REG - Corcel PLC - Angola Update

CorcelAnnouncement

15/04/2024 07:00

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RNS Number : 5318K  Corcel PLC  15 April 2024

Corcel PLC

("Corcel" or the "Company")

Angola Update

15 April 2024

Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production
company announces an update to Tobias Field reactivation activities in Block
KON-11 in the Kwanza Basin, onshore Angola, where the Company has a 20%
working interest (18% net).  The Operator is Sonangol, one of the largest
hydrocarbon producers in Angola.

Block KON-11 Update:

The Operator has now reported the conclusion of initial well test efforts at
the TO-14 well in Block KON-11 with ongoing engineering work set to
continue.  Well clean-up operations using nitrogen resulted in significant
water production with oil shows and nominal oil saturation levels.

 

Together with the Block Partners, and given shortages of nitrogen in Luanda,
the Operator has made the decision to move to testing the TO-13 well, which
has been drilled in what is considered the least drained section of the
reservoir and historic field.

 

The equipment move is expected to take approximately 7 days after which formal
testing will begin.  Subject to a successful well test at TO-13 and related
engineering studies, the Operator intends to return to TO-14 and continue well
clean-up and testing operations.

 

Additional updates on the Tobais field reactivation and testing program will
be provided in due course.

 

Corcel Executive Chairman, Antoine Karam, commented: "With TO-13 testing
shortly to commence, we will soon have an additional data set to aid in our
efforts to both produce commercial oil in the short term and to reactivate and
build out the Tobias field over the longer term.  The Company and its
technical team remain buoyant regarding the ongoing potential of our Angolan
interests in the Kwanza Basin."

 

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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