Register here for the next investor webinar (27th Feb) with Sovereign Metals (SVML), Europa Oil & Gas (EOG) and Microsalt (SALT).

Less Ads, More Data, More Tools Register for FREE

Corcel: Angola Update

- Testing has commenced at the Tobias-14 (T0-14) well in the onshore Block KON-11 in Angola

- Initially delayed due to longer lead times on Equipment and adverse weather conditions

- Corcel (CRCL) now expects to receive initial flow test results for TO-14 over the next several weeks

- Once the testing is completed, the test equipment will move to the TO-13 well pad

-The Tobias 14 well is in the block KON-11 in Angola

- Considered a brownfield development, the Tobias field reservoir is in the Binga limestone

About KON-11 and the Kwanza Basin

- Located at a depth of approx. 700m along the crest of the structure

- 4-14% primary rock porosity which is enhanced by an extensive, naturally fractured carbonate system

- The Tobias field was drilled and developed by Petrofina in the 1960s and 1970s

- Inactive since the late 1900s

Market Intelligence

- The operator is Sonangol, one of the largest hydrocarbon producers in Angola

- Historic peak production at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the field

- Corcel and Sonangol believe a revised interpretation will lead to a higher Original Oil in Place (OOIP) figure

- Corcel's estimated unproduced prospective oil resources are 65 MMbls, with 11.7 MMbls net to CRCL

- Corcel has a 20% working interest (18% net)

- The field will qualify for "marginal field fiscal terms" with advantageous royalty, tax, and depreciation regimes

Related Shares

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.