Angola Update

Corcel PLC

15 April 2024

 

Corcel PLC

("Corcel" or the "Company")

Angola Update

15 April 2024

Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production company announces an update to Tobias Field reactivation activities in Block KON-11 in the Kwanza Basin, onshore Angola, where the Company has a 20% working interest (18% net).  The Operator is Sonangol, one of the largest hydrocarbon producers in Angola.    

Block KON-11 Update:

The Operator has now reported the conclusion of initial well test efforts at the TO-14 well in Block KON-11 with ongoing engineering work set to continue.  Well clean-up operations using nitrogen resulted in significant water production with oil shows and nominal oil saturation levels. 

Together with the Block Partners, and given shortages of nitrogen in Luanda, the Operator has made the decision to move to testing the TO-13 well, which has been drilled in what is considered the least drained section of the reservoir and historic field. 

The equipment move is expected to take approximately 7 days after which formal testing will begin.  Subject to a successful well test at TO-13 and related engineering studies, the Operator intends to return to TO-14 and continue well clean-up and testing operations.    

Additional updates on the Tobais field reactivation and testing program will be provided in due course. 

Corcel Executive Chairman, Antoine Karam, commented: "With TO-13 testing shortly to commence, we will soon have an additional data set to aid in our efforts to both produce commercial oil in the short term and to reactivate and build out the Tobias field over the longer term.  The Company and its technical team remain buoyant regarding the ongoing potential of our Angolan interests in the Kwanza Basin."

Qualified Persons Statement:

Jennifer Ayers, a Geologist with over 25 years of relevant experience in the oil industry and member of the American Association of Petroleum Geologists and Geological Society of America, has reviewed this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009.

For further information, please contact:

Antoine Karam                                                                                    Corcel Plc Executive Chairman

[e-mail]                                                                                   

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.

 

END