REG - Corcel PLC - Further activities at Tobias-13 & Tobias-14 Wells

CorcelAnnouncement

27/01/2025 07:00

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RNS Number : 7639U  Corcel PLC  27 January 2025

Corcel PLC

("Corcel" or the "Company")

 

Update on further activities planned by Operator at Tobias-13 and Tobias-14
Wells

 

27 January 2025

 

Corcel Plc (London AIM: CRCL), the pan-Angola-Brazil focused energy company is
pleased to announce that, through its subsidiary Atlas Petroleum Exploration
Worldwide Limited ("APEX"), it has been informed that the Block KON-11
Operator in Angola will shortly recommence intervention activities at the
Tobias-13 ("TO-13") and Tobias-14 ("TO-14") wells.

 

The results of this work will provide additional information relating
specifically to the TO-13 and TO-14 wells. Further details regarding these
operations will be shared in due course.

 

Scott Gilbert, Corcel's Chief Executive Officer, commented: "Although the
initial results from the drilling of the Tobias wells in late 2023/early 2024
did not yield the expected results, the Operator is confident on the potential
of the field. While the transformational value for the Company is expected to
be highlighted through the forthcoming seismic campaign targeting the pre-salt
and post-salt leads and prospects in our various blocks in the Kwanza basin,
the historic Tobias Field in KON-11 is an important opportunity for the
Company and we are eager to explore the field's remaining potential."

 

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 licences:

·    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:

·    a 20% interest in the IRAI gas field

·    a right-of-first refusal ("ROFR") over the remaining 80% in the IRAI
field, and

·    another 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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