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
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.