Corcel Provides Angola Update - KON-11

Source: 2/12/2024, Location: Africa

Further to the announcement of 28 December 2023, Corcel Plc provides an update on the testing of the Tobias-14 ("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:
The Operator has now reported to the Company that testing of the TO-14 well has formally begun. Delays in testing start have been encountered over recent weeks primarily due to longer than expected timelines for deliveries of required testing equipment, combined with severe inclement weather at the well location, which included heavy rains and regional flooding.

Once completed, the Operator will then move the test equipment to the TO-13 well pad, which is already being prepared for testing, and will conduct flow testing on the TO-13 well.

With testing underway, the Company now expects to receive initial flow tests results for TO-14 over the next several weeks and will update the markets on the results of the test programme 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 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 CRCL. The field will qualify for marginal field fiscal terms, as outlined by the Angolan government, resulting in advantageous royalty, tax and depreciation regimes.

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