REG - Corcel PLC - KON-16 Update

CorcelAnnouncement

10/09/2024 07:00

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RNS Number : 5082D  Corcel PLC  10 September 2024

Corcel PLC

("Corcel" or the "Company")

KON-16 Update

10 September 2024

 

Corcel Plc (London AIM: CRCL), the pan Angola-Brazil focused exploration and
production company, is pleased to announce that the its contractor, Metatek
Group, has completed the acquisition of data phase of the Enhanced Full Tensor
Gradiometry Survey ("eFTG") on Block KON-16 as originally announced on 7 June
2024. KON-16 is 35% owned and operated by Corcel, through its subsidiary Atlas
Petroleum Exploration Worldwide Ltd.

 

With data collection efforts now completed, the Company's focus moves to
processing and interpretation, which is expected to extend through Q4 2024.
The Company looks for this work to deliver highly accurate geological
representations of critical interest for further developing the prospectivity
of KON-16, which when fully integrated with the existing 2D seismic and well
data, will enable the Company to high grade prospective areas in this large
1,000 sq km block and design a focused 2D seismic acquisition program in 2025
which the Company intends will ultimately lead to the drilling of the first
new well on the block since the 1960s.

 

Corcel CEO Scott Gilbert commented:

 

"We are very pleased with the completion of the acquisition of data phase of
the eFTG survey on Block KON-16. This is a significant milestone in our
exploration efforts, providing us with an important dataset that will help
refine our understanding of the subsurface structure and prospectivity of this
large, underexplored block."

 

About Block KON-16:

 

Corcel hold an operated and controlling interest in KON-16 which is a large
(1000 sq. km) block in the onshore Kwanza Basin. KON-16 has benefited from
high quality regional scale modern 2D seismic acquisition in 2010-2012 which
identified significant post and pre-salt prospectivity that was previously not
imaged. Despite the large scale of the KON-16 area, only 1 well has been
drilled inside the block (Tuenza #1, in 1960) and therefore significant
potential is believed to remain. Prospectivity ranges from shallow oil-prone
targets analogous to the nearby Tobias and Galinda fields, to the deeper
pre-salt play which is analogous to the deep water Kwanza Basin discoveries
(TotalEnergies Kaminho Project).

 

For further information, please contact:

 

Scott
Gilbert
Corcel Plc CEO

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

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

0207 220 1666
 
 

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 development opportunities and significant exploration upside.

 

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

·    KON - 16 Operated - 35% working interest - 31.5% 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

 

 

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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