REG - Corcel PLC - Tobias-14 Oil Well Spud

CorcelAnnouncement

13/11/2023 07:00

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RNS Number : 2047T  Corcel PLC  13 November 2023

Corcel PLC

("Corcel" or the "Company")

 

Tobias-14 Oil Well Spud

Block KON-11 - Angola

13 November 2023

 

Further to the announcement on 3 November 2023, Corcel Plc (London AIM:
CRCL) is pleased to announce that it has received notice from the Operator of
the onshore KON-11 block in Angola, where it has a 20% working interest (18%
net), that the Tobias 14 well ("TO-14") has now spudded. The Operator is
Sonangol, the largest national hydrocarbon producer in Angola.

Antoine Karam, Executive Chairman of Corcel, commented: "Following closely on
the positive initial results of TO-13, the Operator has now completed the rig
move and spudded the TO-14 well.  We expect a broadly similar timeline to
results as with TO-13, and we look forward to initial flow testing of this
well once target depth has been reached."

Block KON-11 Operations

In continuation of the workplan for Block KON-11, and given the positive
results from the Tobias-13 ("TO-13") well (with oil shows found throughout the
Binga reservoir in alignment with the distribution seen in historic production
wells in the Tobias field), the consortium is taking steps towards
implementation of an early production system ("EPS").

A well testing program for both TO-13 and TO-14 will commence after reaching
total depth of the TO-14 well, with the objective of flowing both wells and
designing an EPS.

Resuming exploration activities in Block KON-11, specifically reactivating
production in the onshore Kwanza Basin, which has been shut-in since the
1990's, represents an important milestone for the Angolan oil industry in
general and Corcel in particular.

The Company will make additional announcements on further progress at block
KON-11 in due course.

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, located at a
depth of approximately 700m along the crest of the structure, with 4-14%
primary rock porosity which is enhanced by a naturally fractured carbonate
system.  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

 

 

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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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