactivation of the fractured
carbonate reservoir has been challenging, however there is continued focus on
engineering solutions to flow test the well from the most prospective zones
identified during the drilling phase.

Continued engineering work is being conducted to identify solutions to flow
both TO-14 and the yet untested TO-13 well. The Operator is following through
with the completion program for both wells with continual updates to the
program based on new information obtained with progression of the engineering
work.

Additional activities are being progressed across the Corcel acreage in
KON-11, KON-12, and KON-16. An eFTG survey (electromagnetic full-tensor
gravity) acquisition is scheduled to begin by early May 2024. This data will
be acquired over the 3 blocks in which the Company has an interest, and will
provide a quasi-3D resolution of the structures across the area, which will
aid in prospect identification and delineation.

Further updates on testing progress will be released 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 comprised 12 historical 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 Corcel.  The field will qualify for Marginal Field Fiscal Terms
(including reduced royalty rates, decreased tax rates, and accelerated
depreciation allowances), as outlined by the Angolan government, resulting in
advantageous royalty, tax and depreciation regimes.

Qualified Persons Statement:

Jennifer Ayers, a Geologist with over 25 years of relevant experience in the
oil industry and member of the American Association of Petroleum Geologists
and Geological Society of America, has reviewed this announcement for the
purposes of the current Guidance Note for Mining, Oil and Gas Companies issued
by the London Stock Exchange in June 2009.

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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