REG - Corcel PLC - Brazilian Workover Operations Underway

CorcelAnnouncement

20/02/2025 07:15

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RNS Number : 7759X  Corcel PLC  20 February 2025

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Corcel PLC

("Corcel" or the "Company")

 

Brazilian Workover Operations Underway

 

20 February 2025

 

Corcel Plc (AIM:CRCL), the pan Angola-Brazil focused energy company, is
pleased to announce that the operator of the IRAI field in Brazil, Petroborn
Óleo e Gás S.A. ("Petroborn"), has commenced workover operations in the EI-1
well, located onshore Brazil in the state of Bahia, as part of a two-well
workover program where the Company holds an option to acquire an interest in
the field.

 

Scott Gilbert, Corcel's CEO, commented: "We are delighted that this project is
going to plan and we look forward to the results of the workover program in
this promising field."

 

IRAI Asset Overview:

 

The IRAI gas field is located in the Tucano Sul Basin, about 110km NW of
Salvador, Brazil. IRAI is particularly attractive due to the shallow nature of
the gas reservoirs, with producing gas zones ranging in depth from 220-825m
across the field area. This, combined with the relatively high gas production
rates seen in the field, with the EI-3 well peaking at >40,000m3/day (250
BOEPD) of gas, provides the Company with a unique opportunity to materially
increase production and revenue generation at low rates of expenditure. Gas
reservoirs at IRAI are of good quality, with an average of 13m of net pay and
23% porosity.

 

For further information, please contact:

 

Scott Gilbert
                           Corcel Plc CEO & Director

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

 

James Joyce / James Bavister / Andrew de Andrade      Zeus NOMAD &
Broker

020 3829 5000

 
 

Jonathan Wright / Rupert Holdsworth Hunt                   Auctus
Advisors  Joint Broker

07711 627449

 

Patrick d'Ancona
                        Vigo Communications IR

0207 3900 230
 

 

About Corcel:

Corcel has a notable oil and gas portfolio in onshore Angola that includes
brownfield redevelopment opportunities and significant exploration upside.
Corcel marked a new country entry into Brazil by acquiring rights to producing
gas and exploration assets, further diversifying its portfolio and enhancing
its growth potential.

 Corcel's Angola portfolio consists of interests in three licenses:

·    KON - 16 Operated - 55% working interest - 49.5% net to CRCL

·    KON - 11 Non-Operated - 20% working interest - 18% net to CRCL

·    KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL

 Corcel's Brazil portfolio consists of the option to acquire:

·    20% interest in the IRAI gas field

·    Right-of-first refusal ("ROFR") over the remaining 80% in the IRAI
field

·    ROFR for 100% of the adjacent TUC-T-172 exploration block, located in
the state of Bahia, onshore Brazil

Corcel's Battery Metals portfolio consists of an 80% working interest in the
Mt Weld Rare Earth Elements project in Western Australia.

 

 

 

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