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.
Corcel PLC
("Corcel"
or the "Company")
Brazilian Workover Operations
Underway
20 February
2025
Corcel Plc
(AIM:CRCL), the pan Angola-Brazil focused
energy company, is pleased to announce that the operator of the
IRAI field in Brazil, Petroborn Óleo e Gás S.A. ("Petroborn"), has
commenced workover operations in the EI-1 well, located onshore
Brazil in the state of Bahia, as part of a two-well workover
program where the Company holds an option to acquire an interest in
the field.
Scott Gilbert,
Corcel's CEO, commented: "We are delighted that this project is going
to plan and we look forward to the results of the workover program
in this promising field."
IRAI Asset
Overview:
The IRAI gas field is located in the Tucano Sul
Basin, about 110km NW of Salvador, Brazil. IRAI is particularly
attractive due to the shallow nature of the gas reservoirs, with
producing gas zones ranging in depth from 220-825m across the field
area. This, combined with the relatively high gas production rates
seen in the field, with the EI-3 well peaking at >40,000m3/day
(250 BOEPD) of gas, provides the Company with a unique opportunity
to materially increase production and revenue generation at low
rates of expenditure. Gas reservoirs at IRAI are of good quality,
with an average of 13m of net pay and 23%
porosity.
For
further information, please contact:
Scott Gilbert
Corcel Plc CEO &
Director
Development@Corcelplc.com
James Joyce / James Bavister / Andrew de Andrade
Zeus
NOMAD & Broker
020 3829 5000
Jonathan Wright / Rupert Holdsworth Hunt
Auctus
Advisors Joint
Broker
07711 627449
Patrick d'Ancona
Vigo
Communications IR
0207 3900 230
About
Corcel:
Corcel has a notable oil and gas
portfolio in onshore Angola that includes brownfield redevelopment
opportunities and significant exploration upside. Corcel marked a
new country entry into Brazil by acquiring rights to producing gas
and exploration assets, further diversifying its portfolio and
enhancing its growth potential.
Corcel's Angola portfolio
consists of interests in three licenses:
·
KON - 16 Operated - 55% working interest - 49.5%
net to CRCL
·
KON - 11 Non-Operated - 20% working interest - 18%
net to CRCL
·
KON - 12 Non-Operated - 25% working interest -
22.5% net to CRCL
Corcel's Brazil portfolio
consists of the option to acquire:
·
20% interest in the IRAI gas field
·
Right-of-first refusal ("ROFR") over the remaining
80% in the IRAI field
·
ROFR for 100% of the adjacent TUC-T-172
exploration block, located in the state of Bahia, onshore
Brazil
Corcel's Battery Metals portfolio
consists of an 80% working interest in the Mt Weld Rare Earth
Elements project in Western Australia.