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Oil Well Tobias-13 Spudded Yesterday
Block KON-11 - Angola
Corcel Plc (London AIM: CRCL), announces that it has received notice from the Operator of the Tobias-13 well in Block KON-11 in Angola, where it has a 20% working interest (18% net), that the well was spudded yesterday, 6th September at 16:00. The Operator is Sonangol, the largest hydrocarbon producer in Angola.
The initial workplan for Block KON-11, subject to the results of this first well, is expected to include one or more new wells with the primary focus being on the consortium moving directly to early oil production should the drilling program be successful.
If the drilling results are positive, the consortium will then proceed to evaluating the geological and geophysical data, with the aim of improving the structural maps of the Block, and resuming production.
Resuming exploration activities in Block KON-11, specifically reactivating production in the Kwanza basin that has been shut-in since the 90's, represents an important milestone for the Angolan oil industry. The Company will make additional announcements on more detailed workplans and further progress at KON-11 in due course.
Antoine Karam, Executive Chairman of Corcel, commented: "The commencement of drilling on our Angolan acreage is a very significant milestone for the Company and I look forward to updating our shareholders as we advance the work programme with our partners."
About KON-11 and the Kwanza Basin
As previously announced, KON-11 is considered a brownfield development and includes the historically producing Tobias field, drilled and developed by Petrofina in the 1960s and 1970s, and inactive since the late 1990s. The Tobias field constituted 12 historic vertical wells, and Corcel and the operator believe that revised interpretation of the existing structures along with the application of modern drilling and completion technology, including potentially horizontal drilling will lead to a higher Original Oil in Place ("OOIP) figure in the reactivated field being achieved.
The traditional Tobias field reservoir is in the Binga limestone, with 4-14% porosity located at a depth of approximately 700m. Historic peak production at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the field.
Corcel's estimated unproduced contingent oil resources are estimated at 65 MMbls with 11.7 MMbls net to CRCL, the field will qualify for marginal field fiscal terms, as outlined by the Angolan government, resulting in advantageous royalty, tax and depreciation regimes.
The RNSs not showing has been a problem here for the past couple of days. I should have posted the link:
https://www.londonstockexchange.com/news-article/MSMN/falcon-lease-disposal/16113893
Update on Put Option for potential sale of Economic Interest in AZD1656
Further to the Company's announcement on 15 August 2023, the Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, notes that Murphy Canyon Acquisition Corp. (NASDAQ: MURF) ("Murphy") has recently announced that the special meeting of stockholders to approve, amongst other things, its initial business combination with Conduit Pharmaceuticals Limited has been postponed and will now be held on 13 September 2023.
This meeting presents an opportunity for Murphy shareholders to provide their approval for the transaction.
A link to the previously filed notice of special meeting and final prospectus can be found here:
https://www.sec.gov/Archives/edgar/data/1896212/000149315223027856/form424b3.htm
On 20 April 2023, Vela announced that the Company entered into a put option agreement to give the Company the right, but not the obligation ("the Option"), to sell its economic interest in the commercialisation of the Covid-19 application of AZD1656 for a total consideration of £4.0 million. The Option was granted by Conduit Pharmaceuticals Limited ("Conduit") and its prospective parent company, Murphy, a Company listed on NASDAQ.
On 15 May 2023, Vela announced that Murphy had filed the Form S-4 Registration Statement and preliminary proxy statement with the SEC.
As previously announced, the Board of Vela is mindful that there can be no guarantee that Vela will be able to exercise the Option, since exercise is dependent on the successful completion of the merger between Conduit and Murphy and the combined entity being listed on the NASDAQ stock exchange.
The Company will release further announcements as and when appropriate.
Falcon Lease Disposal
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, advises the company has completed an evaluation on further workovers at Falcon-1 in the US, which has been shut in this year, and determined not to invest additional resources in this project.
Mosman has now reached an agreement to transfer the Falcon lease to 84 Energy Corp in exchange for the equipment on the lease. This means Mosman is not liable for potential future abandonment costs estimated to be up to US$200,000.
In addition, the undeveloped Galaxie exploration lease has not been renewed and has expired with no liabilities.
The Falcon lease generated AU$636,387 revenue and a gross profit of AU$286,528 in the year ending 30 June 2022. The Falcon and Galaxie leases, had a carrying value of AU$471,730 as at 31 December 2022 and this will be written off in the end of financial year accounts.
Mosman's Technical Director, Andy Carroll, said: "Mosman's priority areas in Texas continue to be at the Cinnabar and Stanley projects, and this transaction enables the team to focus on building production at these higher value areas."
Https://www.londonstockexchange.com/news-article/DELT/grant-of-share-options/16096193
Https://www.londonstockexchange.com/news-article/HBR/half-year-results/16096183
I've said it before but guzzler how do you type so much so quickly? So many words in less than 2 minutes. I'm holding you up here for your typing skills. You "rant" and type at the same time, wow
I wish could type that that. It's taken me at least 15 mins just to write this.
Please don't tell me that you use VRS.
·for anyone who can't see it, it's a long RNS but this is under highlights.
The plan is to launch Tulu Kapi over the next few months in line with the Ethiopian Government's continued upgrade of security protections around the country and preparation of the community. The state of emergency in the region of Amhara is in respect of local issues, which are not expected to disturb Tulu Kapi's launch
· KEFI has now assembled with regional financiers both debt and equity development capital of US$320 million, in addition to which the mining contractor is supplying the required US$70 million mining fleet
· We consider TKGM to now be essentially fully permitted, with funding assembled and ready for final credit committee and board approvals of our banks and project investors, who have already drafted proposed final funding package documentation
· The planned KEFI project development sequencing is as follows:
o 2023 launch Tulu Kapi open-pit in Ethiopia for first production end-2025;
o 2024 launch Jibal Qutman Gold open-pit in Saudi Arabia for first production end-2025;
o 2025 launch of the Hawiah Copper-Gold open-pit in Saudi Arabia for first production 2027; and
o 2026 and thereafter launch of underground mine development at Tulu Kapi and at Hawiah for first production two years later.
"The Prospectus gives Iconic the ability to issue Ordinary Shares as it finalises its overall restructuring obligations."
I'm not sure if this refers to before or after consolidation. I'm assuming that it's before because "it finalises its overall restructuring obligations." I would appreciate others thoughts.
Another strain going around:
https://www.express.co.uk/life-style/health/1798828/new-covid-variant-eris-symptoms
Same here and it won't be long for a raise following consolidation. It probably won't make a difference but I'll be voting against "The issue of Performance Shares to each of the Directors"
It should say "the removal of" because they've done nothing.