(Sharecast News) - Corcel updated the market on the testing of the Tobias-14 (TO-14) well in Block KON-11 on Monday, located onshore in Angola, where it holds a 20% working interest.
The AIM-traded firm said Sonangol, one of Angola's major hydrocarbon producers, operates the block.
It said testing of the TO-14 well had officially started, following delays in recent weeks, primarily caused by extended timelines for the delivery of necessary testing equipment and adverse weather conditions, including heavy rains and regional flooding at the well site.
On completion of testing at TO-14, the operator would transfer the test equipment to the TO-13 well pad, which was already being prepared for testing.
Flow testing on the TO-13 well would then be conducted.
With testing now underway, Corcel said it expected to receive initial flow test results for TO-14 in the coming weeks.
The company said it was planning to update the market on the results of the test programme as they became available.
Block KON-11 is a brownfield development that includes the historically producing Tobias field, which was drilled and developed by Petrofina in the 1960s and 1970s but had been inactive since the late 1990s.
The field comprises 12 historic vertical wells, and Corcel, along with the operator, believes that a revised interpretation of the existing structures, coupled with modern drilling and completion technology, could lead to a higher original oil in place figure and increased producible field resource potential.
Corcel said the primary reservoir in the Tobias field is located in the Binga limestone at a depth of about 700 metres.
It exhibited 4% to 14% primary rock porosity, which was further enhanced by an extensive, naturally fractured carbonate system.
The field previously saw peak production of 17,500 barrels per day, with a total of 29 million barrels produced over its operational lifespan.
Corcel estimated unproduced prospective oil resources of 65 million barrels, with 11.7 million barrels net to the company.
The field was expected to qualify for marginal field fiscal terms outlined by the Angolan government, which would result in advantageous royalty, tax, and depreciation regimes.
At 1224 GMT, shares in Corcel were down 13.16% at 0.83p.
Reporting by Josh White for Sharecast.com.
Corcel (CRCL)