Corcel PLC
("Corcel"
or the "Company")
Angola
Update
27 March
2024
Further to the announcement of 12
February 2024, Corcel Plc (London AIM: CRCL) provides an
update on the testing of the TO-14 well in the onshore Block
KON-11, in Angola, where it has a 20% working interest (18% net).
The Operator is Sonangol, one of the largest hydrocarbon producers
in Angola.
Operations Update:
Testing of the TO-14 well continues
following significant weather and equipment related delays earlier
in the year. Reactivation of the fractured carbonate reservoir has
been challenging, however there is continued focus on engineering
solutions to flow test the well from the most prospective zones
identified during the drilling phase.
Continued engineering work is being
conducted to identify solutions to flow both TO-14 and the yet
untested TO-13 well. The Operator is following through with the
completion program for both wells with continual updates to the
program based on new information obtained with progression of the
engineering work.
Additional activities are being
progressed across the Corcel acreage in KON-11, KON-12, and KON-16.
An eFTG survey (electromagnetic full-tensor gravity) acquisition is
scheduled to begin by early May 2024. This data will be acquired
over the 3 blocks in which the Company has an interest, and will
provide a quasi-3D resolution of the structures across the area,
which will aid in prospect identification and
delineation.
Further updates on testing progress
will be released in due course.
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 comprised 12 historical vertical wells, and Corcel and
the operator believe that a revised interpretation of the existing
structures along with the application of modern drilling and
completion technology, including potentially adding sidetracks or
horizontal drilling to the Field Development Plan ("FDP") will lead
to a higher Original Oil in Place ("OOIP") figure recognized in the
reactivated field and subsequently more producible field resource
potential.
The traditional Tobias field
reservoir is in the Binga limestone, located at a depth of
approximately 700m along the crest of the structure, with 4-14%
primary rock porosity which is enhanced by an extensive, naturally
fractured carbonate system. Historic peak production at
Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of
the field.
Corcel's estimated unproduced
prospective oil resources are 65 MMbls with 11.7 MMbls net to
Corcel. The field will qualify for Marginal Field Fiscal
Terms (including reduced royalty rates, decreased tax rates, and
accelerated depreciation allowances), as outlined by the Angolan
government, resulting in advantageous royalty, tax and depreciation
regimes.
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
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.