Corcel PLC Oil Well Tobias-13 Spudded Yesterday (7269L)
07 9월 2023 - 6:03PM
UK Regulatory
TIDMCRCL
RNS Number : 7269L
Corcel PLC
07 September 2023
Corcel PLC
("Corcel" or the "Company")
7 September 2023
Oil Well Tobias-13 Spudded Yesterday
Block KON-11 - Angola
Corcel Plc (London AIM: CRCL), announces that it has received
notice from the Operator of the Tobias-13 well in Block KON-11 in
Angola, where it has a 20% working interest (18% net), that the
well was spudded yesterday, 6(th) September at 16:00. The Operator
is Sonangol, the largest hydrocarbon producer in Angola.
The initial workplan for Block KON-11, subject to the results of
this first well, is expected to include one or more new wells with
the primary focus being on the consortium moving directly to early
oil production should the drilling program be successful.
If the drilling results are positive, the consortium will then
proceed to evaluating the geological and geophysical data, with the
aim of improving the structural maps of the Block, and resuming
production.
Resuming exploration activities in Block KON-11, specifically
reactivating production in the Kwanza basin that has been shut-in
since the 90's, represents an important milestone for the Angolan
oil industry. The Company will make additional announcements on
more detailed workplans and further progress at KON-11 in due
course.
Antoine Karam, Executive Chairman of Corcel, commented: "The
commencement of drilling on our Angolan acreage is a very
significant milestone for the Company and I look forward to
updating our shareholders as we advance the work programme with our
partners."
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, with 4-14% porosity located at a depth of approximately
700m. 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.
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
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END
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(END) Dow Jones Newswires
September 07, 2023 05:03 ET (09:03 GMT)
Corcel (AQSE:CRCL.GB)
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