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David Minchin, Chief Executive Officer, commented:

"We are encouraged to see multiple zones with helium shows whilst drilling through the Karoo Formation. Tai-1 has successfully identified helium shows within all three target formations which confirms the presence of a working helium system in the Rukwa Basin.

"Frustratingly, due to poor and deteriorating hole conditions, including large washouts across much of the Karoo, we were not able to run wireline tools downhole beyond 882m and have subsequently not been able to log the main Karoo Formation."

There is no guarantee that this bigger rig is going to be able to reach TD successfully. The hole conditions will be the same. The drill results might be the same.

Looking back to 2021, the share price fell on spud from a pre-spud high of 24p (15p equivalent) to 18p (11.5p). Then about a week into the drill shallow helium-enriched gas shows were announced at a shallow depth. The market absorbed this news for one day and then the share price rose steadily over the next 4 days to a high of 27.5p (17.5p). Contrary to the picture presented here by the rampers, there was no need to panic about being shut out of the rise on the news of the gas shows as the rise was very slow and steady and there was plenty of time to get back in and take full advantage.

Then, 3 weeks later and a month after spud, the next announcement was that despite further helium shows, the drill was delayed due to losing the drill head and that they needed to side-track the well. Then, another month later, the next RNS announced that they had completed the drill but that despite helium shows in all three target formations they had been unable to

log due to the poor and deteriorating hole conditions.

David Minchin, Chief Executive Officer, commented:

"We are encouraged to see multiple zones with helium shows whilst drilling through the Karoo Formation. Tai-1 has successfully identified helium shows within all three target formations which confirms the presence of a working helium system in the Rukwa Basin.

"Frustratingly, due to poor and deteriorating hole conditions, including large washouts across much of the Karoo, we were not able to run wireline tools downhole beyond 882m and have subsequently not been able to log the main Karoo Formation.

"Thinly-bedded sands in the uppermost Karoo that we were able to log have no indications of free gas. Petrophysical analysis indicates that these helium shows are associated with gas-cut-brine or 'fizz-gas', which is formation water saturated with helium. These were the only helium shows that we could reach with wireline tools. Deeper show intervals identified in thicker and cleaner sandstone units of the main Karoo Formation were not logged.

"With deteriorating hole conditions and no free gas identified we could not drill stem test at Tai-1A leaving untested shows. We have learnt a lot about the subsurface of the Rukwa Basin which we can carry forward into planning our ongoing exploration programme, which may include redrilling of Tai prospect to test identified targets."

So, even if they hit the same gas shows at the shallow depth these turned out to be nothing of importance (see the 3rd paragraph above) so any early rise this time is not likely to happen. So it is all down to whether this bigger rig can reach TD with hole conditions good enough to complete wireline logging.

It will certainly be the best part of a month after spud before we near anything, and then it might be good news or equally it might be bad news. Who knows.

ATB

Who here doesn't know that the share price of a gas or oil drill NORMALLY goes down on spud?

Equally NORMALLY the share price usually rises pre-spud but we haven't even seen that here. My predictions of a dilution-inclusive share price of 12p/13p pre-spud have obviously turned out to be way, way, way off!

Who isn't going to derisk on spud? I only bought in at the time of the recent placing and I have already derisked. To be honest anything could happen here as the COS is still pretty low: the cheap rig could turn out to be a duffer and break down; the hole conditions, assuming they are the same as before, might prove even too difficult for this bigger rig; or they might even make a discovery. Any way the risk of failure is as high as the risk of success and only stupid idiots ever hold a wildcat gas or oil drill during the drill stage.

It looks like the pre-spud rise has failed to materialise - let's hope the post-spud fall doesn't happen either - otherwise, we might be seeing the share price in the 5's again........

The share price here tried to go up this morning but came straight back down - it's quite pathetic really........while Chariot has had 5 days of rises.........yawn, yawn.........

I see that Chariot is livelier than this bunch - their share price was around 11.5p on 15th September and it is nearly 17p today. This is just so slow and the churn seems to be going on forever......................

Basically all they are doing is making 45,022,104 available. As and when the qualifying options are exercised they will be issued from this available block and they will then become part of the shares in issue. They may never get exercised and any not exercised will not count in the shares in issue total.

Some must still be hanging around from the IPO exercisable at 2.84p but the ones referred to in today's RNS dated 15 June 2021 have a strike price of 22p and those dated 16 February 2022 have a strike price of 13p. These are the only ones applicable as the options issued last week are not exercisable for another 12 months. So, apart from any options left from the IPO, it is unlikely any more will be exercised until the share price is way over 13p and 22p and this will only happen after a substantial discovery. Not much to be alarmed about all told.

Good to see this is getting some support and is back above 0.5p as it was drifting rather stupidly. 12 days in to the drill and not much depth to reach.

Let's hope the drill news once they get started is a damn sight more exciting than the pre-spud share price. Allowing for dilution, the current 6.6p to sell is equivalent to a price of 10.4p back in 2021 but as we know the share price pre-spud in 2021 peaked at between 21p and 24p. We can only hope.

Looks to me as though the placing has saved the day here.

Considering the SP had dropped from 28p to 17p in just a few days on the news of the delays to the flow testing the fall could have been much more severe - to as low as 10p possibly.

