Member Info for smkr

Art who cares how long it takes for the drills if they hit this type of play lol

This is where the journey begins

read interview with our chairman

https://www-expansao-co-ao.translate.goog/grande-entrevista/interior/estamos-a-negociar-a-aquisicao-de-mais-blocos-de-petroleo-e-gas-em-angola-115129.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

Sonangol did release it. Wow!

Well done all holders

Keep an eye on their website maybe

https://www.sonangol.co.ao/

Art. if they updated and gave any hint on how things are progressing it’s undermining the operator and them informing their own stakeholders (and population!).. remember they are huge.

It’s almost certainly going to be a press release or something from Sonangol first I’d think

I think he’s trying to suggest Corcel, a 9m m/c AIM company, overrides the Angolan government oil co- who are the partners in our other blocks - employer of over 13,000 people, turnover $8 billion plus per year..

Just to appease him!

We aren’t the operator. It’s up to Sonangol to release official data from it. It comes when it comes.

Why don’t you read an RNS properly?

There’s more going on than a simple drill and “oooh look we found oil”

“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.”

“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.”

Angolas president was at the spud. On national Tv. Sonangol (Angola Government oil co) first onshore drill in decades.

https://youtu.be/if8Fm0TWgT4?feature=shared

Remember this ain’t a one drill pony. They’re partnered with Sonangol on several blocks.

Here’s the RNS from May when we acquired these blocks from APEX

APEX Portfolio Overview:

The APEX portfolio is located onshore Angola, and consists of interests in three licences:

o KON - 11 Non-Operated - 12 historical wells (20% working interest - 18% net to CRCL)

o KON - 12 Non-Operated - 8 historical wells (25% working interest - 22.5% net to CRCL)

o KON - 16 Operated - 1 historical well (35% working interest - 31.5% net to CRCL)

KON-11 and KON-12 are considered brownfield development opportunities and include the historically producing Tobias and Galinda fields, both drilled and developed in the 1960s and 1970s by Petrofina, with combined historic production over 30 MMbbls. Both licences are operated by Sonangol (the Angolan national oil company).

APEX's total reported unproduced contingent oil resources are estimated at:

o KON-11 - 65 MMbbls, 11.7 MMbls net to CRCL

o KON-12 - 19 MMbbls, 4.28 MMbls net to CRCL

All three blocks have significant post and pre-salt prospective resources, both stratigraphic and structural with APEX estimating Prospective Resources of:

o Post-salt 456 MMbbls - unrisked P50 (138 MMbo risked), 81.1 MMbls net to CRCL

o Pre-salt 1,029 MMbbls - unrisked P50 (223 MMbo risked), 215.9 MMbls net to CRCL

Both the Tobias (KON-11) and Galinda (KON-12) fields were discovered and originally developed in the 1960s. Both reservoirs are in the Binga limestone with 4-14% porosity and located at 700m and 1,900m respectively. Peak production at Tobias was approximately 17,500 bbls/d and at Galinda was approximately 2,700 bbls/d. Historic total production, which started in 1960 and ceased in the early '80s, was 29MMbbls and 2.8MMbbls respectively. APEX and Corcel believe that significant recoverable volumes of oil remain in place at both locations and initial plans may include additional seismic work to firm up drill locations, as well as a combination of vertical and horizontal wells. The development plan envisioned for KON-11/12/16 qualify for marginal field fiscal terms, as outlined by the Angolan government, resulting in advantageous royalty, tax and depreciation regimes.

Nice rise guys. GL all genuine holders

It’s all in the spud RNS Nige.

“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.”

“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.”

For balance.

Sonangol have already said they’re estimating reservoir size / oil in place. The results come when the Angolan state oil company is ready to release them.

“ These tests may take less than two days to evaluate a single well or months to evaluate reservoir extent. Test types include buildup, drawdown, falloff, injection and interference. For most tests, engineers permit a limited amount of fluid to flow from or into a formation. They then close the well and monitor pressures while the formation equilibrates.”

https://www.slb.com/resource-library/oilfield-review/defining-series/defining-well-testing

And then the other neighbouring blocks we have, which we will work on next.

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

Remind yourself of the drilling site, the operator..

It’s all in their hands. Testing for reservoir size etc. It will come when it comes. Sonangol’s first onshore drill in decades.

https://www.youtube.com/watch?v=vWs4Vz7PMzA

It’s definitely popping above 20p with markets looking bouncy last couple days. November should be a big month

Https://en.m.wikipedia.org/wiki/Sonangol_Group

This is our operator. They are a state owned oil co.

They will release the news when they’re ready to release it. Remember the spud was on national TV with Angola’s president speaking. Expect them to release something eventually.

“ Africa is home to some of the world's major oil-producing countries. Among the top African oil producers are Nigeria, Angola, Algeria, Egypt, and Libya. These nations have substantial oil reserves that have attracted international interest and investment. Oil production contributes significantly to their GDPs and export revenues.”

https://africa.businessinsider.com/local/markets/top-10-largest-oil-producing-nations-in-africa-in-2023/fljlkvv.amp

Chill your beans. the news comes when Sonangol and s ready. I’ll wait

Nice day! Roll on next week. GL all

You can tell who wants in

Been a long wait but still here! Got to be something soon, shirley?