REG - Corcel PLC - Award of KON-16 2D Seismic Acquisition Project

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RNS Number : 4140Z  Corcel PLC  16 September 2025

 

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is now considered to be in the public domain.

 

Corcel PLC

("Corcel" or the "Company")

 

Award of KON-16 2D Seismic Acquisition Project

 

16 September 2025

 

Corcel Plc (London AIM: CRCL), the Angola-Brazil-focused energy company, is
very pleased to announce that, through its subsidiary Atlas Petroleum
Exploration Worldwide Ltd ("APEX"), it has awarded the upcoming 2D seismic
acquisition program within the KON-16 Block, onshore Angola, to B.G.P.
GEOPHYSICAL LIMITADA, LDA, and BGP INC., CHINA NATIONAL PETROLEUM CORPORATION
("BGP") after a competitive bidding process.

 

Highlights:

·    BGP to acquire 326-line km of 2D seismic data over the KON-16 block,
onshore Angola

·    2D seismic campaign targeting areas high-graded by the Corcel team to
advance subsurface prospectivity to drill ready status

·    Acquisition is expected to start in Q4 2025 and is expected to finish
before year-end, subject to receipt of certain permits and approvals

·    Seismic processing scheduled to occur during Q1 2026, with results
expected to follow in Q2 2026

·    Acquisition of 2D seismic data will allow the company to move to
drilling preparation in 2026 with the aim to drill a high-impact well within
KON-16

 

Corcel currently have 143 line-km of good quality 2D data over KON-16, which
was acquired in 2010. Acquiring 326-line km of new 2D data will provide a 227%
increase in seismic coverage inside KON-16 which will greatly increase the
subsurface imaging and prospect definition.

 

The 2D seismic acquisition project at KON-16 is essential to progress the
asset to drill ready status. Current modern 2D line spacing averages 14 km in
the areas of interest, and while this is sufficient to identify prospectivity,
especially when integrated with the eFTG (high resolution gravity gradiometry)
data acquired in 2024, a closer 2D line spacing is desirable when moving on to
drilling.

 

The seismic campaign has been designed to cover specific prospects high-graded
by the Corcel team, and to build on the work done this year integrating the
legacy 1970's 2D data, the modern 2010 2D seismic data (which was recently
reprocessed), and the 2024 eFTG data. BGP were selected to complete the work
at KON-16 after the results of a competitive bidding process where multiple
companies bid to participate in the project at KON-16. BGP are an experienced
seismic acquisition company, with a team already active in the Kwanza Basin,
Angola.

 

Richard Lane, Chief Operating Officer at Corcel commented: "We are extremely
pleased to have awarded the seismic acquisition work to BGP. BGP has extensive
experience in onshore seismic acquisition across Africa and recently completed
2D programs in the Kwanza Basin, minimizing execution risk for this project.
The seismic acquisition campaign has been designed to complement the
geological model established by the team. By integrating legacy seismic data
with historical well information and the 2024 eFTG data, we are confident that
the forthcoming acquisition will identify and support several drilling
opportunities within KON-16. We will provide shareholders with timely updates
as activities commence.

 

About KON-16:

Corcel holds 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 historic 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 & 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 LLP, Joint Broker

07711 627449

 

Patrick d'Ancona
 

Vigo Consulting Limited, 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 through the option to acquire
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 upon completion: operated - 80% working interest - 71.5%
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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