Corcel PLC Block KON-11 Exploration Work Commencement (4045K)
August 25 2023 - 2:00AM
UK Regulatory
TIDMCRCL
RNS Number : 4045K
Corcel PLC
25 August 2023
Corcel PLC
("Corcel" or the "Company")
Block KON-11 Exploration Work Commencement
25 August 2023
Corcel Plc (London AIM: CRCL), the pan Angolan and Brazilian
focused oil and gas company, with interests across oil and gas and
battery metals mining, announces that it has received notice from
the operator of Block KON-11 in Angola, where it has a 20% working
interest (18% net), that preparatory work has begun for drilling
and appraisal on the block, located in the Kwanza Basin. The
initial workplan, subject to the results of the 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 resume
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 activity on our Angolan acreage is a significant
milestone for the company as we refocus our strategy and look to
create material value for our investors. This news is an important
part of Corcel's evolution as we focus on oil and gas opportunities
and we look forward to updating our shareholders as we advance the
work programme with our partners.'
About KON-11 and the Kwanza Basin
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
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END
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