Corcel PLC, a pan Angola-Brazil focused exploration and production company, has announced a Collaboration Agreement with Conterp Servios Tcnicos Ltda, an energy services company operating onshore Brazil. The agreement aims to identify, evaluate, and acquire producing onshore oil and gas fields in Brazil. The partnership will leverage Conterp's local market knowledge and relationships, technology, services, equipment, and expertise of asset management of onshore Brazil oil and gas fields with Corcel's subsurface capabilities, access to capital markets, and offtakers.

The companies will collaborate to develop a pipeline of onshore opportunities in Brazil, focusing on producing oil and gas fields with significant development and exploration upside in regions where Conterp operates. Conterp, with over 20 years of experience and over 800 employees, provides Well Services, Drilling Contracting, Operation and Maintenance, and Asset Integrity Management services. Corcel's Interim CEO, Scott Gilbert, views Conterp as a strong go-to-market partner for onshore Brazil oil and gas assets.

Scott Gilbert, Corcel's Interim CEO, expressed, "Our collaboration with Conterp provides access to a pipeline of acquisition opportunities. Given the well-understood geological landscape and mature nature of the market onshore Brazil, our strength lies in our ability to execute 'above-the-ground.' This is where our partnership with Conterp is crucial, providing Corcel with a strong advantage." Conterp CEO, Oswaldo Souza, added, "We are confident that our technical and operational experience in the oil and gas sector onshore Brazil will complement Corcel's, by providing Corcel with a strategic partner that can mitigate execution risk and accelerate production in future assets they may seek to acquire."

Corcel's portfolio includes interests in three licenses in Angola, with a notable portfolio onshore that includes brownfield development opportunities and significant exploration upside. The company is focused on the implementation of its exploration program in both its operated asset, block KON 16, and its non-operated assets, namely block KON 11 and block KON 12. The company has received all relevant approvals to acquire new G&G data through an Enhanced Full Tensor Gradiometry Survey (eFTG) to be conducted by the Metatek Group during Q3 2024 aimed at delivering new geological insights into the prospectivity of the Tobias and Galinda fields, other potential leads and prospects, and provide insights to enable the reactivation of the brownfields.

Corcel's collaboration with Conterp marks a significant step in its expansion into the Brazilian market, leveraging the strengths of both companies to identify and acquire producing onshore oil and gas fields in Brazil.