Rns Highlights28 Dec 2023 07:09
Highlights:
o TO-14 well - located at the top of an anticlinal structure and an offset well from the largest historic producer in the field, has reached planned target depth of 781m
o Full Binga reservoir section (~80m) encountered in the well with identical zones encountered as in previous TO-13 well and oil shows throughout
o The Operator and CRCL believe the results confirm the ability to reactivate production through an early production system ("EPS") and imply significant hydrocarbon potential remaining
o Well clean-up and flow testing now begins on TO-14
Antoine Karam, Executive Chairman of Corcel, commented: "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.
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.
The next steps will focus on the testing of the TO-14 well so we can determine formation pressures and ultimately flowrates, and we look forward to further announcements as Sonangol, the operator, moves to well testing."