REG - Corcel PLC - Oil Well Tobias-13 Spudded Yesterday

CorcelAnnouncement

07/09/2023 10:15

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RNS Number : 7269L  Corcel PLC  07 September 2023

Corcel PLC

("Corcel" or the "Company")

 

7 September 2023

Oil Well Tobias-13 Spudded Yesterday

Block KON-11 - Angola

Corcel Plc (London AIM: CRCL), announces that it has received notice from
the Operator of the Tobias-13 well in Block KON-11 in Angola, where it has a
20% working interest (18% net), that the well was spudded yesterday, 6(th)
September at 16:00. The Operator is Sonangol, the largest hydrocarbon producer
in Angola.

The initial workplan for Block KON-11, subject to the results of this first
well, is expected to include one or more new wells with the primary focus
being on the consortium moving directly to early oil production should the
drilling program be successful.

If the drilling results are positive, the consortium will then proceed to
evaluating the geological and geophysical data, with the aim of improving the
structural maps of the Block, and resuming production.

Resuming exploration activities in Block KON-11, specifically reactivating
production in the Kwanza basin that has been shut-in since the 90's,
represents an important milestone for the Angolan oil industry. The Company
will make additional announcements on more detailed workplans and further
progress at KON-11 in due course.

Antoine Karam, Executive Chairman of Corcel, commented: "The commencement of
drilling on our Angolan acreage is a very significant milestone for the
Company and I look forward to updating our shareholders as we advance the work
programme with our partners."

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 constituted 12 historic vertical wells, and Corcel and the
operator believe that revised interpretation of the existing structures along
with the application of modern drilling and completion technology, including
potentially horizontal drilling will lead to a higher Original Oil in Place
("OOIP) figure in the reactivated field being achieved.

The traditional Tobias field reservoir is in the Binga limestone, with 4-14%
porosity located at a depth of approximately 700m.  Historic peak production
at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the
field.

Corcel's estimated unproduced contingent oil resources are estimated at 65
MMbls with 11.7 MMbls net to CRCL, the field will qualify for marginal field
fiscal terms, as outlined by the Angolan government, resulting in advantageous
royalty, tax and depreciation regimes.

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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