Member Info for Dicko80

Recap on valuation as we have a few newbies posting and any potential investors looking to buy

Sale of assets

WWG $2.8m

Mambare $4.1m

Mt weld $1m (partial)

Total $7.9m

c£6.4m

Crcl mkt cap £6m

Angola

REM

Lithium

All in for free

Add in funding of £10m @ .80p, 100% premium now to current sp

Brazil onshore oil and gas assets underreview

Angola onshoreand offshore assets under review

Current Angola apraisal drilling

The first drill is an appraisal well, of which Corcel has 11.7mmbbls contingent resources

As a current valuation per bbl we are valued at just £0.51 per bbl

£6 mkt cap / 11.7mmbbls = £0.51 per bbl

3 different value creation events on an oil discovery

a) in the ground value $3 per bbl

11.7mmbbls x $3 = $35.1m mkt cap / £28m mkt cap

b) on discovery $6 per bbl

11.7mmbbls x $6 = $70.2m mkt cap / £56m mktcap

c) on successful flowtest $10 per bbl

11.7mmbbl x $10 = $117m mkt cap / £93m mkt cap

The current drill is a well into a proven oil field , the tobias oil field

current estimate is 65mmbbls of recoverable oil remains ,the current recovery factor used is 31%,so suggest the oil in place is around 200mmbbls

There has been 12wells drilled historically, the area of closure is mapped and the 4previous wells that failed were outside the closure

The current drill is drilling through the proven reservoir, which is upto 100m thick

Info on the below link

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

Once confirmed and as per July presentation, drilling to continue with one or more wells , expectation is for horizontal drilling from this first vertical wellbore.

Horizontal drilling will access more of the reservoir , we know the reservoir is upto 100m thick but the area of closure has been mapped to 3400 acres , so if Google is correct this is an area of 3709m x 3709m

https://www.propertycalcs.com/area/acres/3400

Please review the following link ,item C , increase the length of payzone

https://geology.com/articles/horizontal-drilling/#b

This will ramp up production, multiple times that of vertical well produces

As per timeframes , first oil is a quick turnaround expected in 6- 9months from now

Once into production, we will be cash generating !

No more dilution to shareholders

from the current mkt cap £6m there is huge upside to the forecasted aggressive production numbers , the plan looks to quickly drain the reservoir by production from horizontal drilling...

Item B on the below link

https://geology.com/articles/horizontal-drilling/#b

buying now and holding for a few years ..

multiples in value

Then any other success in Angola especially from KON16 where our share is 300mmbbls ,although this is exploration there was 12m oil found in previous well, so not your wildcat licence area

Current sale of assets covers mktcap

Lots of upside from current £6m mkt cap

Currently anumer of mms bidding for stock , can sell mid price

Fill and kill only to buy

Expect tick ups

@ .45p

It's nothing to do with Corcel

Corcel are not the operator

Corcel will be told when and what they can say from the operator

No probs

Great interview with AK , clearly he's looking to get us into production ASAP and build up a strong portfolio in Angola

As my previous post e are getting in a ground zero

First sp catalyst due within the next few days

Exciting times

Tick tock boom 💥

.42- .47p

.39 - .42p

Looking strong 💪

Monday 7 bells 🔔 ??

🤞🤞🤞

Looks like the sp is ready to move back into .40s

Expect tick up and strong afternoon going into the weekend

Yrabsmurruc

How long to drill to 700m on a dry hole basis onshore ?

Clearly not over 50days !

What could be happening out in the field ?

Wel weknow the objectives of the drill waste confirm oil in place, potentially to increase oil in place and to understand reservoir performance

Now we aren't talking about a small payzone ..

Up to 100m oil column

Testing will take sometime

I wouldnt expect anything great from Q3 production numbers

Red flags

Strikes in the period

No Tajikistan revenue

Placing to cover costs

For the mine to be profitable , its already been mentioned working 24hrs 7 days a week , I would be cautious that the above suggests nothing to get exexcited about for Q3

Recap on valuation

Sale of assets

WWG $2.8m

Mambare $4.1m

Mt weld $1m (partial)

Total $7.9m

c£6.4m

Crcl mkt cap £6m

Angola

REM

Lithium

All in for free

Add in funding of £10m @ .80p, 100% premium now to current sp

Brazil onshore oil and gas assets underreview

Angola onshoreand offshore assets under review

Current Angola apraisal drilling

The first drill is an appraisal well, of which Corcel has 11.7mmbbls contingent resources

