TIDMCRCL
RNS Number : 3221S
Corcel PLC
03 November 2023
Corcel PLC
("Corcel" or the "Company")
03 November 2023
Tobias-13 Well - Angola Update
Further to the announcement of 6(th) September 2023 , Corcel Plc
(London AIM: CRCL) is pleased to provide an update on the drilling
results of the Tobias-13 ("TO-13") well in onshore Block KON-11, in
Angola, where the Company has a 20% working interest (18% net). The
operator is Sonangol, the largest hydrocarbon producer in
Angola.
Highlights:
o TO-13 drilling - at a downdip location from historic
production - has ended as planned at a target depth of 958.5m
o Full Binga reservoir section (120m) encountered in the well as
prognosed with several potentially productive zones seen in
multiple intervals
o Results confirm the ability to reactivate production through
an early production system ("EPS") and imply significant
hydrocarbon potential remaining
o Rig move to second well location currently underway
Antoine Karam, Executive Chairman of Corcel, commented: "The
initial results of the TO-13 well are an important moment for
Corcel and highly encouraging, having successfully demonstrated
hydrocarbons across multiple potentially productive zones and
multiple intervals. TO-13 looks to cornerstone development of a
future EPS and provides Corcel with line of sight to near-term
revenue generation, and the testing programme will give us
invaluable data on how best to deliver on that goal. We look
forward to providing further updates on activities at TO-14 as they
progress."
Tobias-13 Drilling Results
The Operator, Sonangol, have advised Corcel that the Tobias-13
well penetrated the entire Binga reservoir section (120m column),
with potential productive zones seen in multiple intervals. The
well concluded with a total depth of 958.5m, and was drilled in a
downdip location from historic production wells, indicating scope
for significant remaining hydrocarbon production potential.
The drilling results for the TO-13 well were positive, with oil
shows found throughout the Binga reservoir in alignment with the
distribution seen in historic production wells in the Tobias field,
confirming the ability to reactivate production in the field. Based
on these results, the consortium is proceeding to drill a second
well Tobias-14 ("TO-14"), with a rig move currently underway.
Tobias-14 and Well Testing
With a view towards implementation of an EPS, the consortium is
proceeding immediately to drill TO-14 (1.3Km north-east of TO-13),
with a spud date expected in mid-November. In line with TO-13,
TO-14 drilling is expected to last approximately 40-50 days,
running concurrent with geological and geophysical studies on TO-13
results.
Resuming exploration activities in Block KON-11, specifically
reactivating production in the Kwanza basin that has been shut-in
since the 1990's, represents an important milestone for the Angolan
oil industry and for Corcel itself.
The Company will make additional announcements on further
progress at KON-11 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 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, located at a depth of approximately 700m along the crest
of the structure, with 4-14% primary rock porosity which is
enhanced by a 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 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.
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.
About Corcel Plc
Corcel Plc is an Angolan focused oil and gas company, with a
range of appraisal and exploration interests in the region. The
Company's primary assets are located in the Kwanza Basin, which is
currently being reactivated after several decades of
underinvestment.
Corcel retains several additional mining interests, including
exposure to nickel, cobalt, rare earth elements and lithium.
Corcel Plc is quoted on the AIM market of the London Stock
Exchange.
www.corcelplc.com
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END
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