Last checked at 7 Sep 2023 10:03
Corcel PLC
("Corcel" or the "Company")
7 September 2023
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.
For further information, please contact:
Antoine Karam Corcel Plc Executive Chairman
Development@Corcelplc.com
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.