Now there is support at 15p which might be just as well as this could take 2 or 3 months to reach the projected production rates - and the market just does not like delays!!

according to the manager, all human and logistical conditions have been created for drilling to begin within a week, with only some equipment remaining to be rehe****d or tested.

he considered that drilling on land is much cheaper than at sea, depending on the specificity of each operation. for sebastião martins, the drilling of tobias represents a valuable contribution to the relaunch of onshore oil production in angola, a fact that will boost and mobilize related operations, providing job opportunities for younger people.

regarding environmental protection, he mentioned that before starting operations in that location, an environmental impact study was carried out, to avoid damage to quissama park. “whenever an operation is carried out in a certain area, sonangol creates the necessary conditions to guarantee the protection of the environment”, he explained.

he assured that, in addition to the tobias-13 well, installed in a 100 square meter work area, sonangol is also preparing a second reservoir in the same location, to explore oil and gas on land.

in addition to sonangol pesquisa e produção (30%), as operator, the consortium responsible for carrying out the operations of this block is made up of the companies brites oil & gás, with 25%, grupo simples oil and atlas petroleum exploration worldwide, which hold 20% each, as well as Ómega risk solutions angola, with 5%, respectively.

your welcome

Drilling of Sonangol's onshore oil well, in the Kwanza basin, begins within a week, the period expected to complete the installation of the drilling rig, announced the president of the Executive Committee (PCE) of the Business Unit, Exploration and Sonangol Production, Ricardo Van-Deste. This Friday 01 of 09.

The installation, which is 95% physically completed, marks the resumption of oil and natural gas production in the Kwanza Onshore Basin. The resumption of crude oil exploration in the so-called "Tobias-13 Well" comes 27 years after the deactivation of oil operations in 1996.

As a result of the resumption of oil activity in that location, it is estimated that the Well's reservoir contains 66 million barrels of light oil, at a depth of around 750 meters, according to PCE Ricardo Van Deste, president said that from a technical point of view, ' `Here we have the drilling of the first well in the onshore area of ​​the Kwanza basin, the purpose of which is to test the potential of the Tobias field.

According to the official, the purpose of drilling Tobias-13 is to test the potential of this reservoir, which will relaunch Sonangol's onshore exploration and production activity.

Based on the results of this well, he said, the process of evaluating the development concept will follow, as well as sizing the production facilities.

The PCE stated that the restart of operations at Tobias is part of Sonangol's exploration and production strategy, to be developed until 2027. It also stated that this strategy also includes the valorization and development of human capital, with the operation of the well will serve as an opportunity for national junior and senior technicians to develop reservoir assessment and planning activities.

In turn, the Minister of Mineral Resources, Oil and Gas Diamantino Azevedo, highlighted that in the resumption of oil activity in the Kwanza onshore basin, we have in this field 2 and in the other the conditions created for the start of drilling activity.

Let's hope it goes successfully and that enough oil is found in quantity and quality to contribute to the country's oil production. ``We are working in almost all inland basins where there is potential for the existence of hydrocarbons,'' defended Diamantino Azevedo.

``We have had requests, not only for operators, but also for financial partners. This is how another bidding process is currently taking place. This strategy has a horizon of up to 2025 and we plan to bid for more than 50 blocks.

Another tender is currently taking place, in September, the time when interested parties should make their offers, a tender for 12 onshore blocks to also include this onshore Kwanza basin``, concluded the Minister.

The president of the Board of Directors of Sonangol, Sebastião Martins, said that, if the Tobias drilling has positive results, the oil company will be able to increase its oil and gas production capacity for the country.

Rubbish - the tweet that is.

If this drill hits is a success then the share price will rise by many multiples and they will be able to raise funds at a much higher share price to fund more wells. The last time they sold some of Mt Weld, apart from the earlier farm-out to Riversgold, Antoine Karim's company, Extraction Srl, bought a 20% interest for a cash consideration of AUD1,000,000. That is a silly way of going on.

Still waiting for toploadermike's 11 million buy at 0.44p to appear though with another 5 million sell at 0.41p now showing it might not have much of a positive effect.

Well there is a 5 million delayed trade just appeared from 10.16am but at 0.41p that is most likely to be a sell.

I didn't think this was going to slow down so fast otherwise I would have flogged them all at 0.50p+.

The state-owned oil company are under no obligation to issue any updates as they don't have any shareholders, nor are they going to be in any rush to get this drilled as the emphasis will be on making a good job of it rather than getting it finished quickly.

On top of this, the Corcel management don't seem to give a damn and have said nothing so far apart from the obligatory spud RNS. Mr Lenigas was the main motivation for a while but he isn't even management here.

This has gone completely dead. There are barely any trades going through and even those are tiny. Bit of a waiting game.

Https://www.corcelplc.com/project/onshore-kwanza-basin/

Use this link. Go to what is effectively Page 3 though the pages do not appear to be numbered - the page that says 'KON - 11 TOBIAS (CORCEL 18% WORKING INTEREST) on the left hand side - and read down on the right-hand side and you will see this at the bottom: 'First well on Tobias has now spudded with drilling underway – results expected Oct 23'.