(Sharecast News) - Corcel updated the market on the drilling progress of the Tobias-14 (TO-14) well within Angola's onshore Block KON-11 on Thursday, where it holds a 20% working interest.
The AIM-traded firm said Sonangol, one of Angola's major national hydrocarbon producers, serves as the operator for the project.
It said the TO-14 well, strategically positioned atop an anticlinal structure and serving as an offset well from the field's largest historic producer, had successfully reached its planned target depth of 781 metres.
Significant developments within the well included the encounter of the full Binga reservoir section, spanning around 80 metres.
Notably, the reservoir zones mirrored those encountered in the previous TO-13 well, further underscored by the presence of oil shows throughout the drilling process.
Both the operator and Corcel believed that the results served as confirmation of the feasibility to reactivate production through an early production system (EPS).
Additionally, the findings suggested the existence of substantial untapped hydrocarbon potential within the block.
Moving forward, the project would transition to the well clean-up phase, followed by flow testing of the TO-14 well.
"The encouraging results of the TO-14 well constitute a significant milestone toward development of an EPS and providing line of sight to near-term revenue generation for Corcel," said executive chairman Antoine Karam.
"At a macro level, we've confirmed that the same formations are contiguous between both wells, and data indicate that these zones contain movable oil throughout the reservoir.
"Given the historically wide well spacing of the field, there appears to remain substantial areas both undrained and now potentially re-charged since the original field was shuttered."
Reporting by Josh White for Sharecast.com.
Corcel (CRCL)