As a current valuation per bbl we are valued at just £0.51 per bbl

£6 mkt cap / 11.7mmbbls = £0.51 per bbl

3 different value creation events on an oil discovery

a) in the ground value $3 per bbl

11.7mmbbls x $3 = $35.1m mkt cap / £28m mkt cap

b) on discovery $6 per bbl

11.7mmbbls x $6 = $70.2m mkt cap / £56m mktcap

c) on successful flowtest $10 per bbl

11.7mmbbl x $10 = $117m mkt cap / £93m mkt cap

The current drill is a well into a proven oil field , the tobias oil field

current estimate is 65mmbbls of recoverable oil remains ,the current recovery factor used is 31%,so suggest the oil in place is around 200mmbbls

There has been 12wells drilled historically, the area of closure is mapped and the 4previous wells that failed were outside the closure

The current drill is drilling through the proven reservoir, which is upto 100m thick

Info on the below link

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

Once confirmed and as per July presentation, drilling to continue with one or more wells , expectation is for horizontal drilling from this first vertical wellbore.

Horizontal drilling will access more of the reservoir , we know the reservoir is upto 100m thick but the area of closure has been mapped to 3400 acres , so if Google is correct this is an area of 3709m x 3709m

https://www.propertycalcs.com/area/acres/3400

Please review the following link ,item C , increase the length of payzone

https://geology.com/articles/horizontal-drilling/#b

This will ramp up production, multiple times that of vertical well produces

As per timeframes , first oil is a quick turnaround expected in 6- 9months from now

Once into production, we will be cash generating !

No more dilution to shareholders

from the current mkt cap £6m there is huge upside to the forecasted aggressive production numbers , the plan looks to quickly drain the reservoir by production from horizontal drilling...

Item B on the below link

https://geology.com/articles/horizontal-drilling/#b

buying now and holding for a few years ..

multiples in value

Then any other success in Angola especially from KON16 where our share is 300mmbbls ,although this is exploration there was 12m oil found in previous well, so not your wildcat licence area

Current sale of assets covers mktcap

Lots of upside from current £6m mkt cap

Morning all,

With results due soon , just another to manage your risk

With Current mkt cap £50m , downside on bad result would be severe and this is the best prospect so potential to claw back losses may not be there

AK interview

Translate into English

https://www.expansao.co.ao/grande-entrevista/interior/estamos-a-negociar-a-aquisicao-de-mais-blocos-de-petroleo-e-gas-em-angola-115129.html

If TRP actually get this signed off, they will have to farm down the equity

NPV10 was $305m based on 24.9mmbbls / 100% basis

page 11

$88 per bbl used for 2024

https://www.towerresources.co.uk/wp-content/uploads/2022/07/Thali-Offshore-Cameroon-presentation-29-June-2022.pdf

net equity down to 25% to TRP ?

so $305 / 24.9 x 35.4 x 25%

$109m NPV10

Corcel are currently waiting on appraisal drilling results for 11.7mmbbls net, with further 300mmbbls net upside , their mkt cap is £6m

Sellers dried up

Time for move bk up

Sale of assets

WWG $2.8m

Mambare $4.1m

Mt weld $1m (partial)

Total $7.9m

c£6.4m

Crcl mkt cap £6m

Angola

REM

Lithium

All in for free

Add in funding of £10m @ .80p, 100% premium now to current sp

Brazil onshore oil and gas assets next?

Great opportunity now

To clarify my cost estimates are gross not net

to drill 1 well onshore to a TD of just 850m will not cost $10m

ROP should be 150m per day

Reservoir is expected to be 100m thick of the 850m, so you'll have a drilling break and be a lot quicker drilling through the 100m reservoir, in theory 750m of rock to drill at around 150m per day , 5 days , plus downtime for changing casings etc , 10 days total

10 days x $150 = $1.5m plus testing , say ballpark all in $2.5m per well

As per my previous post

$10m might be 3 wells , costs c$3.33m (allowing for a further 30% contingency on the above costs) per well or 4 @ $2.5m per well

Unless of course they are drilling deeper to test underlying salt seal or the flanks and TD isn't 850m , then costs to increase accordingly

GLA

Thanks Nige.

so update potentially next week and currently still drilling, day 37 today for drill to total depth around 850m, which should take 10days allowing for downtime changing casings etc, as PI we are always the last to know but piecing it all together, means possible outcome from vertical drill was positive and could be drilling additional wells now maybe by horizontal drilling now at day 37 days

Remember the investment required was gross $10m ,corcel 18% of this but onshore drilling costs are prob $150k per day so at 10 days is $1.5m per well plus testing , at $10m maybe is for 3 or 4 wells overall to ramp up production for first oil next year

GLA

That looks a better update

Paid over when offer was .43p

Should move back up today now those orders filled